October 15, 2006
Federal Reserve Bank of Cleveland
by Guillaume Rocheteau
disturbing feature of the labor market is its seeming inability to clear. At each instant in time, there are both workers without jobs and jobs without
Name: _ Date: _
1. Macroeconomics does not try to answer the question of:
A) why do some countries experience rapid growth.
B) what is the rate of return on education.
C) why do some countries have high rates of inflation.
D) what causes recessions and de
Midterm exam #1: Succinct solution
October 17, 2013, 5pm-6:20pm
Show all work to receive full credit
Problem 1 ( points): Aggregate Output and
Division of Income
We consider the long-run equilibrium of an economy endowed with a technology represented by t