[Solution Library] Consider the Solow model. Suppose an economy begins in steady state and is characterized by the following parameter values: s = 0.2, d
Question: Consider the Solow model. Suppose an economy begins in steady state and is characterized by the following parameter values: s = 0.2, d = 0.1, z = 1, N = 100, n = 0 and with the production function \(Y=z{{K}^{\frac{1}{3}}}{{N}^{\frac{2}{3}}}\) .
Calculate the growth rate of per capita GDP in the period immediately following each of the changes listed below:
- The saving rate doubles.
- The productivity level rises by 10%.
- An earthquake destroys 75% of the capital stock.
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