Completed quickly and followed instructions given. Grammar, spelling, etc. was all good as well. Thank you so much! Will hire in the future.
For intermediate macroeconomics, please help with all parts, thank you!
2. (A Twist on Barro-Gordon) Suppose that an economy is described by the following equations:y = b(x – T’ ) +uL= (y – y”)? + a(m – ?’ )?y” =y+c . uU ~ (0, oz)a > 0, b > 0and note that u is an i.i.d. supply shock to y with mean 0 and variance of.ECON402 Winter 2019Due April 5, 2019(a) Solve for the optimal inflation response by the central bank(b) Describe how u affects .(c) Suppose the public believes in the central bank policy, i.e. at = a*. Write down acondition that describes when we observe inflationary bias.WHUILIVI WHIGU UCOLLIUCS WHICH WC VUSCI VC HILLOLIVIaLy DIGS.(d) Now assume that y = 0, c = 1, and consumers have rational expectations. Calculateoutput, average output, inflation, and average inflation. In one sentence, explain theoptimal governmental policy y” and z*.
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