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Macroeconomic Modeling
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Build SD model to analyze the following Keynesian model:
Consumption function : C(t) = 200 + 0.8Y(t)
Planned expenditures : E(t) = C(t) + I + G
Investment : I = 150
Government spending : G = 250
Income short-run adjustment : ΔY(t+1) = 0.5 (E(t) – Y(t))
Build SD model to analyze the following Keynesian model:
Consumption function : C(t) = 200 + 0.8Y(t)
Planned expenditures : E(t) = C(t) + I + G
Investment : I = 150
Government spending : G = 250
Income short-run adjustment : ΔY(t+1) = 0.5 (E(t) – Y(t))
Establish the equilibrium level of income Y.