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      ECON0024代寫、代做C++,Python編程設計

      時間:2024-08-08  來源:合肥網hfw.cc  作者:hfw.cc 我要糾錯



      ECON0024 TURN OVER
      SUMMER TERM 2024
      DEPARTMENTALLY MANAGED REMOTE ONLINE EXAMINATION
      ECON0024: ECONOMIC POLICY ANALYSIS

      Assessment Component: 75% Remote Online Controlled Condition Examination
      Time Allowance: You have 3 hours to complete this examination, plus an additional collation
      time of 20 minutes and an Upload Window of 20 minutes. The additional collation time has
      been provided to cover any additional tasks that may be required when collating documents for
      upload, and the Upload Window is for uploading and correcting any minor mistakes. The
      additional collation time and Upload Window time allowance should not be used for additional
      writing time.
      If you have been granted SoRA extra time and/or rest breaks, your individual examination
      duration and additional collation time will be extended pro-rata and you will also have the 20-
      minute Upload Window added to your individual duration.
      If you miss the submission deadline during the 40-minute Late Submission Period and do not
      receive approved mitigation for the circumstances relating to your late submission, a Late
      Submission Penalty will be applied by the Module Administrator. At the end of the Late
      Submission Period, you will not be able to submit your work via Moodle and you will not be
      permitted to submit work via email or any other channel.
      All work must be submitted anonymously in a single PDF file. Do not write your name and
      student number in either the file or the file name. The file name must be in the following
      format: Module Code-%Exam i.e. ECON0024-75%Exam.
      Page Limit: 10 pages.
      Academic Misconduct: By submitting this assessment, you are confirming that you have not
      violated UCL  s Assessment Regulations relating to Academic Misconduct contained in Section
      9 of Chapter 6 of the Academic Manual.
      Number of Questions Answered Policy: In cases where a student answers more questions
      than requested by the examination rubric, the policy of the Economics Department is that the
      student  s first set of answers up to the required number will be the ones that count (not the best
      answers). All remaining answers will be ignored.




      2
      ECON0024 CONTINUED

      QUESTIONS

      Answer FOUR questions from Part A, ONE question from Part B and ONE question from
      Part C.
      Questions in Part A carry 10 per cent of the total mark each, and questions in Parts B and
      C carry 30 per cent of the total mark each.

      PART A
      Answer FOUR questions from this section.
      A1. A small competitive economy produces two internationally traded outputs, wheat and
      cloth, using two inputs, labour and capital, according to constant-returns-to-scale production
      technologies. Output prices, fixed on world markets, are pA for wheat and pB for cloth. Input
      prices are w for labour and r for capital. The two factors are free to move between sectors so
      factor prices are the same in the two industries. Aggregate capital stock is fixed at K and
      capital stocks employed in the two sectors are KA and KB. Aggregate labour force L is the
      sum of native labour N and immigrant labour M, the two being equally productive and perfect
      substitutes, and is split into LA and LB employed in the two sectors. Factor market
      equilibrium involves
      gA(KA/LA) = gB(KB/LB) = w/r
      cA(w,r) = pA cB(w,r) = pB
      LA+LB = N+M KA+KB = K
      where gA and gB are the (absolute values of the) marginal rates of technical substitution
      between the two inputs in the two sectors and cA and cB are unit cost functions in the two
      sectors. Suppose production of cloth is more capital-intensive.
      How does a small inflow of immigrant labour affect factor returns and factor use in the two
      sectors?
      Suppose the immigrant inflow is large enough that production shifts entirely to the wheat
      sector. What happens to factor returns in this case?

      A2. Answer all items.
      a) Suppose a central bank targets an overnight interbank rate as its policy instrument.
      The yield on a 10-year corporate bond is generally substantially higher. What are the
      two main factors that determine the size of this wedge? Explain.
      b) Suppose the 10-year government bond yield falls lower than the **year government
      bond yield. What is this called? What may it indicate? Why?
      3
      ECON0024 TURN OVER
      c) Describe two types of unconventional monetary policy.

      A3. Are the following statements True, False or Uncertain? Explain each answer.
      a) Health inequalities are only present in countries without universal health insurance.
      b) In the context of the Grossman (1972) model, people demand medical care because
      they enjoy going to the doctor.
      c) Health spending as a share of GDP has declined in the United Kingdom since the
      mid 1950s, which is the main reason underlying the worsening health of the
      population.

      A4. Are the following statements True, False or Uncertain? Explain each answer.
      1) The main motivation for introducing minimum wage policies was always poverty reduction.
      2) Minimum wages have an unambiguously negative effect on employment in the
      neoclassical (perfectly competitive) framework. This highlights the idea that this policy can
      do more harm than good.
      3) The current state of the art evidence on the employment effects of the minimum wage
      suggests that employment increases at lower levels of the minimum wage, but once the
      minimum wage to median wage ratio goes above 45%, employment starts to decline.

      A5. Financial Times, November 2022:   UK chancellor Hunt considers tax hit on dividends
        Hunt has asked officials to look at raising the dividend taxation rate  . Sir Keir Starmer, the
      Labour leader, has said   Some people obviously earn their income through a wage, other
      people earn it through stocks and shares and dividends and we are looking at what is a fair
      way to tax all income wherever it comes from    
      What arguments might be used by a government to tax interest income from saving accounts
      differently from income from employment? How would your argument differ if the capital
      income was from dividend payments rather than from interest on saving accounts?

      A6. Choose two sources of labour market frictions in developing countries. Discuss their
      potential effects on labour market outcomes, and which groups of workers are likely to be more
      affected. Do so considering the evidence discussed in class, emphasizing at least one piece of
      causal evidence available.

      A7. Discuss the following statement: It is better to pay teachers based on an absolute measure
      of performance than on a relative measure of performance that ranks a teacher against a set
      of her peers. This is especially true when the measure of performance is value added.
      4
      ECON0024 CONTINUED

      PART B
      Answer ONE question from this section.
      B1. Consider the following news item.

      Over 20 percent of taxi drivers in Chicago are from South Asia, the highest figure for all
      metro areas in the US.
      There are also more doctors, engineers, scientists, accountants and economists driving
      taxis in Chicago than in any other US city, with the exception of Washington DC, a survey
      has found.
      "These are highly qualified people but the qualifications are different," said Jack Nichols,
      manager of Flash Cab Company that operates 560 cabs.
      "If they are doctors back in Pakistan, they are not necessarily licensed to be a doctor here. If
      they are an accountant (in their native country), accounting practices here are different."
        
      Many immigrants turn to taxi driving when faced with difficulty in getting their degrees
      recognised in the US, and in some cases because of the language barrier, said Richard Kaye,
      a labour economist with the Illinois Department of Employment Security.
      Among them is Vijay Kalhon, who has a master's degree from Delhi University.
      He drives a cab owned by an Indian American but plans eventually to get teacher
      certification.
        
      "No one comes in and says, 'I am going to do this permanently," said [Mohammed Khan,
      another Indian American cab driver], "but the freedom of being by yourself catches hold of
      you."
      Nichols of Flash Cab agreed. "Everybody gets into this as a temporary thing and most end up
      staying."

      Osman Chowdhury,   Over 20 percent of Chicago cab drivers from South Asia  ,
      NRIinternet.com

      a) Explain what features of the labour markets in the two countries you would expect to
      encourage highly qualified South Asians to migrate to the United States.
      b) Explain why South Asians arriving in the US labour market would not typically be
      initially remunerated for their skills similarly to native-born Americans but why this
      effect might diminish over time.
      c) Suppose you want to estimate the rate at which South Asian immigrants assimilate to
      the US labour market. Assume you have a single year  s cross-sectional labour survey
      with data on South Asian-born and American-born workers in the Chicago labour
      market covering earnings, age, other characteristics and (in the case of immigrants)
      years since arrival in the country. Explain how you could estimate the rate of
      assimilation, problems you would face and assumptions which you would need to make.
      5
      ECON0024 TURN OVER
      d) Suppose that you are now given access to several years of this survey. How would this
      change what you would do and the assumptions which you would need to make?

      B2. Family Hubs are at the heart of the new policy of the British government for the Early
      Years, led by Rt Hon Dame Andrea Leadsom DBE MP. They are baby-centred services,
      designed to give every baby the best start for life, by integrating within them a host of services
      to help parents and children. The Family Hubs Network states   Family Hubs provide the
      opportunity for an enhanced role for health visitors. Their placement at the heart of
      communities would expand current, community-based service provision and facilitate a greater
      degree of integration of services to maximise efficiency and coordination of professionals and
      voluntary sector providers. Hubs can also coordinate services currently delivered through The
      Family Nurse Partnership programme. This will ensure that every new parent will come
      through the door providing early access to public and community-based services and networks
      for all, including those who are typically harder to reach. Where Family Nurse Partnerships are
      based in Hubs they can draw on skills beyond their health visitor competency for example from
      Jobcentre Plus to help young parents with a job search.  
      a) The Universal Health Visiting Programme have faced repeated challenges in the last few
      years. Briefly discuss the nature and content of this programme and the challenges it has
      faced.
      b) The results of the RCT evaluation of the Family Nurse Partnership (Robling et al., 2016)
      have clearly shown the lack of effectiveness of the programme in improving maternal and
      child outcomes. Discuss.
      c) Discuss the challenges in conducting cost-benefits analyses of early interventions, with
      particular reference to the programmes in (a) and (b).

      B3. Answer all questions:
      a) What are the key components in an analysis of the revenue generated from an increase
      in the top rate of income tax?
      b) Considering the taxation of incomes below the top tax bracket, how does a Mirrlees
      optimal tax analysis differ from the choice of revenue maximising top rate in part (a)?
      c) Under what circumstances can an optimal marginal income tax rate be negative? Give
      a practical example of the importance of an optimal negative marginal tax rate.

      B4. This question discusses the causes of firm informality, focusing only on the extensive
      margin of informality. Consider a model where:
      ? Entrepreneurs are characterised by their productivity   ; they observe    when
      choosing to operate in the formal or informal sectors.
      ? Formal firms pay revenue and payroll taxes, ty and tw respectively; they also pay a
      per-period fixed cost of operation, cf .
      6
      ECON0024 CONTINUED

      ? The production function F (k, ?) is the same in both sectors, increasing and
      concave in ? and k (labour and capital respectively).
      ? Informal firms face a "cost of informality" that is increasing and convex in firm  s
      output: p(y(  )).
      ? Wages and cost of capital are different across sectors.
      Answer the following questions:
      a) With the above set up in mind, write the profit functions in the formal and
      informal sectors and characterise the decision to be formal.
      b) Explain the intuition behind the different costs and benefits of formality/informality
      that are captured in these profit functions.
      c) Given this framework, discuss the potential policy interventions available to
      policy makers.
      d) Write the regression that one could use to estimate the effect of these different
      policies on firm formalization. Discuss the potential problems to get at causal
      estimates and how the literature has addressed these challenges.

      PART C
      Answer ONE question from this section.

      C1. For this question, consider a bivariate SVAR in = ? ?, with three lags,
      = 1?1 + 2?2 + 3?3 + ,
      where are the structural shocks. Assume a   named shock   normalisation; that is, the first
      shock is the monetary policy shock.
      a) What parameter measures the contemporaneous impact (0-horizon IRF) of inflation to
      a monetary policy shock?
      b) Write out the formula for the impulse response of to the monetary policy shock at
      the third horizon. Show your working and all terms explicitly.
      c) Suppose an analyst suggested identifying the monetary policy shock in this model
      using a recursive/Cholesky scheme. What restriction does this impose on the model?
      Answer both mathematically and in words. What does this imply about how monetary
      policy reacts to economic conditions?
      d) This may seem like an unrealistic assumption, but why might it be a fair description
      of how a central bank sets interest rates?
      e) Suppose you intended to estimate the SVAR in the question using data from the
      United States. Do you think the bivariate model is misspecified?
      f) Describe an approach to identifying the monetary policy shock in a SVAR other than
      recursive identification.

      7
      ECON0024 TURN OVER
      C2. Imagine you work at the Congressional Budget Office, and you are asked to evaluate the
      impact of raising the federal minimum wage to $15.
      1) Suppose you have access to county level wage and employment data from the restaurant
      sector from the last 30 years. Your supervisor suggests that you should analyse past state-level
      minimum wages by exploiting a border discontinuity design. Can you explain how you would
      implement this method?
      2) How is this method related to the seminal paper of Card and Kruger (1994), which studies
      the 1992 increase in Minimum Wages in New Jersey?
      3) Besides documenting the impact of the policy, your boss also asked you to study the impact
      of the policy before and after the policy change. Can you explain how to do that (write down
      the regression equation estimating it)? What could we potentially learn from this exercise?
      4) Your supervisor highlights that someone could also rely on state-level variation and estimate
      the impact of the minimum using a standard TWFE estimation technique. Can you explain the
      differences between this and the border discontinuity design?
      5) Once you implement a proper literature review, you recognize that Dube, Lester, Reich
      (2010) had implemented the TWFE and the border discontinuity approach examining state-
      level variation in the minimum wages in the USA. Please explain their findings on employment
      and wages. Which one leads to more credible estimates if you look at the before and after
      changes in employment?

      C3. Imagine a setting where a single student is taught by a single teacher. The human capital
      of the student, h, is a function of M types of teacher effort, 1  : ? =    =1 + , where
      1    are the productivity of each type of effort, and e is a shock which is mean zero and
      independent of teacher effort. The teacher  s effort is costly, and the cost function is:
      (1    ) =    12 ()2=1 .
      a) Suppose there is a social planner with the following social welfare function, which
      depends on student human capital and teacher effort: = (?) ? (1 ? )(1    ) where
      is a constant, and (?) is the expected value of h. The social planner chooses 1   in order
      to maximize . What are the optimum choices of 1  ? How do they depend on and
      1    ? Discuss.
      b) Suppose now the social planner cannot observe 1  , nor ?. Instead, the planner only
      observes the performance of the student in exams: 1   . Assume that = + ,
      = 1    , where 1    are constants, and 1    are mean zero random variables
      independent of teacher effort. The planner can offer teachers compensation contracts of the
      following form: = +    =1 , where X is total teacher compensation, s is a base salary,
      and 1    are performance bonuses. The planner chooses s, 1    , to maximize welfare.
      Teachers choose 1   in order to maximize their expected utility, which is equal to expected
      8
      ECON0024 END OF PAPER

      total compensation net of cost: () ? (1    ). In addition, their expected utility needs to
      exceed the utility on their outside option, 0, otherwise they do not become teachers. Solve the
      problem of the planner. What are the optimum choices of 1    ? How do they differ from
      the answer in a)? Discuss.
      c) Suppose now that the planner is further constrained in the compensation contracts she
      can write, and is required to pay the same bonus for all tests: = , = 1   . How is this
      different from paying a bonus based on the average test? What are the optimum choices of
      1    in this case? How do they differ from the answers in a) and b)? What happens if =
      , = 1   , and = , = 1   ? Discuss.
      d) Go back to b), but consider now the more complex case where =    =1 + ,
      = 1    , where 1    are constants, and 1    are mean zero random variables
      independent of teacher effort. Describe how you would work out the answer to b) in this case
      (you do not need to present the full solution to the problem). Discuss.

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