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{"ops":[{"insert":"Consider the Ramsey model seen in class. Assume population grows at rate n, and labour-\n\naugmenting technology grows at rate g. Relative risk aversion is constant and equal to \n\n\u03b8.\n\n1. For an initial value of capital per efficiency unit, k(0), use a phase diagram to sketch the different \n\npaths along which the economy may evolve for different levels of c(0) chosen, given the Euler \n\nequation (derived from the household\u2019s optimization problem) and the steady state condition from \n\nSolow.\n\n2. Do these paths also satisfy the household budget constraint and the requirement that capital \n\ncannot be negative? Why or why not?\n\n3. Show that steady state capital (per efficiency unit) in the RCK framework is always lower than the \n\ngolden rule level. Provide intuition for this result.\n\n"}]}
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