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Contents
BECC 106 Solved Assignment 2021-22 In English Medium
Course Code: BECC-106
Assignment Code: ASST/BECC 106/ 2021-22
Total Marks: 100
Assignment I
Answer the following Descriptive Category Questions in about 500 words each. Each question carries 20 marks. Word limit does not apply in the case of numerical questions. 2 × 20 = 40
1) Derive the equations for IS and LM curves. Specify the parameters of the model. Explain how the levels of equilibrium output and interest rate are influenced by changes in these parameters.
The creator nevertheless concerns, but, that the pupil is memorizing the quilibrium circumstance, IS=LM generates Ye, with out honestly know-how why the situation works. Most college students are unable to give an explanation for why putting IS identical to LM generates the equilibrium degree of output. I even have, on rare event, heard a pupil give the subsequent clarification: “Along the IS curve the goods marketplace is in equilibrium; along the LM curve the cash market is in equilibrium. Therefore, for each markets to be in equilibrium, the device must be on both curves. This most effective takes place at the intersection of the curves.” That’s quite excellent, and it is the explanation I utilized in Notes on Macroeconomic Theory; however I still worry that there is too little know-how and an excessive amount of memorization. I very a whole lot want to get across actual, entire comprehension of this essential macro tool referred to as the IS/LM graph.
The Equilibration Process:
In suffering with the trouble of coaching the scholar why the intersection o the IS and LM curves yields the general equilibrium strategy to the hobby fee and output variables, I puzzled why students are able to recognize speedy how a market equilibrates. The regular scholar knows that D=S generates the Pe, Qe
mixture that we are seeking. He also knows, but, the process by which this sort of answer is reached. From the primary direction in economics he’s taught that any price above the equilibrium fee generates a surplus which forces providers to reduce fees order to promote their inventories. On the alternative hand, a P underneath Pe outcomes in a shortage and upward strain at the fee as consumers bid up the price. When asked why the intersection of S and D yields Pe, the standard scholar responds with this tale.
The pupil hasn’t memorized that S=D generates Pe, he has found out that there may be an “equilibration technique” at paintings. The microeconomist’s story of how equilibrium is attained provides the important thing to teaching the concept of equilibrium charge in a unmarried market. Note how the presentation proceeds: (1) define equilibrium as no tendency to trade, (2) pick out a fee and notice if it has a tendency to exchange, and, (3) if it does, describe the forces that
cause exchange and factor out the course of the change. This clarification is thought by way of the extensive majority of college students. Simply placed, as a method to speak an concept, it surely works! When requested why S=D generates the Pe, the everyday reaction is constructed across the perception that forces are at paintings with the intention to pressure the price to a sure price. No attempt is made at repeating a memorized condition—as is typically the case while the query issues equilibrium output in a macro version.
Criticisms of the IS–LM model
Though the IS–LM version provides an intuitively wealthy framework, it possess other characteristics which can be troublesome to many theorists. First is the fact that the IS–LM model is a static model. With no connection with time, the IS–LM model restricts in critical ways the conduct of a number of the variables within the model. For example, money is postulated to act as a medium of exchange. Without a connection with time, the effects of the “shop of value” characteristic of cash can’t be represented in an IS–LM version. However, the maximum enduring complaint of the IS–LM version is that its structural equations are postulated and aren’t derived from software or income maximization. This criticism reduces to the subsequent question: If the structural equations are advert hoc, are the policy prescriptions that follow similarly ad hoc? For instance, consumption in Eq. (2) is thought to reply positively with adjustments in disposable earnings and negatively with the interest price. Critics of IS–LM models correctly point out that essential parameters along with the marginal propensity to consume (MPC) cannot be postulated. Critics could also argue as to whether saving these days and, hence, whether intake today are capabilities of the interest rate. Similar microfoundation arguments may be carried out to the alternative structural equations as properly.
2) Bring out the salient features of Dornbusch’s overshooting model.
Assignment II
Answer the following Middle Category Questions in about 250 words each. Each question carries 10 marks. Word limit does not apply in the case of numerical questions. 3 × 10 = 30
3) Describe the role of financial markets in an economy.
4) What is the significance of the traditional Phillips Curve? Why does the shape of the Phillips Curve change when we introduce expectations into our analysis?
5) Describe the relationship between international capital flows and trade balance.
Assignment III
Answer the following Short Category Questions in about 100 words each. Each question carries 6 marks. 5 ×6 = 30
6) Distinguish between the concepts of future contract and forward contract.
7) Write a short note on the concept of covered interest arbitrage in the context of financial derives.
8) What are the implications of policy ineffectiveness proposition?
9) Describe how an economy can achieve both internal and external balance under a fixed exchange rate regime.
10) State the reasons behind exchange rate overshooting.
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