4. Consider the following structural macroeconomic model:
ㆍProduction function: Y =- F(N, K)； Fข ＞ O, Fx ＞ O.
ㆍLabor demand: 뜻 = Fr(N, K)； FNN ＜ O, FKk ＜ O.
ㆍConsumption: C =C(Y - T,)； 1 ＞ Cy ＞ O, C, ＜ O.
ㆍInvestment: I = I(r y)； Iy ＞ O, I, ＜ O.
ㆍGoods market equilibrium: Y = C + I + G.
ㆍMoney market equilibrium: "
=m(r,y)；m
T ＜ 0,m
y ＞ 0. The terms Y(nominal GDP), y(real GDP), N(employment level), P(price level), C(consumption), r(interest rate), I(investment) are endogenous variables while K(capital stock), W(nominal wage), T(tax), G(government purchase), M(money supply) are exogenous variables.
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