A permanent tfp shock now consider a tfp shock that is, Microeconomics

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A permanent tfp shock now consider a tfp shock that is

Question: A permanent TFP shock: Now consider a TFP shock that is permanent. For example, suppose the discovery and application of a new technology makes firms more productive. Consider the labor market block of a standard DSGE model with no sticky prices or wages.

(a) What happens to the labor demand schedule?

(b) What happens to the labor supply schedule?

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Microeconomics: A permanent tfp shock now consider a tfp shock that is

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