2. Consider an overlapping generations model with a pay-as-you-go pension system. The government collects the contributions from young generation and transfers them to old generation. d is the contribution from a young person to the pension system. b is the benefit received by old person. (a) Derive the following intertemporal budget constraint, b 1 + rt+1 C₁t + C2t+1 1 + rt+1 = W₂ - d + (b) Derive the following saving function, 1 St= -(wt - d) — 2+p 1+p (2 + p)(1 + rt+1) ·bl

6. Describe the nature of omitted variable bias as it relates to time series. In what casesdoes controlling for trend variables solve the omitted variable bias? 7. Event studies.a. Describe the six steps to conduct a financial event study.b. What is the relationship between the efficient capital market hypothesis and theuse of financial event studies for causal inference?

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Match the contribution with the appropriate scholar. Who believed that framing the general equilibrium of the entire microeconomy is better treated one market at a time? v Choose... Modigliani Who is considered the father of Modern Portfolio Theory? Marshall Fisher Who demonstrated why people are either savers or dissavers? Keynes Who provided a general existence proof of a competitive equilibrium? Markowitz Ricardo Who developed the distinction between comparative and absolute advantage? Arrow Hotelling Who first developed a working model of options pricing? Bachelier Smith Who argued that competition in physical space can result in minimum differentiation? Choose... Who determined that, unlike the neoclassical microeconomic theory of equilibrium, we may be in a state of persistent Choose... disequilibrium in the macroeconomy? Who considered the regard by others as an important driver of human behavior? Choose... Who developed a complete Life Cycle Model of spending and saving…

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Which of he following statements is CORRECT about beneficiary designalions?   A.By naming an irrevocable beneliciary, a policyowner forfeits he right to change he beneficiary   B.A primary beneficiary may not be a minor.   C.primary beneficiary and a contingent beneficiary each receive one-half of he proceeds.   D.In group insurance, lhe employer is the beneficiary for each employee.

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Emerging Asia: Capital Flows $ billion Emerging Europe: Capital Flows $ billion 2013 2014 2015 Est. 2016 Proj. 2015 Est. 2016 Proj. 2013 2014 Non-Resident Capital Inflows 676 619 191 350 Non-Resident Capital Inflows Private Inflows 214 38 51 Private Inflows 668 613 185 344 218 31 -20 43 Equity Investment 396 442 378 375 Equity Investment 64 52 17 44 Direct Investment 349 372 364 313 Portfolio Investment Direct Investment 66 59 33 42 47 70 14 62 Portfolio Investment -2 -7 -16 Private Creditors 272 171 -193 -31 Commercial Banks 127 73 -165 -38 Private Creditors 154 -22 -37 -1 Nonbanks 145 99 -29 Commercial Banks 20 32 -14 10 Official Inflows International Financial Institutions Nonbanks 134 -54 -23 -11 3 4 4 Official Inflows -4 17 8 Bilateral Creditors 3. International Financial Institutions -12 14 10 Bilateral Creditors 4 3 -2 Resident Capital Outflows Private Outflows Equity Investment Abroad Resident Lending/Other Reserves (- = Increase) Net Capital Flows incl. Reserves -961 -801 -543…