Stephen D. Williamson's Macroeconomics ch3_slides

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曼昆的宏观经济学课件(英文版)

2000
CHAPTER 1 The Science of Macroeconomics
slide 9
Interest rates and mortgage payments
For a $150,000 30-year mortgage:
date
actual rate on 30-year mortgage
U.S. Gross Domestic Product
in billions of chained 1996 dollars
10,000 9,000
longest economic expansion on record
8,000
7,000
6,00R0 ecessions
5,000
4,000
3,000 1970
slide 2
Important issues in macroeconomics
▪ What is the government budget deficit?
How does it affect the economy?
▪ Why does the U.S. have such a huge trade
Unemployment and social problems
CHAPTER 1 The Science of Macroeconomics
slide 6
Unemployment and social problems
Each one-point increase in the unemployment rate is associated with:
slide 8
%
Unemployment and earnings growth

曼昆微观经济学经济学十大原理英文版

how firms decide how much to produce, how many workers to hire（企业决策：生产（数量）、雇佣工人数量）

how society decides how to divide its resources between national defense, consumer goods, protecting the environment, and other needs（国家决策：国防、消费品、环 4 TEN PRINCIPLES OF ECONOMICS 保等）
Tradeoff的原因本质是：资源的稀缺性
TEN PRINCIPLES OF ECONOMICS
6
HOW PEOPLE MAKE DECISIONS Principle #1: 人们面临权衡取舍 People Face Tradeoffs
Exampense requires resources that could
机会成本也来源于资源稀缺性，由于机会成本的存在从而需要取
舍。
机会成本是人们选择，而放弃其他全部选择中收益最大的部分。
9
HOW PEOPLE MAKE DECISIONS
Principle #2: 某种东西的成本是为了得到它而放弃的东西
The Cost of Something Is What You Give Up to Get It
TEN PRINCIPLES OF ECONOMICS
12
HOW PEOPLE MAKE DECISIONS
Principle #3: 理性人考虑边际量
Rational People Think at the Margin Rational people

宏观经济学斯蒂芬威廉森chap05

Macroeconomics, 3e (Williamson)Chapter 5 A Closed-Economy One-Period Macroeconomic Model1) A n economy that has no interaction with the rest of the world is calledA) a n isolated economy.B) a closed economy.C) a parochial economy.D) a rogue nation.Answer: BQuestion Status: P revious Edition2) A n economy that engages in international trade is calledA) a cooperative economy.B) a modern economy.C) a n engaged economy.D) a n open economy.Answer: DQuestion Status: P revious Edition3) G oods and services provided by the government are calledA) g overnment goods.B) p ublic goods.C) f ree goods.D) s ocial goods.Answer: BQuestion Status: P revious Edition4) I n an economic model, an exogenous variable isA) a stand-in for more complicated variables.B) d etermined by the model itself.C) d etermined outside the model.D) a variable that has no effect on the workings of the model.Answer: CQuestion Status: P revious Edition5) I n an economic model, an endogenous variable isA) a stand-in for more complicated variables.B) d etermined by the model itself.C) d etermined outside the model.D) a variable that has no effect on the workings of the model.Answer: BQuestion Status: P revious Edition6) I n a one-period model, government is likely to runA) a deficit but not a surplus.B) a surplus but not a deficit.C) e ither a surplus or a deficit.D) n either a surplus nor a deficit.Answer: DQuestion Status: P revious Edition7) I n a one-period economic model, the government budget constraint requires thatgovernment spendingA) = taxes + transfers.B) = taxes + borrowing.C) > 0.D) = taxes.Answer: DQuestion Status: P revious Edition8) W hich of the following relationships does not hold in the one-period model?A) G=TB) Y=C+GC) Y=zF(K,N)D) π=Y-wN-CAnswer: DQuestion Status: N ew9) F iscal policy refers to a government's choices over itsA) e xpenditures, taxes, transfers, and borrowing.B) e xpenditures, taxes, issuance of money, and borrowing.C) e xpenditures, foreign affairs, issuance of money, and borrowing.D) i ssuance of money, taxes, environmental regulations, and foreign affairs.Answer: AQuestion Status: P revious Edition10) M aking use of an economic model is a process ofA) s olving hundreds of simultaneous equations.B) r unning experiments to determine how changes in the endogenous variables willchange the exogenous variables.C) r unning experiments to determine how changes in the exogenous variables willchange the endogenous variables.D) r esolving inconsistencies in the actions of economic agents.Answer: CQuestion Status: P revious Edition11) A competitive equilibrium is a state of affairs in whichA) m arkets clear, and output is maximized.B) o utput is maximized, and all agents are equally well-off.C) a ll agents are equally well-off and agents are price-takers.D) a gents are price-takers, and markets clear.Answer: DQuestion Status: P revious Edition12) I n a general equilibrium modelA) a ll markets but one clear.B) t here are no fluctuations.C) a ll prices are exogenous.D) a ll prices are endogenous.Answer: DQuestion Status: N ew13) I n a competitive equilibrium all these relationships hold but one. Which one?A) N d= N sB) Y=G+CC) G=TD) w=zAnswer: DQuestion Status: N ew14) I n the one-period competitive model we have been studyingA) b oth consumption and total factor productivity are exogenous.B) c onsumption is exogenous and total factor productivity is endogenous.C) c onsumption is endogenous and total factor productivity is exogenous.D) b oth consumption and total factor productivity are endogenous.Answer: CQuestion Status: P revious Edition15) A relationship that shows the technological possibilities for an economy as a whole is calledaA) p roduction function.B) u tility possibilities frontier.C) p roduction possibilities frontier.D) b udget constraint.Answer: CQuestion Status: P revious Edition16) T he production possibilities frontier in the one-period model is aA) b ehavioral relationship between consumption and leisure.B) b ehavioral relationship between consumption and government spending.C) t echnological relationship between consumption and leisure.D) t echnological relationship between consumption and government spending.Answer: CQuestion Status: P revious Edition17) T he production possibilities frontier representsA) a ll combinations of consumption and leisure for fixed output.B) a ll equally affordable combinations of consumption and leisure for a given wage.C) a ll feasible combinations of consumption and leisure.D) a ll equally liked combinations of consumption and leisure.Answer: CQuestion Status: N ew18) W hich of the following is not a reason for solving the model with a PPF?A) I t merges the household and firm problems into one graph.B) I t is simpler to solve the social planner problem.C) I t highlights the fact that the marginal rate of substitution should equal the marginalrate of transformation.D) I t highlights the fact that firms make no profit in equilibrium.Answer: DQuestion Status: N ew19) T he PPF representsA) a ll possible outcomes for a given wage.B) t he set of feasible outcomes.C) g iven leisure, how much consumption a household wants.D) t he share of consumption in output.Answer: BQuestion Status: N ew20) T he rate at which one good can be converted technologically into another is calledA) t he marginal rate of transformation.B) t he marginal rate of substitution.C) t he marginal product of labor.D) t he rate of conversion.Answer: AQuestion Status: P revious Edition21) P oints on the production possibilities frontier have the property that theyA) a re inherently unattainable.B) s how the maximum amount of leisure that can be consumed for given amounts ofgoods consumed.C) s how the maximum amount of goods that can be consumed for given amounts ofgovernment spending.D) s how the maximum amount of leisure that can be consumed for given amounts ofhours worked.Answer: BQuestion Status: P revious Edition22) A competitive equilibrium has all of the following properties exceptA) M P N= slope of PPF.B) M RS l,C=MRT l,C.C) M RT l,C=MP N.D) M P N=w.Answer: AQuestion Status: P revious Edition23) A competitive equilibrium is Pareto optimal if there is no way to rearrange or to reallocategoods so thatA) a nyone can be made better off.B) n o one can be made worse off.C) s omeone can be made better off without making someone else worse off.D) s omeone can be made better off without making everyone else worse off.Answer: CQuestion Status: P revious Edition24) W hich of the following is not equal to the others in equilibrium?A) t he real wageB) t he marginal rate of substitution between leisure and consumptionC) t he marginal product of laborD) t he price of consumptionAnswer: DQuestion Status: N ew25) A Pareto optimum is a point thatA) a malevolent dictator would choose.B) a cooperative coalition of some altruistic consumers would choose.C) a cooperative coalition of some socially responsible firms would choose.D) a social planner would choose.Answer: DQuestion Status: P revious Edition26) A Pareto optimum requires all of the following exceptA) M P N=-slope of PPF.B) M RS l,C=MRT l,C.C) M RT l,C=MP N.D) M P N=w.Answer: DQuestion Status: P revious Edition27) M uch of the writings of Adam Smith are in close agreement withA) t he necessity of trade restrictions.B) t he first fundamental theorem of welfare economics.C) t he second theorem of welfare economics.D) b oth B and C above.Answer: BQuestion Status: P revious Edition28) T he first fundamental theorem of welfare economics states thatA) u nder certain conditions, a competitive equilibrium is Pareto optimal.B) a competitive equilibrium is always Pareto optimal.C) u nder certain conditions, a Pareto optimum is a competitive equilibrium.D) a Pareto optimum is always a competitive equilibrium.Answer: AQuestion Status: P revious Edition29) T he second fundamental theorem of welfare economics states thatA) u nder certain conditions, a competitive equilibrium is Pareto optimal.B) a competitive equilibrium is always Pareto optimal.C) u nder certain conditions, a Pareto optimum is a competitive equilibrium.D) a Pareto optimum is always a competitive equilibrium.Answer: CQuestion Status: P revious Edition30) T he concept of Pareto optimality is aA) u topian concept.B) u seful concept because it guarantees economic equality.C) u seful concept because it guarantees economic efficiency.D) u seful concept that carefully balances a society's desires for equality and efficiency.Answer: CQuestion Status: P revious Edition31) A competitive equilibrium may fail to be Pareto optimal due to all of the following exceptA) i nequality.B) e xternalities.C) d istorting taxes.D) n on-price-taking firms.Answer: AQuestion Status: P revious Edition32) A n externality is any activity for which an individual firm or consumer does not take intoaccount allA) o f the ramifications of its actions on others.B) a ssociated costs.C) a ssociated benefits.D) a ssociated costs and benefits.Answer: DQuestion Status: P revious Edition33) T he presence of a distorting tax on wage income can result inA) M P N<MRT l,C.B) M RT l,C<MRS l,C.C) M P N<w.D) M RS l,C<MP N.Answer: DQuestion Status: P revious Edition34) R elative to the social optimum, monopoly power directly leads toA) u nderproduction.B) o verproduction.C) t oo much leisure.D) t oo little leisure.Answer: AQuestion Status: P revious Edition35) A n increase in government spending shifts the PPFA) u pward, but does not change its slope.B) u pward, and also changes its slope.C) d ownward, but does not change its slope.D) d ownward, and also changes its slope.Answer: CQuestion Status: P revious Edition36) T he experience of the U.S. economy during World War II confirms the prediction that adramatic increase in government spending is likely toA) i ncrease both real GDP and consumption.B) i ncrease real GDP and decrease consumption.C) d ecrease real GDP and increase consumption.D) d ecrease both real GDP and consumption.Answer: BQuestion Status: P revious Edition37) A n increase in government spendingA) i ncreases consumption, increases hours worked, and increases the real wage.B) r educes consumption, increases hours worked, and increases the real wage.C) r educes consumption, increases hours worked, and reduces the real wage.D) r educes consumption, reduces hours worked, and reduces the real wage.Answer: CQuestion Status: P revious Edition38) A n increase in government spendingA) i ncreases consumption and output.B) i ncreases consumption, decreases output.C) d ecreases consumption, increases output.D) d ecreases consumption and output.Answer: CQuestion Status: N ew39) C hanges in government spending are not likely causes of business cycles becausegovernment spending induced business cycles would counterfactually predictA) c ountercyclical real wages.B) p rocyclical real wages.C) c ountercyclical employment.D) p rocyclical employment.Answer: AQuestion Status: P revious Edition40) C hanges in government spending are not likely causes of business cycles becausegovernment spending induced business cycles would counterfactually predictA) c ountercyclical consumption.B) p rocyclical consumption.C) c ountercyclical employment.D) p rocyclical employment.Answer: AQuestion Status: P revious Edition41) W hich feature of the business cycle does the one-period model replicate with shocks togovernment expenditures?A) p rocyclical employmentB) p rocyclical consumptionC) p rocyclical real wagesD) c ountercyclical pricesAnswer: AQuestion Status: N ew42) A n increase in total factor productivity shifts the PPFA) u pward, but does not change its slope.B) u pward, and also changes its slope.C) d ownward, but does not change its slope.D) d ownward, and also changes its slope.Answer: BQuestion Status: P revious Edition43) A n increase in total factor productivityA) i ncreases consumption, increases output, and increases the real wage.B) r educes consumption, increases output, and increases the real wage.C) r educes consumption, increases output and reduces the real wage.D) r educes consumption, reduces output, and reduces the real wage.Answer: AQuestion Status: P revious Edition44) W hich of the following is wrong with respect to an increase in total factor productivity?A) H ouseholds are better off.B) C onsumption is up.C) T he real wage is down.D) O utput is up.Answer: CQuestion Status: N ew45) I n response to an increase in total factor productivityA) b oth the substitution effect and the income effect suggest that hours worked shouldincrease.B) t he substitution effect suggests that hours worked should increase, while the incomeeffect suggests that hours worked should decrease.C) t he substitution effect suggests that hours worked should decrease, while the incomeeffect suggests that hours worked should increase.D) b oth the substitution effect and the income effect suggest that hours worked shoulddecrease.Answer: BQuestion Status: P revious Edition46) C hanges in total factor productivity are plausible causes of business cycles becauseproductivity-induced business cycles correctly predictA) r eal wages and total hours must be procyclical.B) r eal wages and consumption must be procyclical.C) t otal hours worked and consumption must be procyclical.D) c onsumption and government spending must be procyclical.Answer: BQuestion Status: P revious Edition47) C hanges in total factor productivity are plausible causes of business cycles becauseA) o f the welfare theorems.B) t he U.S. government is following supply-side economic policy.C) t he model matches many stylized facts.D) p rices are countercyclical.Answer: CQuestion Status: N ew48) R eal business cycle theory argues that the primary cause of business cycles is fluctuations inA) p references.B) g overnment spending.C) t he importance of externalities.D) t otal factor productivity.Answer: DQuestion Status: P revious Edition49) J ust prior to the four most recent U.S. recessions, there has been aA) s ignificant contraction of the money supply.B) l arge decrease in government spending.C) l arge increase in the relative price of food.D) s ignificant increase in the relative price of energy.Answer: DQuestion Status: P revious Edition50) I f the government replaces a lump sum tax with a proportional labor income tax, thenA) e mployment and output increase.B) e mployment increases and output decreases.C) e mployment decreases and output increases.D) e mployment and output decrease.Answer: DQuestion Status: N ew51) P roportional income taxation is distorting becauseA) p eople do all they can to avoid paying taxes.B) t he competitive equilibrium is not Pareto optimal.C) f irms do all they can to avoid paying taxes.D) t he government budget constraint does not hold.Answer: BQuestion Status: N ew52) W ith a linear production function in labor only, which of the following must be true?A) T he representative household works as much as possible.B) T he representative firm makes large profits.C) T he real wage equals total factor productivity.D) T he marginal product of labor exceeds the real wage.Answer: CQuestion Status: N ew53) H ow does an increase in the proportional labor income tax modify the budget constraint?A) a parallel move upB) a parallel move downC) a tilting upD) a tilting downAnswer: DQuestion Status: N ew54) A t the competitive equilibrium with a positive proportional labor income taxA) t he real wage after tax exceeds the marginal product of labor.B) t he real wage after tax equals the marginal product of labor.C) t he real wage after tax is lower than the marginal product of labor.D) W e cannot say.Answer: CQuestion Status: N ew55) A t the competitive equilibrium with a positive proportional labor income taxA) t he real wage before tax exceeds the marginal product of labor.B) t he real wage before tax equals the marginal product of labor.C) t he real wage before tax is lower than the marginal product of labor.D) W e cannot say.Answer: BQuestion Status: N ew56) T he tax base isA) t he average tax rate.B) t he tax rate for the base year.C) t he object being taxed.D) t he lowest tax rate.Answer: CQuestion Status: N ew57) W hen the tax rate increases, the tax revenueA) a lways increases.B) d oes not change.C) a lways decreases.D) m ay increase or decrease.Answer: DQuestion Status: N ew58) T he Laffer curve is a curve showingA) o utput as a function of the tax rate.B) t ax revenue as a function of the tax rate.C) g overnment expenses as a function of how liberal the government is.D) t he tax rate as a function of government expenses.Answer: BQuestion Status: N ew59) S upply-side economists argue thatA) o ne should get rid of all taxes.B) t ax rates should not be progressive.C) i ncreasing tax rates always hurts tax revenue.D) o ne can increase tax revenue by decreasing the tax rate.Answer: DQuestion Status: N ew60) I n a competitive equilibrium with a Laffer curve, there are two equilibria that differ in theirA) t ax revenue.B) t otal factor productivity.C) o utput.D) m arginal tax rate.Answer: CQuestion Status: N ew。

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宏观经济学-课后思考题答案_史蒂芬威廉森006

Chapter 6Economic Growth: Malthus and SolowTeaching GoalsStudents easily take for granted the much more abundant standard of living of today as opposed to 20, 50, or 100 years ago. Sometimes it is easier to remind students of what their ancestors had to do without, rather than simply referring to per capita income levels over time. Recessions come and go, and yet economic growth swamps the lost output we endure during hard times.The typical student begins study of economic growth against the backdrop of the recent growth experience of the United States. The current standard of living in the United States vastly surpasses the current standard of living in most countries and would have been unimaginable anywhere in the world before the advent of the industrial revolution. Until about 1800, the world economy produced little more than a subsistence level of income for any but the richest individuals. Growth in per capita income was nonexistent. The Malthusian model of growth explains the tendency of increases in population to dilute any gains in productivity.The industrial revolution introduced the possibility of sustained growth in per capita income through the accumulation of physical capital. However, growth experience has varied widely around the world. The richer countries have a sustained record of growth. Per capita income in the United States has proceeded at an average rate of about 2% per year. While 2% growth may seem small, it is important for students to realize that such growth transforms into a more than doubling of per capita GDP per generation. Unfortunately, the poorer countries have remained poor. Furthermore, their growth rates have not generally matched growth rates in the richer countries, so that the poor countries fall farther and farther behind. Such differences in standards of living and growth prospects present puzzles that the study of economic growth hopes to solve.Classroom Discussion TopicsGetting students to relate to differences in standards of living can sometimes be difficult. It is easy to take one’s own standard of living for granted. An interesting discussion topic is whether students would be willing to travel back in time to 100 or 200 years ago, if they could be one of the richest people of those earlier times. Would the tradeoff be worthwhile? While students typically stress factors like antiquated view about freedom of choice, and racial and gender issues, try to encourage students to divide their concerns into those that are more economic as opposed to social. Also point out that higher standards of living allow societies to be more concerned about issues of equality when mere survival is no longer precarious.Chapter 6 Economic Growth: Malthus and Solow 53Students often view population growth as the result of cultural factors and personal preferences. Against the abundance of daily living, it is easy to forget economic factors. Ask the students for examples ofeconomic factors that might impact on fertility decisions. The Malthusian model suggests that growth may only be achieved through population control. In the modern economy, the costs of raising children can be formidable, and so there is tendency for such costs to be a disincentive to fertility. Such costs may attribute to the tendency for low fertility rates in advanced economies. In more primitive societies, having a large family can be a private form of Social Security. The more children a family has, the more family members there will be to provide for the parents in old age. Poor public health conditions may actually enhance fertility. If each child has a small chance for survival to adulthood, more births are required to produce a given-sized family.OutlineI. Economic Growth FactsA. Pre-1800: Constant Per Capita Income across Time and SpaceB. Post-1800: Sustained Growth in the Rich CountriesC. High I nvestment ↔ High Standard of LivingD. High Population Growth ↔ Low Standard of LivingE. Divergence of Per Capita Incomes: 1800–1950F. No Conditional Convergence amongst All CountriesG. Conditional Convergence amongst the Rich CountriesII. The Malthusian ModelA. Production Determined by Labor and Fixed Land SupplyB. Population Growth and Per Capita ConsumptionC. Steady-state Consumption and Population1. Effects of Technological Change2. Effects of Population ControlD. Malthus: Theory and EvidenceIII. Solow’s Model of Exogenous GrowthA. The Representative ConsumerB. The Representative FirmC. Competitive EquilibriumD. Steady-State Growth1. The Steady-State Path2. Adjustment toward EquilibriumE. Savings and Growth1. Equilibrium Effects2. The Golden Rule: K MP n d =+F. Labor Force Growth and Output Per CapitaG. Total Factor Productivity and Output Per CapitaH. Solow: Theory and Evidence54 Williamson • Macroeconomics, Third EditionIV. Growth AccountingA. Solow ResidualsB. The Productivity Slowdown1. Measurement of Services2. The Relative Price of Energy3. Costs of Adopting New TechnologyC. Cyclical Properties of Solow ResidualsTextbook Question SolutionsQuestions for Review1. In exogenous growth models, growth is caused in the model by forces not explained by the modelitself. Endogenous growth models examine the economic factors that cause growth.2. Pre-1800: Constant Per Capita Income across Time and SpacePost-1800: Sustained Growth in the Rich CountriesHigh Investment ↔ High Standard of LivingHigh Population Growth ↔ Low Standard of LivingDivergence of Per Capita Incomes: 1800–1950No Conditional Convergence amongst All CountriesConditional Convergence amongst the Rich Countries3. An increase in total factor productivity increases the size of the population, but has no effect on theequilibrium level of consumption per capita.4. Only a downward shift in the population growth function can increase the standard of living.5. Malthu’s model is quite successful in explaining economic growth prior to the industrial revolution.Malthu’s model has little relevance for more recent growth experience.6. In the steady state, all variables stay constant: per capita capital, output, consumption, savings. Also,this steady state is stable: whatever the initial capital (except zero), the economy will converge to this steady state.7. With an increase in the saving rate, it becomes possible to sustain a higher level of per capita capital,and thus higher output and consumption. With an increase in the population rate, the contraryhappens, as one needs to provide more newborns with the going per capita capital. A higher total factor productivity improves all per capita variables in the steady state.8. To maximize steady-state per capita consumption, the saving rate must be such that the marginalproduct of capital (the slope of the per capita production function) equals the population growth rate plus the depreciation rate.9. The Malthusian model gave no way out of misery, except for measures that reduce the population.Even technological advances would not raise the standard of living. The Solow model shows that it is possible to obtain a stable standard of living with growing population. And if total factor productivity increases, one can even obtain improvements in the standard of living despite population growth.Chapter 6 Economic Growth: Malthus and Solow 55 10. The Cobb-Douglas production function permits a simple decomposition of economic growth into itscomponent sources.11. In a competitive equilibrium, the parameter a is equal to the share of capital income in total income.12. The Solow residual measures increases in real GDP that are not accounted for by increases in capitaland labor. The Solow residual is highly procyclical as it explains the great majority of the cyclical component in GDP.13. The productivity slowdown could be explained by underestimates of output in the growing servicessector, increases in the relative price of energy, and the costs of adopting new technologies.14. American workers then knew how to incorporate the new technologies, in particular informationtechnology. These efficiency gains may have been realized by 2000, which explains the newslowdown, along with higher energy prices.15. Growth in capital, employment, and total factor productivity account for growth in GDP.16. During this period, growth in these countries was much larger than average. Growth rates for thesecountries were about three times as fast as growth in the United States. However, most of this growth can be attributed to increases in the capital stocks in these countries, and such rapid rates of growth of capital cannot be sustained for long periods of time.Problems1. The amount of land increases, and, at first, the size of the population is unchanged. Therefore,consumption per capita increases. However, the increase in consumption per capita increases the population growth rate, see the figure below. In the steady state, neither *c nor *l are affected by the initial increase in land. This fact can be discerned by noting that there will be no changes in either of the panels of Figure 6.8 in the textbook.56 Williamson • Macroeconomics, Third Edition2. A reduction in the death rate increases the number of survivors from the current period who will stillbe living in the future. Therefore, such a technological change in public health shifts the function ()g cupward. In problem #1 there were no effects on the levels of land per capita and consumption per capita. In this case, the ()g c function in the bottom figure below shifts upward. Equilibriumconsumption per capita decreases. From the top figure below, we also see that the decrease inconsumption per capita requires a reduction in the equilibrium level of land per capita. The size of the population has increased, but the amount of available land is unchanged.Chapter 6 Economic Growth: Malthus and Solow 57 3. For the marginal product of capital to increase at every level of capital, the shift in the productionfunction is equivalent to an increase in total factor productivity.(a) The original and new production functions are depicted in the figures below.(b) Equilibrium in the Solow model is at the intersection of ()n d k+szf k with the line segment ().The old and new equilibria are depicted in the bottom panel of the figure above. The newequilibrium is at a higher level of capital per capita and a higher level of output per capita.(c) For a given savings rate, more effective capital implies more savings, and in the steady state thereis more capital and more output. However, if the increase in the marginal product of capital were local, in the neighborhood of the original equilibrium, there would be no equilibrium effects. A twisting of the production function around its initial point does not alter the intersection point.4. An increase in the depreciation rate acts in much the same way as an increase in the populationgrowth rate. More of current savings is required just to keep the amount of capital per capita constant.In equilibrium output per capita and capital per capita decrease.58 Williamson • Macroeconomics, Third Edition5. A destruction of capital.(a) The long-run equilibrium is not changed by an alteration of the initial conditions. If the economystarted in a steady state, the economy will return to the same steady state. If the economy wereinitially below the steady state, the approach to the steady state will be delayed by the loss ofcapital.(b) Initially, the growth rate of the capital stock will exceed the growth rate of the labor force. Thefaster growth rate in capital continues until the steady state is reached.(c) The rapid growth rates are consistent with the Solow model’s predictions about the likelyadjustment to a loss of capital.6. A reduction in total factor productivity reduces the marginal product of capital. The golden rule levelof capital per capita equates the marginal product of capital with .n d + Therefore, for given ,n d + the golden rule amount of capital per capita must decrease as in the figure below. Therefore the golden rule savings rate must decrease.7. Government spending in the Solow model.(a) By assumption, we know that T = G, and so we may write:()(1)(1)K's Y G d K sY gN d K =−+−=−+−Now divide by N and rearrange as:(1)()(1)k'n szf k sg d k +=−+−Divide by (1 + n ) to obtain:()(1)(1)(1)(1)szf k sg d k k'n n n −=−++++Chapter 6 Economic Growth: Malthus and Solow 59Setting k = k ′, we find that:**()().szf k sg n d k =++This equilibrium condition is depicted in the figure below.(b) The two steady states are also depicted in the figure above.(c) The effects of an increase in g are depicted in the bottom panel of the figure above. Capital percapita declines in the steady state. Steady-state growth rates of aggregate output, aggregate consumption, and investment are all unchanged. The reduction in capital per capita isaccomplished through a temporary reduction in the growth rate of capital.8. The golden rule quantity of capital per capita, *,k is such that *().K MP zf k n d ′==+ A decrease in the population growth rate, n , requires a decrease in the marginal product of capital. Therefore, thegolden rule quantity of capital per capita must increase. The golden rule savings rate may either increase or decrease.60 Williamson • Macroeconomics, Third Edition9. (a) First, we need to determine how bN evolves over time:(bN )′ = (1 + f )(1 + n ) bNThen we just need to redo the analysis of the competitive equilibrium and the steady state as inthe book, replacing every N by bN , every (1 + n ) by (1 + f )(1 + n ), and every n by f + n . The new steady-state per efficiency unit capital is then******()(1)(1)(1)(1)(1)szf k d k k f n f n −=+++++ All aggregate variables then grow at the rate of f + n , while per capita aggregates grow at therate f .(b) An increase in f increases the growth rate of per capita income by the same amount, as f is itsgrowth rate. This happens because the exogenous growth in b raises instant capital and income for everyone without a need to invest in capital.10. Production linear in capital:()()Y K z zf k f k k N N==⇒= (a) Recall Equation (20) from the text, and replace ()f k with k to obtain:+−=+((1))(1)sz d k'k n Also recall that 11 and .Y Y Y'zk k k'N z N z N'=⇒== Therefore: ((1))(1)Y'sz d Y N'n N+−=+ As long as((1))1,(1)sz d n +−>+ per capita income grows indefinitely. (b) The growth rate of income per capita is therefore: ((1))1(1)()(1)Y'Y sz d N'N g Y n Nsz n d n −+−==−+−+=+ Obviously, g is increasing in s .(c) This model allows for the possibility of an ever-increasing amount of capital per capita. In theSolow model, the fact that the marginal product of capital is declining in capital is the key impediment to continual increases in the amount of capital per capita.Chapter 6 Economic Growth: Malthus and Solow 6111. Solow residual calculations.(a) To calculate the Solow residuals, we apply the formula, 0.360.64ˆˆˆˆ/,zY K N = to the values in the provided table. Adding a new column for these values, we obtain:Year ˆY ˆK ˆN ˆz 1995 8031.7 25487.3 124.9 9.4781996 8328.9 26222.3 126.7 9.6401997 8703.5 27018.1 129.6 9.8231998 9066.9 27915.9 131.5 10.0191999 9470.3 28899.9 133.5 10.2362000 9817.0 29917.1 136.9 10.3122001 9890.7 30793.4 136.9 10.2822002 10048.8 31599.6 136.5 10.3692003 10301.0 32426.2 137.7 10.4722004 10703.5 33304.9 139.2 10.7032005 11048.6 34191.7 141.7 10.820(b) Next, we compute the percentage changes in each of the table entries. These values arepresented in the table below.Year ˆˆY Y Δ/ (%) ˆˆK K Δ/ (%) ˆˆN N Δ/ (%) ˆˆzz Δ/ (%) 1996 3.70 2.88 1.44 1.71 1997 4.50 3.03 2.29 1.901998 4.18 3.32 1.47 2.001999 4.45 3.52 1.52 2.172000 3.66 3.52 2.55 0.742001 0.75 2.93 0.00 −0.292002 1.60 2.62 −0.29 0.852003 2.51 2.62 0.88 0.992004 3.91 2.71 1.09 2.212005 3.22 2.66 1.80 1.0962 Williamson • Macroeconomics, Third EditionTo compare the contributions to growth, we need to compare the magnitudes,ˆˆˆˆ0.36(/),0.64(/),KKNN ΔΔ and ˆˆ/.z z Δ These values are presented in the table below.Year ˆˆ0.36(Δ/K K) (%) ˆˆ0.64(Δ/N N)(%) ˆˆz z Δ/ (%)1996 1.04 0.92 1.711997 1.09 1.46 1.901998 1.20 0.94 2.001999 1.27 0.97 2.172000 1.27 1.63 0.742001 1.05 0.00 −0.292002 0.94 −0.19 0.852003 0.94 0.56 0.992004 0.98 0.70 2.212005 0.96 1.15 1.09Most often, when output is growing, the biggest contribution to growth comes from increases intotal factor productivity. In 1991 and in 2001, both bad years for growth, total factor productivity decreased. In the other years, growth in total factor productivity is usually the largest contributor to growth, while increases in capital and labor equally share the role of the leading cause of growth in the other years. In the later years, capital growth has come to be relatively more important than in the early years.。

斯蒂芬·威廉森-宏观经济学第五版答案chapter5

Chapter 5A Closed-Economy One-PeriodMacroeconomic Model⏹Teaching GoalsThere are three key points to be learned from this chapter. The first point is that when we allow the consumers and firms that we studied in Chapter 4 to interact with each other and with the government, the economy is able to achieve equilibrium through price adjustment. In this particular case, the “price” is the relative price of leisure, the real wage. The second important point is that the equilibrium that markets settle upon is a favorable one, in the sense of Pareto optimality. This point is in keeping with Adam Smith’s notion that the “invisible hand” of self-interested individuals, meeting in a competitive market, can work for the common good. The third point is that we can directly discover the equilibrium position of a market economy by solving an economic planner problem. Although students may find this point to be somewhat arcane, stress the point that it will be much simpler to solve problems (e.g., exam problems) by working with a planner problem as opposed to directly solving general equilibrium problems. The students, however, need to be aware when this solution method is not applicable. The section about the Laffer curve is a good way to show when social and private optima do not coincide.Once students have mastered the mechanics of the model, the two problems for which this model is best suited are the analyses of changes in government spending and total factor productivity. In working these problems, stress the applicability of these results to historical applications and as a guide to understanding current events.A key tactic of the textbook’s approach is the critical assessment of the usefulness and credibility of competing models. Therefore, it is important to stress the extent to which models fit the facts. Does this model fit the facts of long-run growth? Does this model fit the facts of the typical business cycle? These kinds of questions come up again and again in the course of macroeconomic study. Stress again and again that scientific study needs to relate to observations, in our case the stylized facts of Chapter 2.⏹Classroom Discussion TopicsAn alternative approach to this material is to start with the example of Robinson Crusoe (or Castaway, Gilligan’s Island, etc.). Does an isolated individual have any economic choices? What would guide these choices? Would you rather be on an island with a more plentiful food supply? A pure income effect can then be presented in the form of extra food (or a volleyball) washing up on shore, or in the form of “pirates” (government?) demanding tribute. An increase in total factor productivity can be in the form of obtaining a fishing net or a ladder to climb coconut trees. A change in capital can be the consequence of a hurricane, etc. The next step would be to ask the students about the likely consequences of additional individuals on the island. If they are all identical, and there are no economies to team production, will there be any reason for markets to exist? Could a market improve things? How and why? Typically, markets improve things onlyChapter 5 A Closed-Economy One-Period Macroeconomic Model 39 to the extent that people are different. However, these types of differences are what we are willing toignore when we adopt the fiction of a representative consumer.OutlineI. Competitive EquilibriumA. A One-Period Model1. No Borrowing or Lending2. G = TB. Equilibrium Modeling1. Endogenous Variables2. Exogenous Variables3. Hypothetical ExperimentsC. Properties of a Competitive Equilibrium1. Representative Consumer Maximizes Utility Subject to Budget Constraint2. Representative Firm Maximizes Profits3. Markets Clear4. Government Budget Constraint Satisfied5. ,,l C l CN w MRS MRT MP === II. OptimalityA. Pareto OptimalityB. Welfare Theorems1. 1st Theorem: A Competitive Equilibrium Can Be Pareto Optimal2. 2nd Theorem: A Pareto Optimum Can Be a Competitive EquilibriumC. Inefficiencies1. Externalities2. Distorting Taxes3. Monopoly PowerD. Using the Second Theorem1. Pareto Optima Are Easier to Identify2. Effects of Disturbances on Pareto OptimaIII. Effects of an Increase in Government SpendingA. Impact Effect1. Parallel Downward Shift in PPF2. Pure Income EffectB. Equilibrium Effects1. Reduced Consumption2. Reduced Leisure and Increased Hours of Work3. Increased Output4. Lower Real WageC. Crowding-OutD. Government Spending a Source of Business Cycles?40 Williamson • Macroeconomics, Fifth Edition1. Government Spending Shocks Wrongly Predict Countercyclical Consumption2. Government Spending Shocks Wrongly Predict Countercyclical Real WagesIV. Effects of an Increase in Total Factor ProductivityA. Impact Effect1. Upward Shift in PPF2. Steeper PPF3. Income and Substitution EffectsB. Equilibrium Effects1. Increased Consumption2. Leisure and Hours Worked May Rise or Fall3. Increased Output4. Higher Real WageC. Productivity and Long-Run Growth1. Consumption Grows over Time2. Hours Worked Remain about Constant3. Output Increases over Time4. Real Wages Rise over TimeD. Productivity as Source of Business Cycles?1. Consumption Is Procyclical2. Cyclical Properties of Hours Workeda. Procyclical Hours Worked Is a Business Cycle Factb. Need Strong Substitution Effect to Predict Procyclical Hoursc. Intertemporal Substitution of Leisure3. Increased Output Defines the Cycle4. Procyclical Real Wage RateV. Income Tax Revenue and the Laffer CurveA. Tax Revenue1. The Tax Base Depends on the Proportional Tax Rate2. The Laffer Curve Measures Tax Revenue as a Function of the Tax Rate3. Unless the Tax Rate Is Optimal, Two Tax Rates Yield the Same Tax Revenue4. Supply-Side Economists Claim the U.S. Economy Is at the Bad Tax Rate5. Empirical Evidence Tends to Prove Supply-Side Economists WrongVI. A Model of Public Goods: How Large Should the Government Be?A. Effects of higher GDP on optimal government spending.B. Better government technology: what happens to optimal government spending and private spending?Chapter 5 A Closed-Economy One-Period Macroeconomic Model 41 Solutions to End-of-Chapter Problems1. Although we often think about the negative externalities of congestion and pollution in cities, theremay also be some positive externalities. A concentrated population is better able to support the arts and professional sports; cities typically have a greater variety of good restaurants, etc. Perhaps a more basic issue is that there may be some increasing returns to scale at low output levels that makeindustrial production more costly in small towns. There may also be externalities in production in being located close to other producers. One example would be the financial industry in financialcenters like New York, London, Tokyo, etc. Another example would be large city medical centers that enhance coordination between primary physicians and specialists.One market test of whether productivity is higher in cities would be to look at the wages in cities versus the wages in smaller towns and rural areas. Wages are often higher in cities for individuals of comparable skills. Market efficiency suggests that the higher wages be reflective of a higher marginal product of labor, and that the higher wages compensate those choosing to live in cities for thenegative externalities that they face.2. In a one period model, taxes must be exactly equal to government spending. A reduction in taxes istherefore equivalent to a reduction in government spending. The result is exactly opposite of the case of an increase in government spending that is presented in the text. A reduction in governmentspending induces a pure income effect that induces the consumer to consume more and work less. At lower employment, the equilibrium real wage is higher because the marginal product of labor rises when employment falls. Output falls, consumption rises, employment falls and the real wage rises. 3. The only impact effect of this disturbance is to lower the capital stock. Therefore, the productionpossibility frontier shifts down and the marginal product of labor falls (PPF is flatter).(a) The reduction in the capital stock is depicted in the figure below. The economy starts at point Aon PPF1. The reduction in the capital stock shifts the production possibilities frontier to PPF2.Because PPF2 is flatter, there is a substitution effect that moves the consumer to point D. Theconsumer consumes less of the consumption good and consumes more leisure. Less leisure alsomeans that the consumer works more. Because the production possibilities frontier shifts down,there is also an income effect. The income effect implies less consumption and less leisure (more work). On net, consumption must fall, but leisure could decrease, remain the same, or increase,depending on the relative strengths of the income and substitution effect. The real wage must also fall. To see this, we must remember that, in equilibrium, the real wage must equal the marginalrate of substitution. The substitution effect implies a lower marginal rate of substitution. Theincome effect is a parallel shift in the production possibilities frontier. As the income effectincreases the amount of employment, marginal product of labor must fall from point D topoint B. This reinforces the reduction in the marginal rate of substitution from point A to point D.42 Williamson • Macroeconomics, Fifth Edition(b) Changes in the capital stock are not likely candidates for the source of the typical businesscycle. While it is easy to construct examples of precipitous declines in capital, it is more difficult to imagine sudden increases in the capital stock. The capital stock usually trends upward, and this upward trend is important for economic growth. However, the amount of new capital generatedby a higher level of investment over the course of a few quarters, of a few years, is very small in comparison to the existing stock of capital. On the other hand, a natural disaster that decreasesthe stock of capital implies lower output and consumption, and also implies lower real wages,which are all features of the typical business cycle contraction.4. Government Productivity. First consider the benchmark case in which 1,z = and there is no effect ofchanges in z on government activities. Now suppose that z increases. This case of an increase in z is depicted in the figure below. The original production possibilities frontier is labeled PPF 1 and the competitive equilibrium is at point A. If the increase in z only affects the economy through thechange in (,),zF K N then the new production possibilities frontier is PPF 2. The diagram shows a case in which the income and substitution effects on leisure exactly cancel out, and the economy moves to point B. The equation for the production possibilities frontier is (,).C zF K h l T =−− In the benchmark case, T G = and so we have (,).C zF K h l G =−− For this problem, /,T G z = and so the production possibilities frontier is given by (,)/.C zF K h l G z =−− When 1,z = the two PPFscoincide. When z increases, the vertical intercept of the PPF increases by /.G z ∆ Therefore, the new PPF is PPF 3 in the figure below. The competitive equilibrium is at point C . There is an additional income effect that provides an additional increase in equilibrium consumption, and a reinforcedincome effect that tend to make leisure increase. Therefore, relative to the benchmark case, there is a larger increase in consumption, and either a smaller decrease in leisure or a larger increase in leisure.Chapter 5 A Closed-Economy One-Period Macroeconomic Model 435. Change in preferences.(a) At the margin, the consumer decides that leisure is more preferred to consumption. That is, theconsumer now requires a bigger increase in consumption to willingly work more (consume less leisure). In more intuitive language, the consumer is lazier.(b) To work out the effects of this change in tastes, we refer to the figure below. The productionpossibility frontier in this example is unchanged. The consumer now picks a new point at which one of the flatter indifference curves is tangent to the production possibilities frontier. That is,equilibrium will shift from point A to point B. Consumption falls and leisure rises. Therefore, the consumer works less and produces less. Because employment has fallen, it also must be the case that the real wage increases.44 Williamson • Macroeconomics, Fifth Edition(c) This disturbance, which some might characterize as a contagious outbreak of laziness, wouldhave the appearance of a recession, as output and employment both fall. The consequentreduction in consumption is also consistent with a typical recession. However, in this case thereal wage would rise, which is inconsistent with the business cycle facts. Therefore, this type of preference change is not a cause of recessions.6. Production-enhancing aspects of government spending.(a) The increase in government spending in this example has two separate effects on the productionpossibilities frontier. First, the increase in government spending from G1 to G2 implies a parallel downward shift in the production possibilities frontier. Second, the productive nature ofgovernment spending is equivalent to an increase in total factor productivity that shifts theproduction possibilities frontier upward and increases its slope. The figure below draws theoriginal production possibilities frontier as PPF1 and the new production possibilities frontier as PPF2. If the production-enhancing aspects of the increase in government spending are largeenough, representative consumer utility could rise, as in this figure.Chapter 5 A Closed-Economy One-Period Macroeconomic Model 45(b) There are three effects at work in this example. First, there is a negative income effect from theincrease in taxes needed to pay for the increased government spending. This effect tends to lower both consumption and leisure. Second, there is a substitution effect due to the productive effect of the increase in G, which is drawn as the movement from point A to point D. This effect tends to increase both consumption and leisure. Third, there is a positive income effect from the increase in G on productivity. This effect tends to increase both consumption and leisure. In the figure above, the movement from point D to point B is the net effect of the two income effects. Ingeneral, consumption may rise or fall, and leisure may rise or fall. The overall effect on output is the same as in any increase in total factor productivity. Output surely rises.46 Williamson • Macroeconomics, Fifth Edition7. (a) If households dedicate a hours to education today, it reduces the hours available for leisure andwork to h−a. The PPF has to start form point (−G, h−a). Graphically, this corresponds to thefigure in the answer of question 6(b). The consequence is thus a reduction in consumption,leisure, employment, aggregate output, but an increase in the real wage.(b) In the future, workers will be more efficient, which corresponds to an increase in total factorproductivity. Thus we have the case described in Figure 5.9 of the textbook. There is an increase in future consumption, aggregate output and the real wage. Changes in employment and leisureare ambiguous.(c) An increase in education leads to an immediate loss in welfare, as both leisure and consumptionare reduced. But this is compensated by an increase in future consumption, and possibly ofleisure, too. Whether this is worth doing depends on the preferences of households over currentand future utility.8. We need to analyze each case separately. Start with the good equilibrium. As government expensesincrease, more tax revenue needs to be raised, and thus the tax rate needs to be increased. As shown in the figure below, this tilts down the linear PPF. The new equilibrium leads to a lower indifferencecurve. This leads to a negative income effect and a lower wage (remember, it is z(1 − t)), thus asubstitution effect. The income effect lowers consumption and leisure, the substitution effectdecreases consumption and increases leisure. All in all, consumption is lower and leisure is higher, as we know that the substitution effect dominates the income effect. This means that the labor supply is reduced, and thus equilibrium labor and output.The story is different in the bad equilibrium. To increase tax revenue, one needs to reduce the tax rate. Then all the changes discussed above are exactly in the opposite direction.9. We know from previous analysis that an improvement in total factor productivity pushes up the PPF,and thus leads to an increase in consumption, a decrease in leisure, and thus an increase in thequantity of labor supplied. This increases the tax base, and thus allows a reduced tax rate to achieve the same tax revenue, or in other words, it pushes the left portion of the Laffer curve to the left. The reduction in the tax rate has then a further impact on the variables of interest: as we saw in question 7, first part with a reversal of all signs: consumption increases even more and leisure decrease yet more, leading to an even higher quantity of labor. All in all, as both labor and total factor productivityincrease, output increases.Chapter 5 A Closed-Economy One-Period Macroeconomic Model 47 10. a) With perfect substitutes preferences, indifference curves are straight lines with slope –b, where b is the marginal rate of substitution. If b > 1/q, so that the indifference curves are steeper than the PPF, then the optimal choice for the government is G=qY, so that C = 0. Thus if b is relatively large (the consumer cares relatively more about public goods relative to private goods) and q is relatively large (the government is relatively efficient), then all production should be carried on by the government. Alternatively if b < 1/q, then G = 0 and C = Y, so that government is inactive. Thus, if b increases or q increases, this makes it more likely that b > 1/q and we have the first case, where all production comes from the government.b) With perfect complements, indifference curves are as depicted in Figure 10.1, and the initial equilibrium is at point A. If a increases, then the equilibrium shifts from A to B in Figure 10.2. An increase in a represents a greater preference for private goods relative to public goods, and in Figure 10.2, this results in less public goods and more private consumption in equilibrium. If q increases, this shifts the PPF out as in Figure 10.3, and the equilibrium shifts from A to B. Both C and G increase, driven by income effects.Figure 10.1Figure 10.248 Williamson • Macroeconomics, Fifth Edition ©2014 Pearson Education, Inc.Figure 10.311. (a) If public goods and private goods are perfect substitutes, then the consumer always chooses C and l so that C = dl , and so given the production possibilities frontier, we must haveC C h G d =−− and so()1d h G C d −=+ and 1h G l d −=+ Therefore, consumption and leisure both decrease when government spending increases – a pure incomeeffect.(b) However, suppose that public goods and private goods are perfect complements. As in part (a), it is always optimal for the consumer to choose C and l so that C = dl. But the consumer faces a tax T = G , and the wage is w=1. So, if the consumer chooses the C = dl and the budget constraint is satisfied, then ()1d h G C d −=+ and1h G l d −=+,just as in part (a). This is the only optimum if,C aG ≤orChapter 5 A Closed-Economy One-Period Macroeconomic Model 49 ©2014 Pearson Education, Inc.(1)dh G a d d ≥++ But, if (1)dh G a d d≤++ Then, it is optimal for the consumer to chooseC aG = and aG l d=. In this case, the consumption bundle of the consumer actually lies inside the production possibilitiesfrontier, and government spending has a Keynesian effect. More government spending implies greater consumption.。

宏观经济学斯蒂芬威廉森chap06

Macroeconomics, 3e (Williamson)Chapter 6 E conomic Growth: Malthus and Solow1) I f changes in economic policy could cause the growth rate of real GDP to increase by 1% peryear for 100 years, then GDP would be ________ % higher after 100 years than it would havebeen otherwise.A) 1.3B) 2.0C) 2.7D) 3.8Answer: CQuestion Status: P revious Edition2) I n an exogenous growth model, growth is caused byA) c apital accumulation.B) g overnment policies.C) h uman capital accumulation.D) f orces that are not explained by the model itself.Answer: DQuestion Status: P revious Edition3) T he idea that an improvement in technology causes an increase in population but causes noincrease in the average standard of living is attributed toA) A dam Smith.B) T homas Malthus.C) R obert Solow.D) M ilton Friedman.Answer: BQuestion Status: P revious Edition4) T he Malthusian model performs poorly in explaining economic growth after theA) F rench Revolution.B) A merican Revolution.C) I ndustrial Revolution.D) B io-technology Revolution.Answer: CQuestion Status: P revious Edition5) T he Solow model emphasizes the role of which of the following factors of production?A) l andB) l aborC) c apitalD) n atural resourcesAnswer: CQuestion Status: P revious Edition6) B efore the Industrial Revolution, standards of living differedA) g reatly over time and across countries.B) l ittle over time, but differed greatly across countries.C) g reatly over time, but differed little across countries.D) l ittle over time and across countries.Answer: DQuestion Status: P revious Edition7) R ecent evidence suggests that output per worker isA) p ositively related to both the rate of investment and to the rate of population growth.B) p ositively related to the rate of investment and negatively related to the rate ofpopulation growth.C) n egatively related to the rate of investment and positively related to the rate ofpopulation growth.D) n egatively related to both the rate of investment and to the rate of population growth.Answer: BQuestion Status: P revious Edition8) T here is evidence that income per worker is converging inA) t he richest countries and the poorest countries.B) t he richest countries, but not the poorest countries.C) t he poorest countries, but not the richest countries.D) n either the richest nor the poorest countries.Answer: BQuestion Status: P revious Edition9) C onditional convergence means thatA) t he distance between poor and rich countries increases.B) t he distance between poor and rich countries stays the same.C) t he distance between poor and rich countries decreases.D) t here is no systematic pattern in how poor and rich countries grow.Answer: CQuestion Status: N ew10) F or conditional convergence to hold, it is required thatA) p oor countries grow.B) p oor countries grow faster and faster.C) p oor countries grow faster than rich countries.D) p oor countries become richer than currently rich countries.Answer: CQuestion Status: N ew11) C onditional convergence means thatA) p oorer countries have higher growth rates.B) p oorer countries have lower growth rates.C) p oorer countries have very diverse growth rates.D) p oorer countries have uniform growth rates.Answer: AQuestion Status: N ew12) I n the Malthusian model, the population growth rate isA) e xogenous.B) p ositively related to consumption per worker.C) n egatively related to consumption per worker.D) a ssumed to be constant.Answer: BQuestion Status: P revious Edition13) T he Malthusian model emphasizes fixity in which of the following factors of production?A) l aborB) l andC) e nergyD) n one of the aboveAnswer: BQuestion Status: P revious Edition14) I n the Malthusian model, an improvement in the technology of growing food is likely toA) i ncrease the equilibrium size of the population and increase the equilibrium level ofconsumption per worker.B) i ncrease the equilibrium size of the population and decrease the equilibrium level ofconsumption per worker.C) i ncrease the equilibrium size of the population and have no effect on the equilibriumlevel of consumption per worker.D) h ave no effect on the equilibrium size of the population and increase the equilibriumlevel of consumption per worker.Answer: CQuestion Status: P revious Edition15) T he Malthusian model predicts thatA) p opulation will keep increasing.B) t he standard of living will keep increasing.C) h ealth improvements increase the standard of living.D) p opulation control improves the standard of living.Answer: DQuestion Status: N ew16) I n a Malthusian world, why is misery recurrent?A) T he marginal returns of capital are decreasing.B) F ertility is endogenous.C) O utput is increasing in labor.D) M ortality depends on the standard of living.Answer: DQuestion Status: N ew17) I n a Malthusian world, what would improve the standard of living permanently?A) a warB) a new medical drugC) b irth controlD) d emocracyAnswer: CQuestion Status: N ew18) I n a Malthusian world, what would improve the standard of living temporarily?A) a warB) a new virusC) b irth controlD) d emocracyAnswer: AQuestion Status: N ew19) I n the Malthusian model, state-mandated population control policies are likely toA) d ecrease the equilibrium size of the population and increase the equilibrium level ofconsumption per worker.B) d ecrease the equilibrium size of the population and have no effect on the equilibriumlevel of consumption per worker.C) h ave no effect on the equilibrium size of the population and increase the equilibriumlevel of consumption per worker.D) h ave no effect on either the equilibrium size of the population or the equilibrium levelof consumption per worker.Answer: AQuestion Status: P revious Edition20) I n the Malthusian model, improvements in health care lead toA) h igher population and higher per-capita production.B) h igher population and lower per-capita production.C) l ower population and higher per-capita production.D) l ower population and lower per-capita production.Answer: BQuestion Status: N ew21) I f an epidemic hits a Malthusian economy, the immediate consequence isA) a n increase in the standard of living.B) a reduction in the standard of living.C) n o change in the standard of living.D) d ependent on the population growth rate.Answer: AQuestion Status: N ew22) I f an epidemic hits a Malthusian economy, the long-term consequence isA) a n increase in the standard of living.B) a reduction in the standard of living.C) n o change in the standard of living.D) d ependent on the population growth rate.Answer: CQuestion Status: N ew23) I n a Malthusian world, what events would improve temporarily the standard of living, asmeasured by output per capita?A) a peace keeping missionB) a n increase in violent crimeC) a new mutation of germsD) a new sewer systemAnswer: BQuestion Status: N ew24) I n a Malthusian world, what events would improve permanently the standard of living, asmeasured by output per capita?A) a peace keeping missionB) a n increase in violent crimeC) a new mutation of germsD) a new sewer systemAnswer: CQuestion Status: N ew25) I n more modern times as opposed to the times of Malthus, higher standards of living appeartoA) d ecrease death rates and increase birth rates.B) d ecrease death rates and also decrease birth rates.C) d ecrease death rates and have no effect on birth rates.D) h ave had effects on neither death rates nor birth rates.Answer: BQuestion Status: P revious Edition26) M althus was too pessimistic because he did not foresee the effects ofA) e ver increasing amounts of land for cultivation.B) i ncreases in the capital stock and the effects of such increases on production.C) i mproved nutrition and health care.D) i mproved family planning practices.Answer: BQuestion Status: P revious Edition27) T he Solow residual attempts to measure the amount of output not explained byA) t echnological progress.B) t he direct contribution of labor and capital.C) e conomic projections.D) t he amount of a nation's human capital.Answer: BQuestion Status: P revious Edition28) G rowth accounting, popularized by Robert Solow, attempts to attribute a change inaggregate outputA) t o its most important single cause.B) s eparately between changes in government policy and changes in total factorproductivity.C) s eparately between changes in total factor productivity and changes in the supplies offactors of production.D) s eparately between changes in the supplies of factors of production and changes ingovernment policy.Answer: CQuestion Status: P revious Edition29) For the production function, Y = zK 0.36N 0.64, if measured output is, ˆYmeasured capital input is ˆK, and measured labor input is ˆN , then the Solow residual would be equal to A) 0.360.64ˆˆˆK N Y. B) 0.360.64ˆˆK N× ˆY . C) 0.640.36ˆˆN K× ˆY . D) 0.360.64ˆˆˆY K N. Answer: DQuestion Status: P revious Edition30) A ll of the following increase total factor productivity exceptA) n ew inventions.B) m ore capital.C) n ew management techniques.D) f avorable changes in government regulations.Answer: BQuestion Status: P revious Edition31) W hich of the following increases total factor productivity?A) i nvestment in machineryB) a harsh winterC) b etter access to creditD) n ew production proceduresAnswer: DQuestion Status: N ew32) G rowth in the Solow residual was slowest in theA) 1950s.B) 1960s.C) 1970s.D) 1980s.Answer: CQuestion Status: P revious Edition33) G rowth in the Solow residual was fastest in theA) 1950s.B) 1960s.C) 1970s.D) 1980s.Answer: BQuestion Status: P revious Edition34) O ne plausible explanation of the U.S. productivity slowdown starting in 1973 is that it is anartifact of mismeasurement. This explanation would require that production ofA) g oods is underestimated.B) g oods is overestimated.C) s ervices is underestimated.D) s ervices is overestimated.Answer: CQuestion Status: P revious Edition35) O ne plausible explanation of the U.S. productivity slowdown starting in 1973 is that it was aresult of the increase in the relative price of energy. This explanation would require that, in light of higher energy costs, theA) c apital stock is overestimated.B) c apital stock is underestimated.C) l abor force is overestimated.D) l abor force is underestimated.Answer: AQuestion Status: P revious Edition36) O ne plausible explanation of the U.S. productivity slowdown starting in 1973 is that it wasthe result of the time needed to adapt to new technology. This explanation would require thatA) w orkers withdraw from the labor force to learn about the new technology.B) a large number of new entrants be attracted to the labor force.C) m anagers be reluctant to adopt changes.D) w orkers time at their jobs be diverted from production to learning the technology.Answer: DQuestion Status: P revious Edition37) P ercentage deviations from trend in the Solow residual areA) u nrelated to the business cycle.B) p rocyclical and smaller than percentage deviations from trend in GDP.C) p rocyclical and have about equal magnitude as percentage deviations from trend inGDP.D) p rocyclical and larger than percentage deviations from trend in GDP.Answer: CQuestion Status: P revious Edition38) T he biggest contribution to real U.S. GDP growth in the 1970s was due to growth inA) t otal factor productivity.B) t he capital stock.C) t he labor force.D) b oth the capital stock and the labor force.Answer: DQuestion Status: P revious Edition39) T he biggest contribution to real GDP growth in the "East Asian Tigers" during the period1966-1991 was due to growth inA) t otal factor productivity.B) t he capital stock.C) t he labor force.D) i nternational trade.Answer: BQuestion Status: P revious Edition40) T he per -worker production function relates output per workerA) t o capital per worker.B) t o the participation rate.C) t o production per worker.D) i n different countries.Answer: AQuestion Status: P revious Edition41) W e can express the per-worker production function as a function of only per-worker capitalthanks toA) t he decreasing marginal return of capital.B) t he decreasing marginal return of labor.C) t he constant returns to scale.D) t he impatience of households.Answer: CQuestion Status: N ew42) T he slope of the output per worker function is equal to theA) m arginal product of capital.B) m arginal product of labor.C) s avings rate.D) g rowth rate of the population.Answer: AQuestion Status: P revious Edition43) I n Solow's model of economic growth, suppose that s represents the savings rate, zrepresents total factor productivity, k represents the level of capital per worker, and f(k) represents the per-worker production function. Also suppose that n represents thepopulation growth rate and d represents the depreciation rate of capital. The equilibrium level of capital per worker, k *, will satisfy the equationA) s zf(k*) = (n + d)k*. B) = (n + d )f (k*).C) nf(k *) = *()sk s d +. D) f (k*) =()s n d +k *. Answer: AQuestion Status: P revious Edition44) T he saving rate has the following characteristic in Solow's exogenous growth modelA) i t increases with output.B) i t first decreases, then increases with output.C) i t first increases, then decreases with output.D) i t is constant.Answer: DQuestion Status: N ew45) I n Solow's exogenous growth model, the principal obstacle to continuous growth in outputper capita is due toA) t he declining marginal product of labor.B) t he declining marginal product of capital.C) l imits in the ability of government policymakers.D) t oo little savings.Answer: BQuestion Status: P revious Edition46) I n Solow's exogenous growth model, the economy reaches a stable steady state becauseA) t he marginal return of capital is decreasing.B) c apital is growing at a constant rate.C) t he substitution effect is stronger than the income effect.D) c onditional convergence holds.Answer: AQuestion Status: N ew47) I n the steady state of Solow's exogenous growth model, an increase in the savings rateA) i ncreases output per worker and increases capital per worker.B) i ncreases output per worker and decreases capital per worker.C) d ecreases output per worker and increases capital per worker.D) d ecreases output per worker and decreases capital per worker.Answer: AQuestion Status: P revious Edition48) W hich of the following is not a feature of the steady state in Solow's exogenous growthmodel?A) T he capital/output ratio is steady.B) C apital grows continuously.C) C onsumption per worker is steady.D) T otal saving is steady.Answer: DQuestion Status: N ew49) I f the population growth rate increases by the same percentage points as the depreciationrate, what happens to the steady-state, per-worker output in Solow's exogenous growth model?A) I t increases.B) I t decreases.C) I t does not change.D) I t cannot exist anymore.Answer: BQuestion Status: N ew50) I f the population growth rate increases by the same percentage points as the depreciationrate decreases, what happens to the steady-state, per-worker consumption in Solow'sexogenous growth model?A) I t increases.B) I t decreases.C) I t does not change.D) I t cannot exist anymore.Answer: CQuestion Status: N ew51) I n Solow's exogenous growth model, the steady-state growth rate of capital can be increasedbyA) h igher population growth.B) h igher depreciation rate.C) h igher saving rate.D) h igher interest rate.Answer: AQuestion Status: N ew52) T he Golden Rule of capital accumulation maximizes the steady-state level ofA) o utput per worker.B) c apital per worker.C) c onsumption per worker.D) i nvestment per worker.Answer: CQuestion Status: P revious Edition53) I n the Golden Rule steady state, the marginal product of capital is equal to theA) s avings rate plus the population growth rate.B) p opulation growth rate plus the depreciation rate.C) d epreciation rate plus the savings rate.D) s avings rate divided by the marginal product of labor.Answer: BQuestion Status: P revious Edition54) W ith the Golden Rule,A) s avings maximize output.B) s avings maximize consumption.C) s avings minimize costs.D) s avings optimize the population level.Answer: BQuestion Status: N ew55) T he Golden Rule says thatA) o ne should save as much as possible.B) o ne should save as little as possible.C) o ne should save something between A and B.D) s avings are irrelevant.Answer: CQuestion Status: N ew56) I n the steady state of Solow's exogenous growth model, an increase in the growth rate oflabor forceA) i ncreases output per worker and increases capital per worker.B) i ncreases output per worker and decreases capital per worker.C) d ecreases output per worker and increases capital per worker.D) d ecreases output per worker and decreases capital per worker.Answer: DQuestion Status: P revious Edition57) I n the steady state of Solow's exogenous growth model, an increase in total factorproductivityA) i ncreases output per worker and increases capital per worker.B) i ncreases output per worker and decreases capital per worker.C) d ecreases output per worker and increases capital per worker.D) d ecreases output per worker and decreases capital per worker.Answer: AQuestion Status: P revious Edition。

2006-2007学年秋季学期

投资与预期利润
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2006-2007学年秋季学期宏观经济学 Macroeconomics, 2/e, O.Blanchard For Everyone who choose Colin.yuzy
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2006-2007学年秋季学期宏观经济学 Macroeconomics, 2/e, O.Blanchard For Everyone who choose Colin.yuzy
2006-2007学年秋季学期宏观经济学 Macroeconomics, 2/e, O.Blanchard For Everyone who choose Colin.yuzy
投资与股票市场

宏观经济学-课后思考题答案_史蒂芬威廉森002

宏观经济学-课后思考题答案_史蒂芬威廉森002Chapter 2MeasurementTeaching GoalsStudents must understand the importance of measuring aggregate economic activity. Macroeconomics hopes to produce theories that provide useful insights and policy conclusions. To be credible, such theories must produce hypotheses that evidence could possibly refute. Macroeconomic measurement provides such evidence. Without macroeconomic measurements, macroeconomics could not be a social science, and would rather consist of philosophizing and pontificating. Market transactions provide the most simple and direct measurements. Macroeconomists’ most basic measurement is Gross Domestic Product (GDP), the value of final, domestically market output produced during a given period of time.In the United States, the Commerce Department’s National Income and Product Accounts provide official estimates of GDP. These accounts employ their own set of accounting rules to ensure internal consistency and to provide several separate estimates of GDP. These separate estimates are provided by the product accounts, the expenditure accounts, and the income accounts. The various accounting conventions may, at first glance, be rather dry and complicated. However, students can only easily digest the material in later chapters if they have a good grounding in the fundamentals.GDP changes through time because different amounts of goods and services are produced, and such goods and services are sold at different prices. Standards of living are determined by the amounts of goods and services produced, not by the prices they command in the market. While GDP is relatively easy to measure, the decomposition of changes in real GDP into quantity and price components is much more difficult. This kind of problem is less pressing for microeconomists. It is easy to separately measure the number of apples sold and the price of each apple. Because macroeconomics deals with aggregate output, the differentiation of price and quantity is much less easily apparent. It is important to emphasize that while there may be more or less reasonable approaches to this problem, there is no unambiguous best approach. Since many important policy discussions involve debates about output and price measurements, it is very important to understand exactly how such measurements are produced.Classroom Discussion TopicsAs the author demonstrates in presenting this chapter’s material, much of this material is best learned by example. Rather than simply working through the examples from the text or making up your own, the material may resonate better if the students come up with their own examples. They can start by picking a single good, and by the choice of their numbers they provide their own implied decomposition of output into wage and profit income. Later on, encourage them to suggest intermediate input production, inventory adjustments, international transactions, a government sector, and so on. Such an exercise may help assure them that the identities presented in the text are more than simply abstract constructions.If many of your students are familiar with accounting principles, it may also be useful to present the National Income and Product Account with the “T” accounts. Highlighting how every income is an expense elsewhere. Make one account for each of the firms, one for the household and one for the government. Add another account for the rest of the world when discussing the example with international trade. This procedure can highlight how some entities can be inferred from others because accounting10 Williamson ? Macroeconomics, Third Editionidentities must hold. It makes it also easier to determine consumption for some student Social Security benefits are indexed to the Consumer Price Index. Explain with an example exactly how these adjustments are made. Ask the students if they think that this procedure is “fair.” Another topic for concern is the stagnation in the growth of measured real wages. Real wages are measured by dividing (for example) average hourly wages paid in manufacturing by the consumer price index. Ask students if measured changes in real wages confirm or conflict with their general beliefs about whether the typical worker is better or worse off than 10 or 20 years ago. How does possible mis-measurement of prices reconcile any apparent differences between casual impressions and statistical evidence?The text discusses why unemployment may or may not be a good measure of labor market tightness. Another interpretation of the unemployment rate is as a(n inverse) measure of economic welfare. Ask the students if they agree with this interpretation. Does the unemployment rate help factor in considerations like equal distribution of income? How can the unemployment rate factor in considerations like higher income per employed worker? Discuss possible pros and cons of using unemployment rather than per capita real GDP as a measure of well-being. Can unemployment be too low? Why or why not?OutlineI. Measuring GDP: The National Income and Product AccountsA. What Is GDP and How Do We Measure It?1. GDP: Value of Domestically Produced Output2. Commerce Department’s National Income and Product Accounts3. Business, Consumer, and Government AccountingB. The Product Approach1. Value Added2. Intermediate Good InputsC. The Expenditure Approach1. Consumption2. Investment3. Government Spending4. Net ExportsD. The Income Approach1. Wage Income2. After-Tax Profits3. Interest Income4. Taxes5. The Income-Expenditure IdentityE. Gross National Product (GNP)1. Treatment of Foreign Income2. GNP = GDP + Net Foreign IncomeF. What Does GDP Leave Out?1. GDP and Welfarea. Income Distributionb. Non-Market Production2. Measuring Market Productiona. The Underground Economyb. Valuing Government ProductionChapter 2 Measurement 11G. Expenditure Components1. Consumptiona. Durable Goodsb. Non-Durable Goodsc. Services2. Investmenta. Fixed Investment: Nonresidential and Residentialb. Inventory Investment3. Net Exportsa. Exportsb. Imports4. Government Expendituresa. Federal Defenseb. Federal Non-Defensec. State and Locald. Treatment of Transfer PaymentsII. Nominal and Real GDP and Price IndicesA. Real GDP1. Output Valued at Base Year Prices2 Chain Weighted Real GDPB. Measures of the Price Level1. Implicit GDP Price Deflator2. Consumer Price Index (CPI)C. Problems Measuring Real GDP and Prices1. Substitution Biases2. Accounting for Quality Changes3. Treatment of Newly Introduced GoodsIII. Savings, Wealth, and CapitalA. Stocks and FlowsB. Private Disposable Income and Private Sector Saving1.d Y Y NFP TR INT T =+++? 2.p d S Y C =? C. Government Surpluses, Deficits, and Government Saving1.g S T TR INT G = 2. g D S =? D. National Saving: p g S S S Y NFP C G =+=+??E. Saving, Investment, and the Current Account1. NFP NX I S ++=2. CA I S NFP NX CA +=?+=F. The Stock of Capital1. Wealth ΔS ?2. K I Δ?3. Claims on Foreigners CA ?12 Williamson ? Macroeconomics, Third EditionIV. Labor Market MeasurementA. BLS Categories1. Employed2. Unemployed3. Not in the Labor ForceB. The Unemployment RateNumber unemployed=Unemployment RateLabor forceC. The Participation RateLabor force=Participation RateTotal working age populationD. Unemployment and Labor Force Tightness1. Discouraged Workers2. Job Search IntensityTextbook Question SolutionsQuestions for Review1. Product, income, and expenditure approaches.2. For each producer, value added is equal to the value of total production minus the cost ofintermediate inputs.3. This identity emphasizes the point that all sales of output provide income somewhere in the economy.The identity also provides two separate ways of measuring total output in the economy.4. GNP is equal to GDP (domestic production) plus net factor payments from abroad. Net factorpayments represent income for domestic residents that are earned from production that takes place in foreign countries. 5. GDP provides a reasonable approximation of economic welfare. However, GDP ignores the value ofnonmarket economic activity. GDP also measures only total income without reference to how that income is distributed. 6. Measured GDP does not include production in the underground economy, which is difficult toestimate. GDP also measures the value of government spending at its cost of production, which may be greater or less than its true value.7. The largest component is consumption, which represents about 2/3 of GDP.8. Investment is equal to private, domestic expenditure on goods and services (Y ? G ? NX) minusconsumption. Investment includes residential investment, nonresidential investment, and inventory investment.9. National defense spending represents about 5% of GDP.Chapter 2 Measurement 13 10. GDP values production at market prices. Real GDP compares different years’ production at a specificset of prices. These prices are those that prevailed in the base year. Real GDP is therefore a weighted average of individual production levels. The weights are determined according to prevailing relative prices in the base year. Because relative prices change over time, comparisons of real GDP across time can differ according to the chosen base year.11. Chain weighting directly compares production levels only in adjacent years. The price weights aredetermined by averaging the prices of the individual goods and services over the two adjacent years.12. Real GDP is difficult to measure due to changes over time in relative prices, difficulties in estimatingthe extent of quality changes, and how one estimates the value of newly introduced goods.13. Private saving measures additions to private sector wealth. Government saving measures reductionsin government debt (increases in government wealth). National saving measures additions to national wealth. National saving is equal to private saving plus government saving.14. National wealth is accumulated as increases in the domestic stock of capital (domestic investment)and increases in claims against foreigners (the current account surplus).15. Measured unemployment excludes discouraged workers. Measured unemployment only accounts forthe number of individuals unemployed, without reference to how intensively they search for newjobs.Problems1. Product accounting adds up value added by all producers. The wheat producer has no intermediateinputs and produces 30 million bushels at $3/bu. for $90 million. The bread producer produces100 million loaves at $3.50/loaf for $350 million. The bread producer uses $75 million worth ofwheat as an input. Therefore, the bread producer’s value added is $275 million. Total GDP istherefore $90 million + $275 million = $365 million.Expenditure accounting adds up the value of expenditures on final output. Consumers buy100 million loaves at $3.50/loaf for $350 million. The wheat producer adds 5 million bushels ofwheat to inventory. Therefore, investment spending is equal to 5 million bushels of wheat valued at $3/bu., which costs $15 million. Total GDP is therefore $350 million + $15 million = $365 million.2. Coal producer, steel producer, and consumers.(a) (i) Product approach: Coal producer produces 15 million tons of coal at $5/ton, which adds$75 million to GDP. The steel producer produces 10 million tons of steel at $20/ton, whichis worth $200 million. The steel producer pays $125 million for 25 million tons of coal at$5/ton. The steel producer’s value added is therefore $75 million. GDP is equal to$75 million + $75 million = $150 million.(ii) Expenditure approach: Consumers buy 8 million tons of steel at $20/ton, so consumption is $160 million. There is no investment and no government spending. Exports are 2 milliontons of steel at $20/ton, which is worth $40 million. Imports are 10 million tons of coal at$5/ton, which is worth $50 million. Net exports are therefore equal to $40 million ?$50 million =?$10 million. GDP is therefore equal to $160 million + (?$10 million) =$150 million.14 Williamson ? Macroeconomics, Third Edition(iii) Income approach: The coal producer pays $50 million in wages and the steel producer pays $40 million in wages, so total wages in the economy equal $90 million. The coal producerreceives $75 million in revenue for selling 15 million tons at $15/ton. The coal producerpays $50 million in wages, so the coal producer’s profits are $25 million. The steel producerreceives $200 million in revenue for selling 10 million tons of steel at $20/ton. The steelproducer pays $40 million in wages and pays $125 million for the 25 million tons ofcoal that it needs to produce steel. The steel producer’s profits are therefore equal to$200 million ? $40 million ? $125 million = $35 million. Total profit income in theeconomy is therefore $25 million + $35 million = $60 million. GDP therefore is equal towage income ($90 million) plus profit income ($60 million). GDP is therefore $150 million.(b) There are no net factor payments from abroad in this example. Therefore, the current accountsurplus is equal to net exports, which is equal to (?$10 million).(c) As originally formulated, GNP is equal to GDP, which is equal to $150 million. Alternatively, ifforeigners receive $25 million in coal industry profits as income, then net factor payments from abroad are (?$25 million), so GNP is equal to $125 million.3. Wheat and Bread(a) Product approach: Firm A produces 50,000 bushels of wheat, with no intermediate goods inputs. At$3/bu., the value of Firm A’s production is equal to $150,000. Firm B produces 50,000 loaves ofbread at $2/loaf, which is valued at $100,000. Firm B pays $60,000 to firm A for 20,000 bushels of wheat, which is an intermediate input. Firm B’s value added is therefore $40,000. GDP is therefore equal to $190,000.(b) Expenditure approach: Consumers buy 50,000 loaves of domestically produced bread at $2/loafand 15,000 loaves of imported bread at $1/loaf. Consumption spending is therefore equal to$100,000 + $15,000 = $115,000. Firm A adds 5,000 bushels of wheat to inventory. Wheat isworth $3/bu., so investment is equal to $15,000. Firm A exports 25,000 bushels of wheat for$3/bu. Exports are $75,000. Consumers import 15,000 loaves of bread at $1/loaf. Imports are$15,000. Net exports are equal to $75,000 ? $15,000 = $60,000. There is no governmentspending. GDP is equal to consumption ($115,000) plus investment ($15,000) plus net exports($60,000). GDP is therefore equal to $190,000.(c) Income approach: Firm A pays $50,000 in wages. Firm B pays $20,000 in wages. Total wagesare therefore $70,000. Firm A produces $150,000 worth of wheat and pays $50,000 in wages.Firm A’s profits are $100,000. Firm B produces $100,000 worth of bread. Firm B pays $20,000in wages and pays $60,000 to Firm A for wheat. Firm B’s profits are $100,000 ? $20,000 ?$60,000 = $20,000. Total profit income in the economy equals $100,000 + $20, 000 = $120,000.Total wage income ($70,000) plus profit income ($120,000) equals $190,000. GDP is therefore$190,000.Chapter 2 Measurement 15 4. Price and quantity data are given as the following.Year 1Good Quanti tyPri ceComputers 20$1,000 Bread 10,000$1.00Year 2Good Quanti tyPri ceComputers 25$1,500Bread 12,000$1.10(a) Year 1 nominal GDP =×+×=20$1,00010,000$1.00$30,000.Year 2 nominal GDP =×+×=25$1,50012,000$1.10$50,700.With year 1 as the base year, we need to value both years’ production at year 1 prices. In the base year, year 1, real GDP equals nominal GDP equals $30,000. In year 2, we need to value year 2’s output at year 1 prices. Year 2 real GDP =×+×= 25$1,00012,000$1.00$37,000. The percentage change in real GDP equals ($37,000 ? $30,000)/$30,000 = 23.33%.We next calculate chain-weighted real GDP. At year 1 prices, the ratio of year 2 real GDP to year1 real GDP equals g1= ($37,000/$30,000) = 1.2333. We must next compute real GDP using year2 prices. Year 2 GDP valued at year 2 prices equals year 2 nominal GDP = $50,700. Year 1 GDPvalued at year 2 prices equals (20 × $1,500 + 10,000 × $1.10) = $41,000. The ratio of year 2 GDP at year 2 prices to year 1 GDP at year 2 prices equals g2=chain-weighted ratio of real GDP in the two years therefore is equal to 1.23496cg==. The percentage change chain-weighted real GDP from year 1 to year 2 is therefore approximately23.5%.If we (arbitrarily) designate year 1 as the base year, then year 1 chain-weighted GDP equals nominal GDP equals $30,000. Year 2 chain-weighted real GDP is equal to (1.23496 × $30,000) = $37,048.75.(b) To calculate the implicit GDP deflator, we divide nominal GDP by real GDP, and then multiplyby 100 to express as an index number. With year 1 as the base year, base year nominal GDP equals base year real GDP, so the base year implicit GDP deflator is 100. For the year 2, the implicit GDP deflator is ($50,700/$37,000) × 100 = 137.0. The percentage change in the deflator is equal to 37.0%.With chain weighting, and the base year set at year 1, the year 1 GDP deflator equals($30,000/$30,000) × 100 = 100. The chain-weighted deflator for year 2 is now equal to($50,700/$37,048.75) × 100 = 136.85. The percentage change in the chain-weighted deflator equals 36.85%.16 Williamson ? Macroeconomics, Third Edition(c) We next consider the possibility that year 2 computers are twice as productive as year1 computers. As one possibility, let us define a “computer” as a year 1 computer. In this case,the 25 computers produced in year 2 are the equivalent of 50 year 1 computers. Each year 1computer now sells for $750 in year 2. We now revise the original data as:Year 1Good Quanti tyPri ceYear 1 Computers 20 $1,000Bread 10,000$1.00Year 2Good Quanti tyPri ceYear 1 Computers 50 $750Bread 12,000$1.10First, note that the change in the definition of a “computer” does not affect the calculations of nominal GDP. We next compute real GDP with year 1 as the base year. Year 2 real GDP in year 1 prices is now ×+×=50$1,00012,000$1.00$62,000. The percentage change in real GDP is equal to ($62,000 ? $30,000)/$30,000 = 106.7%. We next revise the calculation of chain-weighted real GDP. From above, g1 equals($62,000/$30,000) = 206.67. The value of year 1 GDP at year 2 prices equals $26,000. Therefore,g 2 equals ($50,700/$26,000) = 1.95. 200.75. The percentage change chain-weighted real GDPfrom year 1 to year 2 is therefore 100.75%.If we (arbitrarily) designate year 1 as the base year, then year 1 chain-weighted GDP equalsnominal GDP equals $30,000. Year 2 chain-weighted real GDP is equal to (2.0075 × $30,000) = $60,225. The chain-weighted deflator for year 1 is automatically 100. The chain-weighteddeflator for year 2 equals ($50,700/$60,225) × 100 = 84.18. The percentage rate of change of the chain-weighted deflator equals ?15.8%.When there is no quality change, the difference between using year 1 as the base year and using chain weighting is relatively small. Factoring in the increased performance of year 2 computers, the production of computers rises dramatically while its relative price falls. Compared withearlier practices, chain weighting provides a smaller estimate of the increase in production and a smaller estimate of the reduction in prices. This difference is due to the fact that the relative price of the good that increases most in quantity (computers) is much higher in year 1. Therefore, the use of historical prices puts more weight on the increase in quality-adjusted computer output. 5. Price and quantity data are given as the following:Year 1GoodQuantity(million lbs.)Price(per lb.)Broccoli 1,500 $0.50 Cauliflower 300$0.80Year 2GoodQuantity(million lbs.)Price(per lb.)Broccoli 2,400 $0.60 Cauliflower 350$0.85Chapter 2 Measurement 17(a) Year 1 nominal GDP = Year 1 real GDP =×+×=1,500million$0.50300million$0.80 $990million.Year 2 nominal GDP=×+×=2,400million$0.60350million$0.85$1,730.5million Year 2 real GDP=×+×=2,400million$0.50350million$0.80$1,450million.Year 1 GDP deflator equals 100.Year 2 GDP deflator equals ($1,730.5/$1,450) × 100 = 119.3.The percentage change in the deflator equals 19.3%.(b) Year 1 production (market basket) at year 1 prices equals year 1 nominal GDP = $990 million.The value of the market basket at year 2 prices is equal to ×+×1,500million$0.60300million $0.85= $1,050 million.Year 1 CPI equals 100.Year 2 CPI equals ($1,050/$990) × 100 = 106.1.The percentage change in the CPI equals 6.1%.The relative price of broccoli has gone up. The relative quantity of broccoli has also gone up. The CPI attaches a smaller weight to the price of broccoli, and so the CPI shows less inflation.6. Corn producer, consumers, and government.(a) (i) Product approach: There are no intermediate goods inputs. The corn producer grows30 million bushels of corn. Each bushel of corn is worth $5. Therefore, GDP equals$150 million.(ii) Expenditure approach: Consumers buy 20 million bushels of corn, so consumption equals $100 million. The corn producer adds 5 million bushels to inventory, so investment equals$25 million. The government buys 5 million bushels of corn, so government spendingequals $25 million. GDP equals $150 million.(iii) Income approach: Wage income is $60 million, paid by the corn producer. The corn producer’s revenue equals $150 million, including the value of its addition to inventory. Additions toinventory are treated as purchasing one owns output. The corn producer’s costs includewages of $60 million and taxes of $20 million. Therefore, profit income equals $150 million ?$60 million ? $20 million = $70 million. Government income equals taxes paid by the cornproducer, which equals $20 million. Therefore, GDP by income equals $60 million +$70 million + $20 million = $150 million.(b) Private disposable income equals GDP ($150 million) plus net factor payments (0) plusgovernment transfers ($5 million is Social Security benefits) plus interest on the government debt ($10 million) minus total taxes ($30 million), which equals $135 million. Private saving equalsprivate disposable income ($135 million) minus consumption ($100 million), which equals$35 million. Government saving equals government tax income ($30 million) minus transferpayments ($5 million) minus interest on the government debt ($10 million) minus governmentspending ($5 million), which equals $10 million. National saving equals private saving($35 million) plus government saving ($10 million), which equals $45 million. The government budget surplus equals government savings ($10 million). Since the budget surplus is positive, the government budget is in surplus. The government deficit is therefore equal to (?$10 million).18 Williamson ? Macroeconomics, Third Edition7. Price controls.Nominal GDP is calculated by measuring output at market prices. In the event of effective pricecontrols, measured prices equal the controlled prices. However, controlled prices reflect an inaccurate measure of scarcity values. Nominal GDP is therefore distorted. In addition to distortions in nominal GDP measures, price controls also inject an inaccuracy in attempts to decompose changes in nominal GDP into movements in real GDP and movements in prices. With price controls, there is typically little or no change in white market prices over time. Alternatively, black market or scarcity value prices typically increase, perhaps dramatically. Measures of prices (in terms of scarcity values) understate inflation. Whenever inflation measures are too low, changes in real GDP overstate the extent of increases in actual production.8. Underground economy.Transactions in underground economy are performed with cash exclusively, to exploit the anonymous nature of currency. Thus, once we have established the amount of currency held abroad, we know the portion of $2,474 that is held domestically. Remove from it what is used for recorded transactions, say by using some estimate of the proportion of transactions using cash and applying this to observed GDP. Finally apply a concept of velocity of money to the remaining amount of cash to obtain the size of the underground economy.9. S p– 1 = CA + D(a) By definition:p d S Y C Y NFP TR INT T C =?=+++?? Next, recall that .Y C I G NX =+++ Substitute into the equation above and subtract I to obtain:()()p S I C I G NX NFP INT T C INX NFP G INT TR T CA D ?=+++++=++++?=+(b) Private saving, which is not used to finance domestic investment, is either lent to the domesticgovernment to finance its deficit (D ), or is lent to foreigners (CA ).10. Computing capital with the perpetual inventory method.(a) First, use the formula recursively for each year:K 0 = 80K 1 = 0.9 × 80 + 10 = 82K 2 = 0.9 × 82 + 10 = 83.8K 3 = 0.9 × 83.8 + 10 = 85.42K 4 = 0.9 × 85.42 + 10 = 86.88K 5 = 0.9 × 86.88 + 10 = 88.19K 6 = 0.9 × 88.19 + 10 = 89.37K 7 = 0.9 × 89.37 + 10 = 90.43K 8 = 0.9 × 90.43 + 10 = 91.39K 9 = 0.9 × 91.39 + 10 = 92.25K 10 = 0.9 × 92.25 + 10 = 93.03(b) This time, capital stays constant at 100, as the yearly investment corresponds exactly to theamount of capital that is depreciated every year. In (a), we started with a lower level of capital, thus less depreciated thanwhat was invested, as capital kept rising (until it would reach 100). Chapter 2 Measurement 19 11. Assume the following: 10540308010520D INT T G C NFP CA S =======?= (a) 201080110d p Y S C S D C =+=++=++= (b)103054015D G TR INT T TR D G INT T =++?=??+=??+= (c) 208030130S GNP C G GNP S C G =??=++=++= (d)13010120GDP GNP NFP =?=?= (e)Government Surplus 10g S D ==?=? (f)51015CA NX NFP NX CA NFP =+=?=??=? (g) 12080301525GDP C I G NXI GDP C G NX =+++==??+=。

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Macroeconomics, 3e (Williamson)Chapter 7 I ncome Disparity Among Countries and Endogenous Growth1) I ncome per worker has beenA) c onverging in both the rich countries and the poor countries.B) c onverging in the rich countries, but not converging in the poor countries.C) c onverging in the poor countries, but not converging in the rich countries.D) c onverging in neither the poor nor the rich countries.Answer: BQuestion Status: P revious Edition2) F or the Solow model to accurately explain the observed divergence of growth experiencearound the world would requireA) d ifferences in savings rates across countries.B) d ifferences in population growth rates across countries.C) b arriers to the introduction of new technologies.D) i nadequate educational opportunities in poor countries.Answer: CQuestion Status: P revious Edition3) I n the Solow growth model, countries with identical total factor productivities, identicallabor force growth rates, and identical savings ratesA) a lways have identical levels of capital per worker and output per worker.B) i n equilibrium, have identical levels of capital per worker and output per worker.C) i n equilibrium, have identical levels of capital per worker but not necessarily identicallevels of output per worker.D) i n equilibrium, have identical levels of output per worker but not necessarily identicallevels of capital per worker.Answer: BQuestion Status: P revious Edition4) S uppose that two countries share identical levels of total factor productivity, identical laborforce growth rates and identical savings rates. According to the Solow modelA) t he country with the greater initial level of output per worker will grow more rapidlythan the country with the smaller initial level of output per worker.B) t he country with the smaller initial level of output per worker will grow more rapidlythan the country with the greater initial level of output per worker.C) b oth countries will have the same growth rates of output per worker, even if they startout with different levels of output per worker.D) i f both countries start out with different levels of income per worker, both countriesmay have different growth rates of output per worker, but we cannot be certain whichcountry will have the higher growth rate of output per worker.Answer: BQuestion Status: P revious Edition5) I n the context of the Solow growth model, so-called growth miracles, such as Japan, SouthKorea, Singapore, and Hong Kong, are most easily explained byA) r eductions in the population growth rate.B) i ncreases in the savings rate.C) r emoval of barriers to technology.D) i mprovements in public health.Answer: CQuestion Status: P revious Edition6) S uppose a poor economy inches towards the steady state in Solow's exogenous growthmodel. What happens?A) C onsumption per capita decreases.B) S aving per capita decreases.C) T he depreciation rate increases.D) T he growth rate of output decreases.Answer: DQuestion Status: N ew7) S uppose a poor economy inches towards the steady state in Solow's exogenous growthmodel. What happens?A) C apital grows faster than population.B) C apital grows slower than population.C) C apital grows as fast as population.D) I t depends.Answer: AQuestion Status: N ew8) W hat happens to a poor economy in Solow's exogenous growth model?A) I t becomes poorer.B) I t does not change.C) I ts consumption per capita decreases.D) I ts saving per capita increases.Answer: DQuestion Status: N ew9) W hat happens to a very rich economy in Solow's exogenous growth model?A) I t becomes poorer.B) I t does not change.C) I ts consumption per capita increases.D) I ts saving per capita increases.Answer: AQuestion Status: N ew10) A ccording to Solow's exogenous growth theory, what happens to a country at steady statethat suffered extensive capital destruction due to a war or climate event?A) I t will stay poor forever.B) I t will grow back to be richer than before.C) I t will get back to its original status.D) A nything can happen.Answer: CQuestion Status: N ew11) B arriers to Riches, by S. Parente and E. Prescott, emphasizes the importance ofA) b arriers to technological adoption.B) b arriers to the development of natural resources.C) p ublic education.D) e ndogenous growth.Answer: AQuestion Status: P revious Edition12) T he importance of barriers to the adoption of technologies is supported by research byA) P. Romer.B) R. Lucas.C) S. Parente and E. Prescott.D) G. Glomm and B. Ravikumar.Answer: CQuestion Status: P revious Edition13) I n the endogenous growth models of Lucas and Romer, an increase in a worker's level ofhuman capitalA) i ncreases the amount of additional human capital she can produce, but does notincrease the amount of output she can produce.B) i ncreases the amount of additional output she can produce, but does not increase theamount of human capital she can produce.C) i ncreases both the amount of additional human capital she can produce and theamount of output she can produce.D) i ncreases neither the amount of additional human capital she can produce nor theamount of output she can produce.Answer: CQuestion Status: P revious Edition14) I n the endogenous growth models of Lucas and Romer, workers divide their time betweenmarket work andA) a ccumulating physical capital.B) a ccumulating human capital.C) t rying to invent new production processes.D) w ork at home.Answer: BQuestion Status: P revious Edition15) E ndogenous growth theory is aboutA) t he welfare of indigenous people.B) e xplaining growth.C) s tudying fertility choices.D) g iving more importance to capital accumulation.Answer: BQuestion Status: N ew16) I n the endogenous growth models of Lucas and Romer, human capital accumulation is bestdescribed as a form ofA) c onsumption.B) i nvestment.C) g overnment spending.D) n one of the aboveAnswer: BQuestion Status: P revious Edition17) H uman capital isA) k nowledge found in books.B) k nowledge found in people.C) w ealth.D) m achines owned by people.Answer: BQuestion Status: N ew18) W hich of the following statements best describes the characteristics of accumulatingphysical capital and human capital?A) B oth physical capital accumulation and human capital accumulation are characterizedby decreasing marginal returns.B) P hysical capital accumulation is subject to decreasing marginal returns, but humancapital accumulation is not.C) H uman capital accumulation is subject to decreasing marginal returns, but physicalcapital accumulation is not.D) N either physical capital accumulation nor human capital accumulation ischaracterized by decreasing marginal returns.Answer: BQuestion Status: P revious Edition19) P aul Romer argues that a key feature of knowledge isA) d ivisibility.B) p rivate ownership.C) n onrivalry.D) d urability.Answer: CQuestion Status: P revious Edition20) W hat is a characteristic of human capital?A) r ivalryB) r apid accumulationC) p rivate ownershipD) c oncavityAnswer: CQuestion Status: N ew21) W hat characteristic of human capital is crucial in giving the possibility of sustained growth?A) I t is embodied in people.B) I t has constant returns to scale in production.C) I t takes time to accumulate it.D) I t grows at the same rate as consumption.Answer: BQuestion Status: N ew22) W hat characteristic do human and physical capital share?A) B oth are controlled by the government.B) C urrent costs are incurred for future benefits.C) T heir growth depends crucially on the growth of total factor productivity.D) T he use of both exhibits rivalry.Answer: BQuestion Status: N ew23) W hich of the following is best characterized as being nonrivalrous?A) c onsumption goodsB) s ervicesC) p hysical capitalD) k nowledgeAnswer: DQuestion Status: P revious Edition24) A key characteristic of the production function in the endogenous growth model presentedin the text is thatA) t here are increasing returns to scale in human capital.B) t here are decreasing returns to scale in human capital.C) t here are constant returns to scale in human capital.D) a t low levels of human capital, there are increasing returns to scale in human capital,while at high levels of human capital, there are decreasing returns to scale in humancapital.Answer: CQuestion Status: P revious Edition25) I n the endogenous growth model presented in the text, suppose that u represents thefraction of time spent working (as opposed to accumulating human capital), b represents the efficiency of human capital accumulation, H represents the amount of human capital, and z represents the marginal product of efficiency units of labor. Consumption equalsA) b uH.B) z uH.C) b uz.D) b uzH.Answer: BQuestion Status: R evised26) I n the endogenous growth model presented in the text, suppose that u represents thefraction of time spent working (as opposed to accumulating human capital) and b represents the efficiency of human capital accumulation. The growth rate of human capital equalsA) u(1- b) - 1.B) 1+b(1 -u).C) (1 +b)(1 -u).D) b(1 -u) - 1.Answer: DQuestion Status: P revious Edition27) I n the endogenous growth model presented in the text, suppose that u represents thefraction of time spent working (as opposed to accumulating human capital) and b represents the efficiency of human capital accumulation. The growth rate of consumption equalsA) u(1- b) - 1.B) 1+b(1 -u).C) (1 -b)(1 -u).D) b(1 -u) - 1.Answer: DQuestion Status: P revious Edition28) I n the endogenous growth model presented in the text,A) c onsumption grows faster than human capital.B) h uman capital grows faster than consumption.C) b oth consumption and human capital grow at the same rate.D) n either consumption nor human capital grows in the steady state.Answer: CQuestion Status: P revious Edition29) I n the endogenous growth model presented in the text, an increase in the efficiency ofhuman capital accumulationA) i ncreases the growth rate of human capital and increases the growth rate of output.B) i ncreases the growth rate of human capital and decreases the growth rate of output.C) d ecreases the growth rate of human capital and increases the growth rate of output.D) d ecreases the growth rate of human capital and decreases the growth rate of output.Answer: AQuestion Status: P revious Edition30) I n the endogenous growth model presented in the text, an increase in the fraction of timeaccumulating human capitalA) i ncreases the growth rate of human capital and increases the growth rate of output.B) i ncreases the growth rate of human capital and decreases the growth rate of output.C) d ecreases the growth rate of human capital and increases the growth rate of output.D) d ecreases the growth rate of human capital and decreases the growth rate of output.Answer: AQuestion Status: P revious Edition31) A n example of an increase in b, the efficiency of human capital accumulation, isA) m ore mandatory school years.B) b etter teachers.C) b etter school material.D) b etter total factor productivity.Answer: CQuestion Status: N ew32) W hich of the following policies would increase the growth rate of an economy in theendogenous growth model with human capital?A) M andatory schooling.B) M inimum wages.C) R edistributive taxation.D) L ump-sum taxation.Answer: AQuestion Status: N ew33) A ccording to the endogenous growth model with human capital, what can we say aboutcountries with more efficient schools?A) T hey are richer.B) T hey are richer and grow faster.C) T hey are richer and grow more slowly.D) T hey grow faster.Answer: DQuestion Status: N ew34) T he idea that contact with others with high levels of human capital increases ones ownhuman capital is called human capitalA) c ontagion.B) e xternality.C) t ransference.D) c onvergence.Answer: BQuestion Status: P revious Edition35) S chooling is subsidized in the United States in partA) s o that the golden rule capital level can be reached.B) b ecause otherwise people would not get educated.C) b ecause there is a constitutional right to education.D) b ecause there is a positive externality from schooling.Answer: DQuestion Status: N ew36) A n improvement in school quality translates into an increase in which model parameter?A) HB) zC) bD) 1-uAnswer: CQuestion Status: N ew37) E vidence suggests that income per worker and education areA) n egatively correlated.B) p ositively correlated.C) u ncorrelated.D) p ositively correlated in the richer countries and negatively correlated in the poorercountries.Answer: BQuestion Status: P revious Edition38) W hat immediate consequence does an increase in education time have in the endogenousgrowth model with human capital?A) l ower outputB) l ower output in the futureC) l ower wagesD) l ower human capitalAnswer: AQuestion Status: N ew39) A study by Gerhard Glomm and B. Ravikumar suggests that relying more on privateeducation relative to public education results inA) m ore income inequality and higher per-capita income in the long run.B) m ore income inequality and lower per-capita income in the long run.C) l ess income inequality and higher output per worker in the long run.D) l ess income inequality and lower output per worker in the long run.Answer: AQuestion Status: P revious Edition。

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Representative Consumers The Representative Firm
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Indifference Curve
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Macroeconomics, 3e (Williamson)Chapter 8 A Two-Period Model: The Consumption-Savings Decision and Credit Markets1) C onsumption smoothing refers toA) t he tendency of all consumers to choose the same amount of current consumption.B) t he tendency of consumers to seek a consumption path over time that is smoother thanincome.C) t he tendency of consumers to seek an income path over time that is smoother thanconsumption.D) c onsumer's concerns about going heavily into debt.Answer: BQuestion Status: P revious Edition2) I ntertemporal decisions involve economic decisionsA) m ade within a given period of time.B) m ade in between two periods of time.C) i nvolving trade-offs across periods of time.D) t hat ignore concerns about the future.Answer: CQuestion Status: P revious Edition3) T he simplest device to analyze dynamic decisions is aA) o ne-period model.B) t wo-period model.C) m odel that includes only the number of years of a typical consumer's lifetime.D) c ontinuous time model.Answer: BQuestion Status: P revious Edition4) W e use a two-period model becauseA) t he business cycle has two phases: contraction and recovery.B) i t is the simplest dynamic model.C) w e want to make a distinction between young and old households.D) t his is the horizon of the politicians that formulate policy.Answer: BQuestion Status: N ew5) W e limit ourselves to two periods in the intertemporal model of the business cycle becauseA) w e need to concentrate on the two phases of the business cycle.B) w e can assume that people can live two periods of, say, 30 years.C) t his is all we need to emphasize the intertemporal trade-off.D) w e need an even number of periods.Answer: CQuestion Status: N ew6) F or all bonds to be indistinguishable,A) a ll consumers must never be expected to default on their debts.B) t he government must guarantee all bonds.C) a ll consumers must be identical.D) t hey must be traded through financial intermediaries.Answer: AQuestion Status: P revious Edition7) S avings in our model areA) d urable consumption.B) n on-durable consumption.C) p ostponed consumption.D) m oney.Answer: CQuestion Status: N ew8) A one-period bond is a promise to repayA) 1units of goods in the second period.+(1)rB) r units of goods in the second period.C) (1 +r) units of goods in the second period.D) t he original amount lent.Answer: CQuestion Status: P revious Edition9) T he consumer's lifetime budget constraint states thatA) t he present value of lifetime consumption must be equal to the present value oflifetime gross income.B) t he present value of lifetime consumption must be equal to the present value oflifetime disposable income.C) t he present value of lifetime consumption plus the present value of lifetime taxes to bepaid must be equal to the present value of lifetime income.D) t he present value of lifetime taxes to be paid by the consumer must be equal to thepresent value of government spending.Answer: BQuestion Status: P revious Edition10) T he endowment point is the consumption bundle in whichA) f irst-period consumption is equal to zero.B) s econd-period consumption is equal to zero.C) t he consumer finds the most utility.D) c onsumption is equal to disposable income in each period.Answer: DQuestion Status: P revious Edition11) T he endowment point is the consumption bundle in whichA) b oth consumptions are the same.B) c urrent consumption equals current output less current government expenses.C) n o savings occur.D) t he interest rate equals zero.Answer: CQuestion Status: N ew12) A t the endowment point, we have the property thatA) c = c'.B) c = y - t.C) y - t = y' - t'.D) y = y'.Answer: BQuestion Status: N ew13) I f we represents a two -period consumer's lifetime wealth and r denotes the real rate ofinterest, the vertical (future consumption) intercept of the consumer's budget line is equal toA) w e.B) (1 + r )we. C) (1)we r +. D) (1)r we+. Answer: BQuestion Status: P revious Edition14) I f we represents a two -period consumer's lifetime wealth and r denotes the real rate ofinterest, the horizontal (current consumption) intercept of the consumer's budget line is equal toA) w e.B) (1 + r )we. C) (1)we r +. D) (1)r we+. Answer: AQuestion Status: P revious Edition15) I f we represents a two -period consumer's lifetime wealth and r denotes the real rate ofinterest, the slope of the consumer's budget line is equal toA) r × we.B) - 1(1)r +. C) - (1)r we +. D) - (1 + r ).Answer: DQuestion Status: P revious Edition16) I f the interest rate increases, lifetime wealth (we )A) i ncreases.B) s tays constant.C) d ecreases.D) c hanges in an ambiguous way.Answer: CQuestion Status: N ew17) T o assure a well-defined solution to the consumers' intertemporal choice problems, we mustassume that consumers' preferences exhibit the properties thatA) c onsumers are all identical and that more is always preferred to less.B) m ore is preferred to less and that consumers prefer diversity.C) c onsumers like diversity and that more is sometimes preferred to less.D) m ore is sometimes preferred to less and that first-period consumption and second-period consumption are both normal goods.Answer: BQuestion Status: P revious Edition18) W e assume that the representative consumer's preferences exhibit the properties thatA) t hey are convex and that more is always preferred to less.B) m ore is always preferred to less and that each consumer has one strictly favoriteperiod of time for consumption.C) e ach consumer has one strictly favorite period of time for consumption and thatcurrent and future consumption are both normal goods.D) c urrent and future consumption are both normal goods and that the consumer likesdiversity in his or her consumption bundle.Answer: DQuestion Status: P revious Edition19) T he property of diminishing marginal rate of substitution follows from the property that theindifference curves areA) d ownward sloping.B) u pward sloping.C) b owed in toward the origin.D) b owed out from the origin.Answer: CQuestion Status: P revious Edition20) F or the consumer to be at an optimum, it must be the case thatA)MRS c,c' =1 (1)r +B) M RS c,c' =(1 +r)C)MRT c,c' =1 (1)r +D) M RT c,c' =(1 +r)Answer: BQuestion Status: P revious Edition21) A consumer is a borrower ifA) o ptimum current consumption is less than current disposable income.B) o ptimum current consumption is greater than current disposable income.C) f uture disposable income is greater than current disposable income.D) t he consumer's indifference curves are relatively steep.Answer: BQuestion Status: P revious Edition22) A consumer is a lender ifA) o ptimum current consumption is less than current disposable income.B) o ptimum current consumption is greater than current disposable income.C) c urrent disposable income is greater than future disposable income.D) t he consumer's indifference curves are relatively flat.Answer: AQuestion Status: P revious Edition23) F or a borrower in a (c,c') graph, the optimal consumption bundle isA) t o the left of the endowment point.B) t o the right of the endowment point.C) o n the endowment point.D) d ependent on other factors.Answer: BQuestion Status: N ew24) F or a lender in a (c,c') graph, the optimal consumption bundle isA) t o the left of the endowment point.B) t o the right of the endowment point.C) o n the endowment point.D) d ependent on other factors.Answer: AQuestion Status: N ew25) F or a household in a (c,c') graph, the optimal consumption bundle isA) t o the left of the endowment point.B) t o the right of the endowment point.C) o n the endowment point.D) d ependent on other factors.Answer: DQuestion Status: N ew26) A n increase in first-period income results inA) a n increase in first-period consumption, an increase in second-period consumption,and an increase in saving.B) a n increase in first-period consumption, a decrease in second-period consumption,and an increase in saving.C) a decrease in first-period consumption, an increase in second-period consumption,and an increase in saving.D) a n increase in first-period consumption, an increase in second-period consumption,and a decrease in saving.Answer: AQuestion Status: P revious Edition27) W ith higher future taxesA) c urrent consumption declines.B) c urrent consumption stays the same.C) c urrent consumption increases.D) c urrent consumption depends on other factors.Answer: AQuestion Status: N ew28) A temporary increase in income today leads toA) a small increase in current consumption.B) a large increase in current consumption.C) a small decrease in future consumption.D) a large decrease in future consumption.Answer: AQuestion Status: N ew29) A permanent increase in income today leads toA) a small increase in current consumption.B) a large increase in current consumption.C) a small decrease in future consumption.D) a large decrease in future consumption.Answer: BQuestion Status: N ew30) I f current income increases as much as future income decreasesA) c urrent consumption decreases.B) c urrent consumption stays the same.C) c urrent consumption increases.D) W e do not know.Answer: CQuestion Status: N ew31) A good proxy for the flow of consumption services would beA) a ggregate consumption.B) c onsumption of services and consumption of durables.C) c onsumption of durables and consumption of nondurables.D) c onsumption of nondurables and consumption of services.Answer: DQuestion Status: P revious Edition32) I n the data, which of the following is most volatile?A) r eal GDPB) c onsumption of durablesC) c onsumption of nondurablesD) c onsumption of servicesAnswer: BQuestion Status: P revious Edition33) I n the absence of a financial system, the two-period model without taxes predicts thatA) c onsumption is more volatile that output.B) c onsumption is as volatile as output.C) c onsumption is less volatile than output.D) W e do not know.Answer: BQuestion Status: N ew34) T he two primary explanations for the excess volatility of consumption areA) c onsumers' limited life spans and credit market imperfections.B) c redit market imperfections and changes in market prices.C) c hanges in market prices and distorting taxes.D) d istorting taxes and consumers' limited life spans.Answer: BQuestion Status: P revious Edition35) A n increase in second-period income results inA) a n increase in first-period consumption, an increase in second-period consumption,and an increase in saving.B) a n increase in first-period consumption, a decrease in second-period consumption,and an increase in saving.C) a decrease in first-period consumption, an increase in second-period consumption,and an increase in saving.D) a n increase in first-period consumption, an increase in second-period consumption,and a decrease in saving.Answer: DQuestion Status: P revious Edition36) T he idea that a permanent increase in income causes a larger increase in consumption than atemporary change in income is called theA) F riedman-Lucas theory.B) p ermanent income hypothesis.C) R icardian equivalence theorem.D) i ntertemporal substitution effect.Answer: BQuestion Status: P revious Edition37) P ermanent income isA) t he minimum income obtained throughout lifetime.B) i ncome that cannot be taxed.C) i ncome that cannot be lent.D) t he constant income corresponding to lifelong wealth.Answer: DQuestion Status: N ew38) P ermanent income is notA) p roportional to life-long wealth.B) p roportional to current consumption.C) p roportional to the present value of life-long consumption.D) p roportional to the present value of life-long income before taxes.Answer: DQuestion Status: N ew39) W hat raises permanent income?A) l ower future taxesB) h igher current taxesC) h igher interest ratesD) h igher current consumptionAnswer: AQuestion Status: N ew40) A martingale has the property thatA) i t is inherently unpredictable.B) t he best prediction of its value tomorrow is its value today.C) t he best prediction of its future growth rate is its current growth rate.D) t he best prediction of its value tomorrow can be computed by looking at its pastbehavior.Answer: BQuestion Status: P revious Edition41) A change in the stock market is a good indicator of a change inA) c urrent income.B) f uture income.C) w ealth.D) t he future growth rate of real GDP.Answer: CQuestion Status: P revious Edition42) A n increase in the real interest rate is an example of aA) p ure substitution effect.B) s ubstitution effect and a positive income effect.C) s ubstitution effect and a negative income effect.D) s ubstitution effect and an income effect whose sign depends on whether the consumeris initially a borrower or a lender.Answer: DQuestion Status: P revious Edition43) A n increase in the real interestA) i ncreases savings for both borrowers and lenders.B) i ncreases savings for borrowers, but has an uncertain effect on the savings of lenders.C) i ncreases savings for lenders, but has an uncertain effect on the savings of borrowers.D) h as an uncertain effect on the savings of both borrowers and lenders.Answer: BQuestion Status: P revious Edition44) F or a lender, an increase in the real interest rateA) d efinitely reduces current consumption and increases future consumption.B) r educes current consumption and has an uncertain effect on future consumption.C) h as an uncertain effect on current consumption and increases future consumption.D) h as an uncertain effect on both current and future consumption.Answer: CQuestion Status: P revious Edition45) F or a borrower, an increase in the real interest rateA) d efinitely reduces current consumption and increases future consumption.B) r educes current consumption and has an uncertain effect on future consumption.C) h as an uncertain effect on current consumption and increases future consumption.D) h as an uncertain effect on both current and future consumption.Answer: BQuestion Status: P revious Edition46) T he substitution effect of a change in the real interest rate is an example ofA) a n intratemporal substitution effect.B) a n intertemporal substitution effect.C) a n atemporal substitution effect.D) a temporary substitution effect.Answer: BQuestion Status: P revious Edition47) I n a two-period model, government spending is financed throughA) t axes and transfer payments.B) t axes and issuing debt.C) t axes and redeeming debt.D) t axes only.Answer: BQuestion Status: P revious Edition48) T he government's present value budget constraint states thatA) t axes must equal government spending in each period.B) t he present value of government spending must be equal to the present value ofconsumers' disposable incomes.C) t he present value of government spending must be equal to the present value of taxes.D) t he government may run deficits each and every year, as long as the deficits aresufficiently small.Answer: CQuestion Status: P revious Edition49) F or a competitive equilibrium in a two-period model, all of the following must be trueexceptA) e ach consumer picks first- and second-period consumption given the real interest rate.B) t here must be an equal number of borrowers and lenders.C) t he government's present-value budget constraint holds.D) t he credit market clears.Answer: BQuestion Status: P revious Edition50) T he Ricardian equivalence theorem implies thatA) g overnment debt policy must be handled correctly for the economy to prosper.B) t he amounts of government spending are neutral.C) a n increase in government spending has no effect on the economy, as long as there isan equal change in taxes.D) t he timing of taxes collected by the government is neutral.Answer: DQuestion Status: P revious Edition51) I f government spending is held constant and Ricardian equivalence holds,A) a n increase in the government budget deficit is always matched by a reduction inprivate savings.B) a n increase in government savings is always matched by an increase in thegovernment budget deficit.C) a n increase in government savings is always matched by an equal increase in privatesavings.D) a n increase in government savings is always matched by an equal reduction in privatesavings.Answer: DQuestion Status: P revious Edition52) T he Ricardian Equivalence saysA) w hatever the level of government expenses, consumption is the same.B) w hatever the timing of taxes, consumption is the same.C) h igher government expenses reduce consumption.D) a n increase in current consumption has to lead to a decrease in future consumption.Answer: BQuestion Status: N ew53) A ccording to the Ricardian EquivalenceA) t rade deficits do not matter.B) f iscal deficits do not matter.C) c urrent account deficits do not matter.D) h ousehold deficits do not matter.Answer: BQuestion Status: N ew54) T he Ricardian equivalence implies thatA) t he level of government spending has no impact.B) t he level of taxes has no impact.C) t he distribution of government expenses though time has no impact.D) t he distribution of taxes through time has no impact.Answer: DQuestion Status: N ew55) A n important reason why Ricardian equivalence may fail is ifA) b orrowing and lending are done through intermediaries.B) g overnment debt incurred today may not be paid off until after some currentconsumers are deceased.C) s tate and local governments also engage in debt finance.D) s ome consumers are borrowers, while other consumers are lenders.Answer: BQuestion Status: P revious Edition56) T he Ricardian Equivalence holds only ifA) t he government is altruistic.B) t here are no credit constraints.C) t he government runs deficits.D) t he government runs surpluses.Answer: BQuestion Status: N ew57) W hich condition would generate a violation of the Ricardian Equivalence?A) d ownward sloping labor supply curveB) u nderdeveloped credit marketsC) i nflationary monetary policyD) d eflationary monetary policyAnswer: BQuestion Status: N ew58) W hen different consumers pay different amounts of taxes, Ricardian equivalence may failbecauseA) a lternative ways of collecting the same tax revenue can affect the distribution ofincome.B) c onsumers can become jealous of one another.C) s uch differences in taxes create credit market imperfections.D) h igher taxes on more talented people may be politically popular.Answer: AQuestion Status: P revious Edition59) D istorting taxes can invalidate Ricardian equivalence becauseA) t hey confuse consumers about the need for government to repay its debt.B) a lternative ways of collecting the same tax revenue produce different amounts of lostwelfare.C) t hey are inferior to lump-sum taxes.D) t hey are more popular, politically, than lump-sum taxes.Answer: BQuestion Status: P revious Edition60) T he phenomenon that some consumers pay a higher interest rate when they borrow than theinterest rate they receive when they lend is best described as an example ofA) i rrational behavior.B) a credit market imperfection.C) a vast banking conspiracy.D) t he burden of public debt.Answer: BQuestion Status: P revious Edition61) W hen there are credit-market imperfections, an increase in government debt may beadvantageous because itA) d iscourages credit-constrained consumers from borrowing too much.B) a llows credit-constrained consumers to borrow more.C) e liminates the problems that cause credit-market imperfections.D) e ncourages more private saving.Answer: BQuestion Status: P revious Edition62) C onsumer choice theory predicts that, with identical consumers, fully-funded socialsecurityA) a lways makes all generations worse off.B) m akes some generations better off, and cannot make any generation worse off.C) m ay make some generations worse off and cannot make any generation better off.D) m ay be Pareto improving.Answer: CQuestion Status: P revious Edition63) I n a fully-funded social security programA) t he young pay for the benefits of the old.B) t he young are forced to save for their own retirement.C) t he young have to buy bonds for the old.D) t he young are forced to save for the retirement of the old.Answer: BQuestion Status: N ew64) W hy do consumers benefit from pay-as-you-go social security?A) I t keeps inflation in check as money is redistributed.B) I t is a better way than taxes to finance the government.C) I t forces people to save more than they would otherwise.D) W ith sufficiently high population growth, many young contribute to the benefits of theold.Answer: DQuestion Status: N ew65) C onsumer choice theory predicts that, with identical consumers, pay-as-you-go socialsecurityA) a lways makes all generations worse off.B) m akes some generations better off, and cannot make any generation worse off.C) m ay make some generations worse off and cannot make any generation better off.D) m ay be Pareto improving.Answer: DQuestion Status: P revious Edition66) S ocial security is most likely to present political problems whenA) m oving from pay-as-you-go to fully-funded and when population growth is low.B) m oving from pay-as-you-go to fully-funded and when population growth is high.C) m oving from fully-funded to pay-as-you-go and when population growth is low.D) m oving from fully-funded to pay-as-you-go and when population growth is high.Answer: AQuestion Status: P revious Edition。

史蒂芬威廉森宏观经济学第四版课后题答案最新Solution_CH4

Chapter 4Consumer and Firm Behavior: The Work-Leisure Decision and Profit MaximizationTextbook Question SolutionsQuestions for Review1. Consumers consume an aggregate consumption good and leisure.2. Consumers’ preferences are summarized in a utility function.3. The first property is that more is always preferred to less. This property assures us that a consumptionbundle with more of one good and no less of the other good than any second bundle will always be preferred to the second bundle.The second property is that a consumer likes diversity in his or her consumption bundle. Thisproperty assures us that a linear combination of two consumption bundles will always be preferred to the two original bundles.The third property is that both consumption and leisure are normal goods. This property assures us that an increase in a consumer’s income will always induce the individual to consume more of both consumption and leisure.4. The first property of indifference curves is that they are downward sloping. This property is a directconsequence of the property that more is always preferred to less. The second property ofindifference curves is that they are bowed toward the origin. This property is a direct consequence of consumers’ preference for diversity.5. Consumers maximize the amount of utility they can derive from their given amount of availableresources.6. The optimal bundle has the property that it represents a point of tangency of the budget line with anindifference curve. An equivalent property is that the marginal rate of substitution of leisure forconsumption and leisure is equal to the real wage.7. In response to an increase in dividend income, the consumer will consume more goods and moreleisure.8. In response to an increase in the real value of a lump-sum tax, the consumer will consume less goodsand less leisure.28 Williamson • Macroeconomics, Fourth Edition9. An increase in the real wage makes the consumer more well off. As a result of this pure income effect,the consumer wants more leisure. Alternatively, the increase in the real wage induces a substitution effect in which the consumer is willing to consume less leisure in exchange for working more hours (consuming less leisure). The net effect of these two competing forces is theoretically ambiguous.10. The representative firm seeks to maximize profits.11. As the amount of labor is increased, holding the amount of capital constant, each worker gets asmaller share of the fixed amount of capital, and there is a reduction in each worker’s marginalproductivity.12. An increase in total factor productivity shifts the production function upward.13. The representative firm’s profit is equal to its production (revenue measured in units of goods) minusits variable labor costs (the real wage times the amount of labor input). A unit increase in labor input adds the marginal product of labor to revenue and adds the real wage to labor costs. The amount of labor demand is that amount of labor input that equates marginal revenue with marginal labor costs.This quantity of labor, labor demand, can simply be read off the marginal product of labor schedule.Problems1. Consider the two hypothetical indifference curves in the figure below. Point A is on both indifferencecurves, I1 and I2. By construction, the consumer is indifferent between A and B, as both points are on I2. In like fashion, the consumer is indifferent between A and C, as both points are on I1. But atpoint C, the consumer has more consumption and more leisure than at point B. As long as theconsumer prefers more to less, he or she must strictly prefer C to A. We therefore contradict thehypothesis that two indifference curves can cross.2. u al bC=+(a) To specify an indifference curve, we hold utility constant at u Next rearrange in the form:u aC l=−b bChapter 4 Consumer and Firm Behavior: The Work-Leisure Decision and Profit Maximization 29 Indifference curves are therefore linear with slope, −a /b , which represents the marginal rate ofsubstitution. There are two main cases, according to whether /a b w > or /.a b w < The top panelof the left figure below shows the case of /.a b w < In this case the indifference curves are flatterthan the budget line and the consumer picks point A, at which 0l = and .C wh T π=+− Theright figure shows the case of /.a b w > In this case the indifference curves are steeper than thebudget line, and the consumer picks point B, at which l h = and .C T π=− In the coincidentalcase in which /,a b w = the highest attainable indifference curve coincides with the indifference curve, and the consumer is indifferent among all possible amounts of leisure and hours worked.(b) The utility function in this problem does not obey the property that the consumer prefers diversity,and is therefore not a likely possibility.(c) This utility function does have the property that more is preferred to less. However, the marginalrate of substitution is constant, and therefore this utility function does not satisfy the property ofdiminishing marginal rate of substitution.3. (a) Using the formulas in the example from the textbook, one obtains:l = C = (0.75 × 16 − 0.8 − 6)/(1 + 0.75) = 3.89Given the numbers given, we can precisely determine the coordinates of the points in the figureabove: A is (0,6.8), B is (3.89,3.89), D is (9,07,0), with the slope of ABD being − 0.75.30 Williamson • Macroeconomics, Fourth Edition (b) With the new wage, we obtain: l = C = (1.5 × 16 − 0.8 − 6)/(1 + 1.5) = 7.52where A, B and D have the same coordinates as above, and E is (0, 12.8), F is (7.52, 7.52), H is(12.53,0), and the slope of EFH is − 1.5. As there are no substitution effects when goods areperfect complements, the entire move from point B to point F is due to the income effect.4. When the government imposes a proportional tax on wage income, the consumer’s budget constraintis now given by:(1)(),C w t h l T π=−−+−where t is the tax rate on wage income. In the figure below, the budget constraint for t = 0, is FGH.When t > 0, the budget constraint is EGH. The slope of the original budget line is –w , while the slope of the new budget line is −(1 − t )w . Initially the consumer picks the point A on the original budget line. After the tax has been imposed, the consumer picks point B. The substitution effect of the imposition of the tax is to move the consumer from point A to point D on the original indifference curve. The point D is at the tangent point of indifference curve, I 1, with a line segment that is parallel to EG. The pure substitution effect induces the consumer to reduce consumption and increase leisure (work less). T he tax also makes the consumer worse off, in that he or she can no longer be on indifferencecurve, I 1, but must move to the less preferred indifference curve, I 2. This pure income effect moves the consumer to point B, which has less consumption and less leisure than point D, because bothconsumption and leisure are normal goods. The net effect of the tax is to reduce consumption, but the direction of the net effect on leisure is ambiguous. The figure shows the case in which the substitution effect on leisure dominates the income effect. In this case, leisure increases and hours worked fall. Although consumption must fall, hours worked may rise, fall, or remain the same.Chapter 4 Consumer and Firm Behavior: The Work-Leisure Decision and Profit Maximization 315. The budget constraint has a kink due to the tax deduction and is represented in the following figuresby ABDh. Reducing the tax deduction pushes the budget constraint to FEDh.First consider a consumer who does not pay taxes. In the old regime, he would have an optimalbundle somewhere between B and D. Two things can happen. If the bundle is between E and D, there is no change. If it is between B and E, say at H, then the household will reoptimize with the new tax deduction. The new bundle is then either somewhere between E and F, and the MRS equals w(1 −t).Or we obtain a corner solution at E, and the MRS is somewhere between w and w(1 −t). The move from H to E is due to the income effect, and if there is an optimal strictly between E and F, the move from E to that point is due to the substitution effect.32 Williamson • Macroeconomics, Fourth EditionFor a consumer who pays taxes, his wage, and thus is MRS does not change. Thus the move from H to J is a pure negative income effect.6. The increase in dividend income shifts the budget line upward. The reduction in the wage rate flattensthe budget line. One possibility is depicted in the figures below. The original budget constraint HGL shifts to HFE. There are two income effects in this case. The increase in dividend income is a positive income effect. The reduction in the wage rate is a negative income effect. The drawing in the top figure shows the case where these two income effects exactly cancel out. In this case we are left witha pure substitution effect that moves the consumer from point A to point B. Therefore, consumptionfalls and leisure increases. As leisure increases, hours of work must fall. The middle figure shows a case in which the increase in dividend income, the distance GF, is larger and so the income effect is positive. The consumer winds up on a higher indifference curve, leisure unambiguously increases, and consumption may either increase or decrease. The bottom figure shows a case in which theincrease in dividend income, the distance GF, is smaller and so the income effect is negative. The consumer winds up on a lower indifference curve, consumption unambiguously decreases, andleisure may either increase or decrease.Chapter 4 Consumer and Firm Behavior: The Work-Leisure Decision and Profit Maximization 33 7. This problem introduces a higher, overtime wage for hours worked above a threshold, q. Thisproblem also abstracts from any dividend income and taxes.(a) The budget constraint is now EJG in the figure below. The budget constraint is steeper for levelsof leisure less than h − q, because of the higher overtime wage. The figure depicts possiblechoices for two different consumers. Consumer #1 picks point A on her indifference curve, I1.Consumer #2 picks point B on his indifference curve, I2. Consumer #1 chooses to work overtime;consumer #2 does not.(b) The geometry of the figure above makes it clear that it would be very difficult to have anindifference curve tangent to EJG close to point J. In order for this to happen, an indifferencecurve would need to be close to right angled as in the case of pure complement. It is unlikely that consumers wish to consume goods and leisure in fixed proportions, and so points like A and Bare more typical. For any other allowable shape for the indifference curve, it is impossible forpoint J to be chosen.(c) An increase in the overtime wage steepens segment EJ of the budget constraint, but has no effecton the segment JG. For an individual like consumer #2, the increase in the overtime wage has no effect up until the point at which the increase is large enough to shift the individual to a point like point A. Consumer #2 receives no income effect because the income effect arises out of a higher wage rate on inframarginal units of work. An individual like consumer #1 has the traditionalincome and substitution effects of a wage increase. Consumer #1 increases her consumption, but may either increase or reduce hours of work according to whether the income effect outweighsthe substitution effect.8. Lump-sum Tax vs. Proportional Tax. Suppose that we start with a proportional tax. Under theproportional tax the consumer’s budget line is EFH in the figure below. The consumer choosesconsumption, *,C and leisure, *,l at point A on indifference curve I1. A shift to a lump-sum taxsteepens the budget line. The absolute value of the slope of the budget line is (1),− and t has fallent w to zero. The imposition of the lump-sum tax shifts the budget line downward in a parallel fashion. By construction, the lump-sum tax must raise the same amount of revenue as the proportional tax. The consumer must therefore be able to continue to consume *C of the consumption good and *l of leisure after the change in tax collection. Therefore, the new budget line must also pass through point A.The new budget line is labeled LGH in the figure below. With the lump-sum tax, the consumer can34 Williamson • Macroeconomics, Fourth Editiondo better by choosing point B, on the higher indifference curve, I2. Therefore, the consumer is clearly better off. We are also assured that consumption will be greater at point B than at point A, and that leisure will be smaller at point B than at point A.9. Leisure represents all time used for nonmarket activities. If the government is now providing forsome of those, like providing free child care, households will take advantage of such a program,thereby allowing more time for other activities, including market work. Concretely, this translates ina change of preferences for households. For the same amount of consumption, they are now willing towork more, or in other words, they are willing to forego some additional leisure. On the figure below, the new indifference curve is labeled I2. It can cross indifference curve I1 because preferences, as we measure them here, have changed. The equilibrium basket of goods for the household now shifts from A to B. This leads to reduced leisure (from l*1 to l*2), and thus increased hours worked, and increased consumption (from C*1 to C*2) thanks to higher labor income at the fixed wage.Chapter 4 Consumer and Firm Behavior: The Work-Leisure Decision and Profit Maximization 3536 Williamson • Macroeconomics, Fourth Edition 10. The firm chooses its labor input, N d , so as to maximize profits. When there is no tax, profits for thefirm are given by(,).d d zF K N wN π=−That is, profits are the difference between revenue and costs. In the top figure on the following page,the revenue function is (,)d zF K N and the cost function is the straight line, wN d . The firm maximizes profits by choosing the quantity of labor where the slope of the revenue function equals the slope of the cost function:.N MP w =The firm’s demand for labor curve is the marginal product of labor schedule in the bottom figure onthe following page.With a tax that is proportional to the firm’s output, the firm’s profits are given by:(,)(,)(1)(,),d d d d zF K N wN tzF K N t zF K N π=−−=−where the term (1)(,)d t zF K N − is the after-tax revenue function, and as before, wN d is the costfunction. In the top figure below, the tax acts to shift down the revenue function for the firm and reduces the slope of the revenue function. As before, the firm will maximize profits by choosing the quantity of labor input where the slope of the revenue function is equal to the slope of the cost function, but the slope of the revenue function is (1),N t MP − so the firm chooses the quantity oflabor where(1).N t MP w −=In the bottom figure below, the labor demand curve is now (1),N t MP − and the labor demand curvehas shifted down. The tax acts to reduce the after-tax marginal product of labor, and the firm will hire less labor at any given real wage.Chapter 4 Consumer and Firm Behavior: The Work-Leisure Decision and Profit Maximization 37 11. The firm chooses its labor input N d so as to maximize profits. When there is no subsidy, profits forthe firm are given by(,).d d zF K N wN π=−That is, profits are the difference between revenue and costs. In the top figure on the following pagethe revenue function is (,)d zF K N and the cost function is the straight line, wN d . The firm maximizes profits by choosing the quantity of labor where the slope of the revenue function equals the slope of the cost function:.N MP w =The firm’s demand for labor curve is the marginal product of labor schedule in the bottom figurebelow.With an employment subsidy, the firm’s profits are given by:(,)()d d zF K N w s N π=−−where the term (,)d zF K N is the unchanged revenue function, and (w – s )N d is the cost function. Thesubsidy acts to reduce the cost of each unit of labor by the amount of the subsidy, s . In the top figure below, the subsidy acts to shift down the cost function for the firm by reducing its slope. As before, the firm will maximize profits by choosing the quantity of labor input where the slope of the revenue function is equal to the slope of the cost function, (t – s ), so the firm chooses the quantity of labor where.N MP w s =−In the bottom figure below, the labor demand curve is now ,N MP s + and the labor demand curve hasshifted up. The subsidy acts to reduce the marginal cost of labor, and the firm will hire more labor at any given real wage.38 Williamson • Macroeconomics, Fourth Edition 12. Minimum Employment Requirement. Below *,N no output is produced. Thereafter, the productionfunction has its usual properties. Such a production function is reproduced in the first two figures below. At high wages, the firm’s cost curve is entirely above the revenue curve, so the firm hires nolabor, to prevent incurring losses. Only if the wage rate is less than ˆwwill the firms choose to hire anyone. At ˆ,w w= the firm chooses *,N just as it would in the absence of the constraint. Below ˆ,w the labor demand curve is unaffected. The labor demand curve is reproduced in the bottom figure.Chapter 4 Consumer and Firm Behavior: The Work-Leisure Decision and Profit Maximization 39 13. The level of output produced by one worker who works h – l hours is given by(,).s Y zF K h l =−This equation is plotted in the figure below. The slope of this production possibilities frontier is simply .N MP −14. As the firm has to internalize the pollution, it realizes that labor is less effective than it previouslythought. It now needs to hire N (1 + x ) workers where N were previously sufficient. This is qualitatively equivalent to a reduction of z , total factor productivity. The figure below highlights the resulting outcome: the firm now hires fewer people for a given wage and thus its labor demand is reduced.40 Williamson • Macroeconomics, Fourth Edition 15. 0.30.7Y zK n =(a) 0.7.Y n = See the top figure below. The marginal product of labor is positive and diminishing. (b) 0.72.Y n = See the figures below. (c) 0.30.70.72 1.23.Y n n =≈ See the figures below. (d) See the bottom figure below.0.30.30.30.30.31,10.72,1 1.41,220.70.86N N N z K MP n z K MP n z K MP n n −−−−==⇒===⇒===⇒=×≈。

史蒂芬威廉森宏观经济学第四版课后题答案最新Solution_CH5

Chapter 5A Closed-Economy One-PeriodMacroeconomic ModelTextbook Question SolutionsQuestions for Review1. A closed economy is easier to work with. Opening the economy does not change most of theproperties of an economy. The closed economy is the correct model for the world as a whole.2. Government levies taxes and purchases consumption goods.3. In a one-period model, there can be no borrowing or lending. There is therefore no way to finance agovernment deficit.4. Endogenous variables: C , N s , N d , T , Y , and w .5. Exogenous variables: G , z , K .6. The representative consumer chooses C and N s to maximize utility.The representative firm chooses N d to maximize profits.Market-clearing: .s d N N N ==Government budget constraint: T = G .7. The slope of the production possibilities frontier is equal to .N MP − The slope of the productionpossibilities frontier is also identified as ,,l C MRT − where ,l C MRT is identified as the marginal rate oftransformation between leisure and consumption.8. The competitive equilibrium is Pareto optimal because it lies at a tangency point between theproduction possibilities frontier and a representative consumer’s indifference curve.9. The first theorem: A competitive equilibrium can be Pareto optimal. This theorem assures us that thecompetitive equilibrium is a good outcome. The second theorem: A Pareto optimum is a competitive equilibrium. This theorem allows us to directly analyze Pareto optima with the assurance that these points are also competitive equilibriums. The second theorem is useful because Pareto Optimaare often easier to work with than competitive equilibriums.Chapter 5 A Closed-Economy One-Period Macroeconomic Model 43 10. Externalities, noncompetitive behavior, and distorting taxes.11. , ,, , and .G Y C N l w ↑⇒↑↓↑↓↓ 12. Government competes with the private sector in buying goods. An increase in government spendingimplies a negative wealth effect, which results in lower consumption.13. , , and .z Y C w ↑⇒↑↑↑ The sign of the effects on N and l are ambiguous.14. The substitution effect of an increase in z is that the representative consumer works more hours. Theincome effect of an increase in z is that the representative household works more hours. The sign of the net effect is ambiguous.15. A distorting tax makes that households equalize their marginal rate of substitution between leisureand consumption to the after tax wage, which is different from the before tax wage that firms equalize their marginal rate of transformation to. Thus, one cannot achieve the Pareto optimum where thesame wage (before tax) is equal to both marginal rates above.16. The Laffer curve takes into account that higher proportional tax rates give incentives to households towork less. While tax revenue increases with the tax rate for a given tax base, that tax base is reduced by the tax rate.17. When the income tax rate falls, households are willing to supply additional labor more in suchquantities that the tax base increases more than what the tax rate decreases, thus increasing taxrevenue.44 Williamson • Macroeconomics, Fourth EditionProblems1. Although we often think about the negative externalities of congestion and pollution in cities, theremay also be some positive externalities. A concentrated population is better able to support the arts and professional sports; cities typically have a greater variety of good restaurants, etc. Perhaps a more basic issue is that there may be some increasing returns to scale at low output levels that makeindustrial production more costly in small towns. There may also be externalities in production in being located close to other producers. One example would be the financial industry in financialcenters like New York, London, Tokyo, etc. Another example would be large city medical centers that enhance coordination between primary physicians and specialists.One market test of whether productivity is higher in cities would be to look at the wages in cities versus the wages in smaller towns and rural areas. Wages are often higher in cities for individuals of comparable skills. Market efficiency suggests that the higher wages be reflective of a higher marginal product of labor, and that the higher wages compensate those choosing to live in cities for thenegative externalities that they face.2. In a one period model, taxes must be exactly equal to government spending. A reduction in taxes istherefore equivalent to a reduction in government spending. The result is exactly opposite of the case of an increase in government spending that is presented in the text. A reduction in governmentspending induces a pure income effect that induces the consumer to consume more and work less. At lower employment, the equilibrium real wage is higher because the marginal product of labor rises when employment falls. Output falls, consumption rises, employment falls and the real wage rises. 3. The only impact effect of this disturbance is to lower the capital stock. Therefore, the productionpossibility frontier shifts down and the marginal product of labor falls (PPF is flatter).(a) The reduction in the capital stock is depicted in the figure below. The economy starts at point Aon PPF1. The reduction in the capital stock shifts the production possibilities frontier to PPF2.Because PPF2 is flatter, there is a substitution effect that moves the consumer to point D. Theconsumer consumes less of the consumption good and consumes more leisure. Less leisure alsomeans that the consumer works more. Because the production possibilities frontier shifts down,there is also an income effect. The income effect implies less consumption and less leisure (more work). On net, consumption must fall, but leisure could decrease, remain the same, or increase,depending on the relative strengths of the income and substitution effect. The real wage must also fall. To see this, we must remember that, in equilibrium, the real wage must equal the marginalrate of substitution. The substitution effect implies a lower marginal rate of substitution. Theincome effect is a parallel shift in the production possibilities frontier. As the income effectincreases the amount of employment, marginal product of labor must fall from point D topoint B. This reinforces the reduction in the marginal rate of substitution from point A to point D.Chapter 5 A Closed-Economy One-Period Macroeconomic Model 45(b) Changes in the capital stock are not likely candidates for the source of the typical business cycle.While it is easy to construct examples of precipitous declines in capital, it is more difficult toimagine sudden increases in the capital stock. The capital stock usually trends upward, and thisupward trend is important for economic growth. However, the amount of new capital generatedby a higher level of investment over the course of a few quarters, of a few years, is very small incomparison to the existing stock of capital. On the other hand, a natural disaster that decreasesthe stock of capital implies lower output and consumption, and also implies lower real wages,which are all features of the typical business cycle contraction.4. Government Productivity. First consider the benchmark case in which 1,z = and there is no effect ofchanges in z on government activities. Now suppose that z increases. This case of an increase in z is depicted in the figure below. The original production possibilities frontier is labeled PPF 1 and the competitive equilibrium is at point A. If the increase in z only affects the economy through thechange in (,),zF K N then the new production possibilities frontier is PPF 2. The diagram shows a case in which the income and substitution effects on leisure exactly cancel out, and the economymoves to point B. The equation for the production possibilities frontier is (,).C zF K h l T =−− In the benchmark case, T G = and so we have (,).C zF K h l G =−− For this problem, /,T G z = and so the production possibilities frontier is given by (,)/.C zF K h l G z =−− When 1,z = the two PPFscoincide. When z increases, the vertical intercept of the PPF increases by /.G z Δ Therefore, the new PPF is PPF 3 in the figure below. The competitive equilibrium is at point C . There is an additional income effect that provides an additional increase in equilibrium consumption, and a reinforcedincome effect that tend to make leisure increase. Therefore, relative to the benchmark case, there is a larger increase in consumption, and either a smaller decrease in leisure or a larger increase in leisure.46 Williamson • Macroeconomics, Fourth Edition5. Change in preferences.(a) At the margin, the consumer decides that leisure is more preferred to consumption. That is, theconsumer now requires a bigger increase in consumption to willingly work more (consume lessleisure). In more intuitive language, the consumer is lazier.(b) To work out the effects of this change in tastes, we refer to the figure below. The productionpossibility frontier in this example is unchanged. The consumer now picks a new point at which one of the flatter indifference curves is tangent to the production possibilities frontier. That is,equilibrium will shift from point A to point B. Consumption falls and leisure rises. Therefore, the consumer works less and produces less. Because employment has fallen, it also must be the case that the real wage increases.Chapter 5 A Closed-Economy One-Period Macroeconomic Model 47(c) This disturbance, which some might characterize as a contagious outbreak of laziness, wouldhave the appearance of a recession, as output and employment both fall. The consequentreduction in consumption is also consistent with a typical recession. However, in this case thereal wage would rise, which is inconsistent with the business cycle facts. Therefore, this type ofpreference change is not a cause of recessions.6. (a) With conscription, the government reduces the time available for market work from h to h −a.The consumption given to conscript is not relevant, as it is taxed away. This only a transfer thatdoes not impact the production capacity of the economy.48 Williamson • Macroeconomics, Fourth EditionThe production possibilities frontier PPF1 moves to the left (PPF2), such that it originates at(−G, h−a). The equilibrium moves from A to B. The consequence is a drop in consumptionfrom C1 to C2, as well as in leisure from l1 to l2. As there is no change in G, aggregate outputdecreases as well. All this is the result of the economy having less labor available for production.(b) To finance the army, the government needs to levy new taxes to cover wages of soldiers, butreturns this in consumption. This is purely redistributive and thus does not change G, and thesame outcome as in (a) is obtained.(c) Both results highlight how military service drags the productive capacity of a country down. Butthe financing of this activity does not matter, all that is relevant is the loss of resources (in thiscase time).7. Production-enhancing aspects of government spending.(a) The increase in government spending in this example has two separate effects on the productionpossibilities frontier. First, the increase in government spending from G1 to G2 implies a paralleldownward shift in the production possibilities frontier. Second, the productive nature ofgovernment spending is equivalent to an increase in total factor productivity that shifts theproduction possibilities frontier upward and increases its slope. The figure below draws theoriginal production possibilities frontier as PPF1 and the new production possibilities frontier asPPF2. If the production-enhancing aspects of the increase in government spending are largeenough, representative consumer utility could rise, as in this figure.(b) There are three effects at work in this example. First, there is a negative income effect from theincrease in taxes needed to pay for the increased government spending. This effect tends to lower both consumption and leisure. Second, there is a substitution effect due to the productive effect of the increase in G, which is drawn as the movement from point A to point D. This effect tends toincrease both consumption and leisure. Third, there is a positive income effect from the increasein G on productivity. This effect tends to increase both consumption and leisure. In the figureabove, the movement from point D to point B is the net effect of the two income effects. Ingeneral, consumption may rise or fall, and leisure may rise or fall. The overall effect on output is the same as in any increase in total factor productivity. Output surely rises.Chapter 5 A Closed-Economy One-Period Macroeconomic Model 49 8. (a) If households dedicate a hours to education today, it reduces the hours available for leisure andwork to h−a. The PPF has to start form point (−G, h−a). Graphically, this corresponds to thefigure in the answer of question 6(b). The consequence is thus a reduction in consumption,leisure, employment, aggregate output, but an increase in the real wage.(b) In the future, workers will be more efficient, which corresponds to an increase in total factorproductivity. Thus we have the case described in Figure 5.9 of the textbook. There is an increasein future consumption, aggregate output and the real wage. Changes in employment and leisureare ambiguous.(c) An increase in education leads to an immediate loss in welfare, as both leisure and consumptionare reduced. But this is compensated by an increase in future consumption, and possibly ofleisure, too. Whether this is worth doing depends on the preferences of households over currentand future utility.9. The fact that government spending make firms more productive is similar to adding G to theproduction function. There are now two effects to an increase in government expenses: the standard crowding out of consumption, and now also an efficiency effect on production.(a) The figure below illustrates a particular situation where the welfare of the household is improved,as illustrated by a shift to the north-east of the indifference curve. The equilibrium shifts fromA toB as the PPF is lowered by the additional government expenses but is also getting steeperthanks to the same government expenses.(b) From previous results, we know that output increases with the increase in government expenses.This is now reinforced as G increases production efficiency. Regarding consumption and leisure, without this new effect, we obtained that an increase in G lead to a negative income effect andthus to decreases in both consumption and leisure. But as the real wage went down, there wasalso a substitution effect leading to an additional decrease in consumption and increase in leisure.The new effect on the production function adds opposite effects: a positive income effect and awage increase, thus possibly reversing, or not, anything that was concluded without the impact ofG on production.50 Williamson • Macroeconomics, Fourth Edition10. We need to analyze each case separately. Start with the good equilibrium. As government expensesincrease, more tax revenue needs to be raised, and thus the tax rate needs to be increased. As shown in the figure below, this tilts down the linear PPF. The new equilibrium leads to a lower indifferencecurve. This leads to a negative income effect and a lower wage (remember, it is z(1 − t)), thus asubstitution effect. The income effect lowers consumption and leisure, the substitution effectdecreases consumption and increases leisure. All in all, consumption is lower and leisure is higher, as we know that the substitution effect dominates the income effect. This means that the labor supply is reduced, and thus equilibrium labor and output.The story is different in the bad equilibrium. To increase tax revenue, one needs to reduce the tax rate.Then all the changes discussed above are exactly in the opposite direction.11. We know from previous analysis that an improvement in total factor productivity pushes up the PPF,and thus leads to an increase in consumption, a decrease in leisure, and thus an increase in thequantity of labor supplied. This increases the tax base, and thus allows a reduced tax rate to achieve the same tax revenue, or in other words, it pushes the left portion of the Laffer curve to the left. The reduction in the tax rate has then a further impact on the variables of interest: as we saw in question 7, first part with a reversal of all signs: consumption increases even more and leisure decrease yet more, leading to an even higher quantity of labor. All in all, as both labor and total factor productivityincrease, output increases.。

经济学经典书目

全部图书(53)1. 经济学原理（上下）作者: [美] 曼昆出版社: 机械工业出版社评语: 入门级别2. 经济学作者: (美)保罗﹒萨缪尔森/（美）诺德豪斯出版社: 人民邮电出版社评语: 入门级别3. 经济学（上下册）（第三版）作者: （美）约瑟夫.E.斯蒂格利茨（Joseph E. Stiglitz）等出版社: 中国人民大学出版社评语: 入门级别4. 微观经济学作者: 平狄克出版社: 中国人民大学评语: 基础级别5. 微观经济学作者: 周惠中出版社: 上海人民出版社评语: 基础级别6. 微观经济学作者: （美）哈尔.R.范里安出版社: 上海人民出版社评语: 基础级别7. 宏观经济学作者: N·格里高利·曼昆出版社: 中国人民大学出版社评语: 基础级别8. 宏观经济学作者: [美] 多恩布什、费希尔、斯塔兹出版社: 中国人民大学出版社评语: 基础级别9. 国际经济学作者: Dominick Salvatore出版社: 清华大学出版社评语: 基础级别10. 国际经济学作者: [美] 保罗·克鲁格曼/茅瑞斯·奥伯斯法尔德出版社: 中国人民大学出版社评语: 基础级别11. 数理经济学的基本方法作者: (美)蒋中一;(凯尔文.温赖特出版社: 北京大学出版社评语: 基础级别12. 金融学作者: (美)博迪/莫顿出版社: 中国人民大学出版社评语: 基础级别13. 财政学作者: [美]哈维·S·罗出版社: 中国人民大学出版社评语: 基础级别14. 货币金融学作者: 弗雷德里克·S·米什金出版社: 中国人民大学出版社评语: 基础级别15. 数学分析原理作者: （美）Walter Rudin出版社: 机械工业出版社评语: 基础级别16. 概率论基础教程作者: 罗斯出版社: 人民邮电出版社评语: 基础级别17. 线性代数及其应用作者: （美）莱（Lay D.C.）出版社: 机械工业出版社评语: 基础级别18. Statistical Inference作者: George Casella/Roger L. Berger出版社: China Machine Press评语: 很经典的统计教材19. 数理金融初步作者: 罗斯出版社: 机械工业出版社评语: 基础级别20. Econometrics作者: Fumio Hayashi出版社: Princeton University Press评语: 提高级别--理论计量经济学经典教材21. Econometric Analysis (5th Edition)作者: William H. Greene出版社: Prentice Hall评语: 提高级别--应用计量经济学经典教材22. Econometric Analysis of Cross Section and Panel Data作者: Jeffrey M. Wooldridge出版社: The MIT Press评语: 提高级别23. Advanced Microeconomic Theory作者: Geoffrey A. Jehle/Philip J. Reny出版社: Addison Wesley评语: 提高级别--高微入门教材24. Microeconomic Analysis(Third Edition)作者: Hal R. Varian出版社: W. W. Norton & Company评语: 提高级别--高微基础教材25. Microeconomic Theory作者: Andreu Mas-Colell/Michael D. Whinston/Jerry R. Green 出版社: Oxford University Press, USA评语: 提高级别--哈佛教材，高微最顶尖教材26. Advanced Macroeconomics作者: David Romer出版社: McGraw-Hill/Irwin评语: 提高级别--高宏入门教材27. Recursive Macroeconomic Theory作者: Lars Ljungqvist/Thomas J. Sargent出版社: The MIT Press评语: 提高级别--高宏基础教材28. Recursive Methods in Economic Dynamics作者: Nancy L. Stokey/Robert E., Jr. Lucas/Edward C. Prescott 出版社: Harvard University Press评语: 提高级别---高宏最顶尖教材29. An Introduction to Game Theory作者: Martin J. Osborne出版社: Oxford University Press, USA评语: 提高级别--博弈论入门30. A Primer in Game Theory作者: Prof Robert Gibbons出版社: Financial Times/ Prentice Hall评语: 提高级别--博弈论基础加入购书单.31. Game Theory作者: Drew Fudenberg/Jean Tirole出版社: The MIT Press评语: 提高级别--博弈论最顶尖教材32. 经济学中的分析方法作者: 高山晟出版社: 中国人民大学出版社评语: 补充阅读33. 货币理论与政策作者: 卡尔·E·瓦什出版社: 中国人民大学出版社评语: 补充阅读34. 时间序列分析作者: (美)詹姆斯 D.汉密尔顿(James D.Hamilton)出版社: 北京-中国社会科学出版社评语: 补充阅读35. Advanced Calculus, Revised Edition作者: Loomis/Lynn H. Loomis出版社: Jones & Bartlett Publishers评语: 补充阅读36. Analysis作者: Elliott H. Lieb/Michael Loss出版社: Amer Mathematical Society评语: 补充阅读37. Topology作者: [美]James R.Munkres出版社: Prentice Hall评语: 补充阅读38. 金融数学作者: [美] Joseph Stampfli,VictorGoodmamn出版社: 机械工业出版社评语: 补充阅读39. Complex Analysis作者: Lars V. Ahlfors出版社: McGraw-Hill Science/Engineering/Math 评语: 补充阅读40. 泛函分析作者: 鲁丁出版社: 机械工业出版社评语: 补充阅读41. 实分析与复分析作者: 鲁丁出版社: 机械工业评语: 补充阅读42. 时间序列分析的小波方法作者: 珀西瓦尔出版社: 机械工业出版社评语: 补充阅读43. 数理统计与数据分析作者: 赖斯出版社: 机械工业出版社评语: 补充阅读44. 随机过程导论作者: [美] Edward P.C.Kao出版社: 机械工业出版社评语: 补充阅读45. 应用回归分析和其他多元方法作者: 克雷鲍姆出版社: 机械工业评语: 补充阅读46. 预测与时间序列(英文版第3版)/经典原版书库(平装) 作者: 鲍尔曼出版社: 机械工业出版社评语: 补充阅读47. 多元数据分析作者: 拉廷出版社: 机械工业出版社评语: 补充阅读48. 微分方程与边界值问题作者: 兹尔出版社: 机械工业出版社评语: 补充阅读49. 数学建模作者: [美] Frank R.Giordano,MauriceD.Weir,WilliamP.Fox出版社: 机械工业出版社评语: 补充阅读50. 离散数学及其应用作者: Kenneth H.Rosen出版社: 机械工业出版社评语: 补充阅读51. 组合数学教程作者: 范林特出版社: 机械工业出版社评语: 补充阅读52. 逼近论教程作者: （美）Ward Cheney,Will Light出版社: 机械工业出版社评语: 补充阅读53. 概率论及其在投资、保险、工程中的应用作者: 比恩(MichaelA.Bean)出版社: 机械工业出版社评语: 补充阅读经济学经典书目一、初级阶段阅读书目1.米尔顿.弗里德曼：《资本主义与自由》，张瑞玉译，商务印书馆正确熟悉什么是自由！什么是真正的自由主义！2.弗里德曼夫妇：《自由选择》，胡骑等译，朱泱校，商务印书馆。

斯蒂芬D威廉森宏观经济学第三版第九章Stephen D. Williamson's Macroeconomics, Third Edition chapter9

Copyright © 2008 Pearson Addison-Wesley. All rights reserved.
9-2
Real Intertemporal Model
• Current and future periods. • Representative Consumer – consumption/savings decision • Representative Firm – hires labor and invests in current period, hires labor in future • Government – spends and taxes in present and future, and borrows on the credit market.
9-22
The Representative Firm’s Investment Decision
The firm invests to the point where the marginal benefit from investment equals the marginal cost.
Copyright © 2008 Pearson Addison-Wesley. All rights reserved.
Copyright © 2008 Pearson Addison-Wesley. All rights reserved.
9-26
Equation 9.16
Simplified optimal investment rule:
Copyright © 2008 Pearson Addison-Wesley. All rights reserved.

宏观经济学斯蒂芬威廉森chap09

宏观经济学斯蒂芬威廉森chap09Macroeconomics, 3e (Williamson)Chapter 9 A Real Intertemporal Model with Investment1) A consumer may increase her saving byA) w orking more hours and consuming more goods in the present period.B) w orking more hours and consuming fewer goods in the present period.C) w orking fewer hours and consuming more goods in the present period.D) w orking fewer hours and consuming fewer goods in the present period.Answer: BQuestion Status: P revious Edition2) T he condition, MRS l,C=w, describes the representative consumer'sA) i nvestment decision.B) c onsumption - savings decision.C) c urrent period work - leisure decision.D) f uture period work - leisure decision.Answer: CQuestion Status: P revious Edition3) T he condition, MRS l',C'= w', describes the representative consumer'sA) i nvestment decision.B) c onsumption - savings decision.C) c urrent period work - leisure decision.D) f uture period work - leisure decision.Answer: D4) T he condition, MRS C,C'= 1 +r, describes the representative consumer'sA) i nvestment decision.B) c onsumption - savings decision.C) c urrent period work - leisure decision.D) f uture period work - leisure decision.Answer: BQuestion Status: P revious Edition5) T he assumption that current-period labor supply is positively related to the current-periodreal wage is justified as long as theA) i ncome effect dominates the substitution effect in the short run.B) i ncome effect dominates the substitution effect in the long run.C) s ubstitution effect dominates the income effect in the short run.D) s ubstitution effect dominates the income effect in the long run.Answer: CQuestion Status: P revious Edition6) T he intertemporal substitution of leisure effect is used to justify the assumption that currentlabor supply increases when theA) c urrent real wage increases.B) c urrent real wage decreases.C) r eal interest rate increases.D) r eal interest rate decreases.Answer: C7) W hen drawn against the current wage, the current labor supply shifts to the right ifA) c urrent taxes increase.B) f uture taxes decrease.C) f irms make more profits.D) t otal factor productivity increases.Answer: AQuestion Status: N ew8) A n increase in lifetime wealth is likely toA) i ncrease current labor supply and increase current consumption demand.B) i ncrease current labor supply and decrease current consumption demand.C) d ecrease current labor supply and increase current consumption demand.D) d ecrease current labor supply and decrease current consumption demand.Answer: CQuestion Status: P revious Edition9) A ny increase in the present value of taxes for the consumer impliesA) a n increase in lifetime wealth and an increase in current labor supply.B) a n increase in lifetime wealth and a decrease in current labor supply.C) a decrease in lifetime wealth and an increase in current labor supply.D) a decrease in lifetime wealth and a decrease in current labor supply.Question Status: P revious Edition10) A ny increase in the present value of dividends for the consumer impliesA) a n increase in lifetime wealth and an increase in current labor supply.B) a n increase in lifetime wealth and a decrease in current labor supply.C) a decrease in lifetime wealth and an increase in current labor supply.D) a decrease in lifetime wealth and a decrease in current labor supply.Answer: BQuestion Status: N ew11) T he assumption that current-period consumption demand is positively related to the realinterest rate is justified as long as theA) i ncome effect dominates the substitution effect.B) s ubstitution effect dominates the income effect.C) r epresentative consumer is a borrower.D) r epresentative consumer is a lender.Answer: BQuestion Status: P revious Edition12) T he demand for current consumption, as plotted against current income, shifts to the rightdue to all of the following exceptA) a decrease in current taxes.B) a decrease in future taxes.C) a n increase in current income.D) a n increase in future income.Question Status: P revious Edition13) T he demand for current consumption, as plotted against the interest rate, shifts to the rightdue to all of the following exceptA) a decrease in current taxes.B) a increase in future taxes.C) a n increase in current income.D) a n increase in future income.Answer: BQuestion Status: N ew14) T he marginal propensity to consume out of incomeA) i s larger than one.B) i s equal to one.C) i s smaller than one.D) v aries around one.Answer: CQuestion Status: N ew15) T he marginal propensity to consume helps explaining which stylized fact?A) p rocyclicality of consumptionB) t he lag of consumptionC) t he low relative volatility of consumptionD) c ountercyclical pricesAnswer: CQuestion Status: N ew16) N ext period's capital is equal to current-period investmentA) p lus the amount of current capital left over after depreciation.B) m inus the amount of current capital left over after depreciation.C) p lus the amount of current period depreciation.D) m inus the amount of current period depreciation.Answer: AQuestion Status: P revious Edition17) W hen drawn against the current real wage, the labor demand curve isA) u pward sloping because the marginal product of labor rises with the quantity of laboremployed.B) u pward sloping because the marginal product of labor declines with the quantity oflabor employed.C) d ownward sloping because the marginal product of labor rises with the quantity oflabor employed.D) d ownward sloping because the marginal product of labor declines with the quantity oflabor employed.Answer: DQuestion Status: P revious Edition18) W hen drawn against the current real wage, the labor demand curve shift to the right ifA) t he interest rate increases.B) c urrent taxes increase.C) t otal factor productivity increases.D) f uture capital increases.Answer: CQuestion Status: N ew19) I n determining the benefit of additional investment to the representative firm, we considerthe marginal product ofA) c urrent capital.B) f uture capitalC) c urrent labor.D) f uture labor.Answer: BQuestion Status: N ew20) T he marginal cost of investment for the firm is equal toA) 1.B) -1.C) M P'K .D) -MP'K .Answer: AQuestion Status: P revious Edition21) T he marginal cost of investment for the firm is equal toA) 1.B) 0.C) t he depreciation rate.D) t he depreciation rate plus the interest rate.Answer: AQuestion Status: N ew22) T he marginal benefit from investment for a firm is equal to A) '1(1)K MP d r +++. B) '1(1)K MP d r ?++. C) '1(1)K MP d r +?+. D) '1(1)K MP d r ??+. Answer: CQuestion Status: P revious Edition23) W hen drawn against the real interest rate, the optimal investment schedule shifts to the rightifA) c urrent total factor productivity z increases.B) c urrent total factor productivity z decreases.C) f uture total factor productivity z' increases.D) f uture total factor productivity z' decreases.Answer: CQuestion Status: P revious Edition24) F irms discount future profits at the interest rate r becauseA) i t is the interest rate on their debt.B) i t is the same rate as for households.C) R icardian equivalence holds.D) i t has to equal the marginal productivity of capital in equilibrium.Answer: BQuestion Status: N ew25) W hen drawn against the real interest rate, the optimal investment schedule shifts to the rightif theA) c urrent capital stock K increases.B) c urrent capital stock K decreases.C) f uture capital stock K' increases.D) f uture capital stock K' increases.Answer: BQuestion Status: P revious Edition26) I nvestment will be more variable if the real interest rate isA) m ore variable and future total factor productivity is morevariable.B) m ore variable and future total factor productivity is less variable.C) l ess variable and future total factor productivity is more variable.D) l ess variable and future total factor productivity is less variable.Answer: AQuestion Status: P revious Edition27) I f the interest rate goes up, what happens to the investment demand curve?A) I t shifts to the right.B) I t shift to the left.C) I t stays put.D) W e cannot tell.Answer: CQuestion Status: N ew28) L abor demand depends on the interest rate becauseA) h ousehold savings depend on the interest rate.B) f irms discount future profits.C) o f Ricardian equivalence.D) L abor demand actually does not depend on the interest rate.Answer: DQuestion Status: N ew29) W hen drawn against the real interest rate, the output supply curve is upward slopingbecause labor supply isA) i ncreasing in the real interest rate and labor demand is independent of the real interestrate.B) d ecreasing in the real interest rate and labor demand is independent of the real interestrate.C) i ndependent of the real interest rate and labor demand is increasing in the real interestrate.D) i ndependent of the real interest rate and labor demand is decreasing in the real interestrate.Answer: AQuestion Status: P revious Edition30) O utput supply is increasing in the interest rate becauseA) l abor demand is increasing in the interest rate.B) l abor demand is decreasing in the interest rate.C) l abor supply is increasing in the interest rate.D) l abor supply is decreasing in the interest rate.Answer: CQuestion Status: N ew31) W hen drawn against the real interest rate, the output supply curve unambiguously shifts tothe right if either or both of the following occur.A) a n increase in current government spending and an increase in future governmentspendingB) a n increase in current government spending and a decrease in future governmentspendingC) a decrease in current government spending and an increase in future governmentspendingD) a decrease in current government spending and a decrease in future governmentspendingAnswer: AQuestion Status: P revious Edition32) W hen drawn against the real interest rate, the output supply curve unambiguously shifts tothe right ifA) c urrent capital decreases.B) c urrent total factor productivity decreases.C) f uture total factor productivity decreases.D) c urrent or future taxes increase.Answer: DQuestion Status: N ew33) W hen drawn against the real interest rate, output supply increases ifA) c urrent government expenses increase.B) f uture government expenses increase.C) c urrent total factor productivity increases.D) t he money supply increases.Answer: CQuestion Status: N ew34) W hen drawn against the real interest rate, output supply increases ifA) t he present value of taxes decreases.B) c urrent capital increases.C) t he interest rate decreases.D) f uture total productivity increases.Answer: BQuestion Status: N ew35) I n a model with money neutrality, how much should the money supply be increased toobtain a 1% increase in nominal output?A) -1%B) b etween 0 and 1%C) 1%D) I t cannot be done.Answer: CQuestion Status: N ew36) I n a model with money neutrality, how much should the money supply be increased toobtain a 1% increase in real output?A) -1%B) b etween 0 and 1%C) 1%D) I t cannot be done.Answer: DQuestion Status: N ew37) When drawn against current income, the slope of the Cd (r) + l d (r) + G curve is equal to themarginalA) p roduct of capital.B) p roduct of labor.C) p ropensity to consume.D) p ropensity to save.Answer: CQuestion Status: P revious Edition38) W hen drawn against the real interest rate, the output demand curve unambiguously shiftsto the right if either or both of the following occur.A) a n increase in current taxes and an increase in future taxesB) a n increase in current taxes and a decrease in future taxesC) a decrease in current taxes and an increase in future taxesD) a decrease in current taxes and a decrease in future taxesAnswer: DQuestion Status: P revious Edition39) W hen drawn against the real interest rate, output demand increases ifA) c urrent government expenses increase.B) f uture government expenses increase.C) c urrent taxes increase.D) f uture taxes increase.Answer: AQuestion Status: N ew40) W hen drawn against the real interest rate, the output demand curve unambiguously shiftsto the right ifA) c urrent capital decreases.B) c urrent total factor productivity decreases.C) f uture total factor productivity decreases.D) c urrent or future taxes increase.Answer: AQuestion Status: N ew41) W hich of these curves is directly affected by a change in current capital?A) o utput demandB) o utput supplyC) l abor supplyD) c onsumption demandAnswer: BQuestion Status: N ew42) W hen drawn against the real interest rate, the output demand curve shifts to the right whenA) c urrent total factor productivity z increases.B) c urrent total factor productivity z decreases.C) f uture total factor productivity z' increases.D) f uture total factor productivity z' decreases.Answer: CQuestion Status: P revious Edition43) A temporary increase in government spending that leads to only a small decline in lifetimewealth likely shifts the aggregate demand curve to theA) r ight by more than the rightward shift in aggregate supply.B) r ight by less than the rightward shift in aggregate supply.C) l eft by more than the leftward shift in aggregate supply.D) l eft by less than the leftward shift in aggregate supply.Answer: AQuestion Status: P revious Edition44) A change in current government expenses induces a direct shift in which curve?A) l abor supplyB) l abor demandC) a ggregate supplyD) a ggregate demandAnswer: DQuestion Status: N ew45) A ny increase in the present value of taxes impliesA) a n increase in lifetime wealth and an increase in the current labor supply.B) a n increase in lifetime wealth and a decrease in the current labor supply.C) a decrease in lifetime wealth and an increase in the current labor supply.D) a decrease in lifetime wealth and a decrease in the current labor supply.Answer: CQuestion Status: N ew46) I n response to a temporary increase in government spending, the representative consumerconsumesA) m ore and takes more leisure.B) m ore and takes less leisure.C) l ess and takes more leisure.D) l ess and takes less leisure.Answer: DQuestion Status: P revious Edition47) T he equilibrium effects of a temporary increase in government spending includeA) a n increase in the real wage and an increase in the real interest rate.B) a n increase in the real wage and a decrease in the real interest rate.C) a decrease in the real wage and an increase in the real interest rate.D) a decrease in the real wage and a decrease in the real interest rate.Answer: CQuestion Status: P revious Edition48) T he equilibrium effects of an anticipated increase infuture government spending includeA) a n increase in the real wage and an increase in the real interest rate.B) a n increase in the real wage and a decrease in the real interest rate.C) a decrease in the real wage and an increase in the real interest rate.D) a decrease in the real wage and a decrease in the real interest rate.Answer: DQuestion Status: P revious Edition49) I n response to a permanent increase in government spending, the permanent incomehypothesis would suggest that, to a first approximation, consumption demand shouldA) b e unaffected.B) f all by less than the increase in government spending.C) f all exactly as much as the increase in government spending.D) f all by more than the increase in government spending.Answer: CQuestion Status: P revious Edition50) A ccording to S. Rao Aiyagari, Lawrence Christiano and Martin Eichenbaum, outputA) i ncreases more with a temporary increase in government spending than with apermanent increase in government spending.B) i ncreases less with a temporary increase in government spending than with apermanent increase in government spending.C) d ecreases more with a temporary increase in government spending than with apermanent increase in government spending.D) d ecreases less with a temporary increase in government spending than with apermanent increase in government spending.Answer: BQuestion Status: P revious Edition51) A likely explanation for the extremely large reduction in investment spending during WorldWar II would beA) t he extremely large increase in output during the period.B) t he extremely large increase in real interest rates during the period.C) t hat consumption spending fell very little.D) t hat there was much government control over prices and the distribution of rawmaterials during the period.Answer: DQuestion Status: P revious Edition52) T he response of output following a natural disaster includesA) a n increase in aggregate demand and an increase in aggregate supply.B) a n increase in aggregate demand and a decrease in aggregate supply.C) a decrease in aggregate demand and an increase in aggregate supply.D) a decrease in aggregate demand and a decrease in aggregate supply.Answer: BQuestion Status: P revious Edition53) T he equilibrium effects of a temporary increase in total factor productivity includeA) a n increase in the real wage and an increase in the real interest rate.B) a n increase in the real wage and a decrease in the real interest rate.C) a decrease in the real wage and an increase in the real interest rate.D) a decrease in the real wage and a decrease in the real interest rate.Answer: BQuestion Status: P revious Edition54) H ow many of the following business cycle facts can be explained if the primary cause ofbusiness cycles is temporary changes in total factor productivity: procyclical consumption, procyclical investment, procyclical employment, and procyclical real wages?A) o neB) t woC) t hreeD) f ourAnswer: DQuestion Status: P revious Edition55) T he equilibrium effects of a prospective future increase in total factor productivity includeA) a n increase in the real wage and an increase in the real interest rate.B) a n increase in the real wage and a decrease in the realinterest rate.C) a decrease in the real wage and an increase in the real interest rate.D) a decrease in the real wage and a decrease in the real interest rate.Answer: CQuestion Status: P revious Edition56) I f future total factor productivity increasesA) l abor demand increases.B) g overnment expenses increase.C) c onsumption demand decreases.D) i nvestment demand increases.Answer: DQuestion Status: N ew57) I f consumption demand increases and the labor supply decreases, it must be thatA) t he real wage increases and the interest rate increases.B) t he real wage increases and the interest rate decreases.C) t he real wage decreases and the interest rate increases.D) t he real wage decreases and the interest rate decreases.Answer: BQuestion Status: N ew58) I f consumption demand increases and the labor supply decreases,A) o utput increases.B) o utput decreases.C) o utput does not change.D) o utput may change either way.Answer: DQuestion Status: N ew59) W hat could result in an increase of consumption demand and a decrease in the laborsupply?A) a drop in current taxesB) a n increase in future taxesC) a decrease in total factor productivityD) a n increase in government expensesAnswer: AQuestion Status: N ew60) I n the business cycle models we looked at so far, we assumed that prices (w and r) wereA) c ompletely flexible.B) s omewhat flexible.C) r igid.D) e xogenous.Answer: AQuestion Status: N ew61) I n general equilibriumA) s upply equals demand for all goods in all periods.B) s upply equals demand for most goods in all periods.C) s upply equals demand in present value, but not in all periods.D) p rices are exogenous.Answer: AQuestion Status: N ew。

威廉·诺德豪斯对空间经济学的贡献

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赵作权：威廉 · 诺德豪斯对空间经济学的贡献
济活动的跨区域流动？从全球平均气温角度来看，像美国、中国这样的地理大国南北跨度很大，气温差别也很大，因此使用国家尺度的平均气温很难反映气温的显著空间差异，也很难准确地评估大尺度地理空间上基于平均值的气温变化对经济活动的影响。那么，如何界定更合理的计量气温的空间尺度？从全球气温与经济产出的关系角度来看，如何建立气候与经济相互作用、相统一的空间结构模型？特别是全球平均气温的年度变化微乎其微，如何准确地评估全球平均气温上升对全球经济产出的损害？同时，许多落后国家根本没有宏观经济统计数据，更没有区域经济统计数据，如何获得这些国家经济活动的区域数据？这些问题是诺德豪斯从事全球气候经济学理论研究必须解决的问题，也是传统经济学找不到答案的问题。他建立的ＲＩＣＥ模型与开展的Ｇ－世纪７０年代初期开展全球气候变化经济学研究所面临的理论、方法与数据等方面的挑战都是十分巨大的，特别是如何将全球气候变化的自然要素与空间因素同时纳入经济增长模型，这是他直至１９９４年才建立一个以ＤＩＣＥ为代表、完整的气候－经济理论模型的原因。不过ＤＩＣＥ模型并没有包括任何全球尺度的空间因素。从全球气候变化政策角度来看，温室气体减排是国家层面的事情，如何将全球所有的国家纳入气候－经济模型？如何考虑全球经济的区域结构与经
近２０多年来，空间（包括区域）一直是诺德豪斯在气候变化经济分析与模型中关注的重要因素（见图１）。其中，１９９６年是值得纪念的一年，他与合作者创建了包括多区域的气候－经济综合模型即ＲＩＣＥ模型，同时开启了探索全球经济活动格局的ＧＥｃｏｎ研究项目———一个以地球经纬度栅格（１经度×１纬度）为观测单元，以地理信息系统软件为技术支撑，探讨地理气候、经济的空间异质性以及气候变化与经济产出关系的研究项目。在此之前的１９９４年，他与合作者分析了气温升高对美国３０００多个县域经济的影响。在此之后（２０００－２０１５年），他在ＲＩＣＥ模型拓展与应用方面开展了大量的研究工作，分别建立了ＲＩＣＥ－９９模型、ＲＩＣＥ－２０１０模型与ＣＤＩＣＥ模型，对全球气温升高的影响情景提出了新的估计，并探讨了全球各国气候政策体系的可能效果。同时，他的ＧＥｃｏｎ项目显

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Chapter 3
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Topics in Macroeconomics
Introduction Comovement Business Cycle Facts
Cyclicality Leading/Lagging Relationship Variability
Scatter Plots of x and y
Chapter 3
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Topics in Macroeconomics
Introduction Comovement Business Cycle Facts
Regularities in GDP Fluctuations
Ideal Business Cycles
Chapter 3
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Topics in Macroeconomics
Chapter 3
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Topics in Macroeconomics
Introduction Comovement Business Cycle Facts
Cyclicality Leading/Lagging Relationship Variability
Outline
Introduction Regularities in GDP Fluctuations Comovement Cyclicality Leading/Lagging Relationship Variability Business Cycle Facts The Components of GDP: C and I Nominal Variables: P and M Labour Market Variables: E, RW and LP
Chapter 3
10/30
Topics in Macroeconomics
Introduction Comovement Business Cycle Facts
Cyclicality Leading/Lagging Relationship Variability
Correlation Coefﬁcient
Business Cycle Measurement
Chapter 3
Topics in Macroeconomics 2
Economics Division University of Southampton
February 2011
Chapter 3
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Topics in Macroeconomics
Chapter 3
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Topics in Macroeconomics
Introduction Comovement Business Cycle Facts
Cyclicality Leading/Lagging Relationship Variability
Imports and GDP
Chapter 3
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Topics in Macroeconomics
Introduction Comovement Business Cycle Facts
Cyclicality Leading/Lagging Relationship Variability
Outline
Introduction Regularities in GDP Fluctuations Comovement Cyclicality Leading/Lagging Relationship Variability Business Cycle Facts The Components of GDP: C and I Nominal Variables: P and M Labour Market Variables: E, RW and LP
Chapter 3
7/30
Topics in Macroeconomics
Introduction Comovement Business Cycle Facts
Cyclicality Leading/Lagging Relationship Variability
Time Series Plots of x and y
Introduction Comovement Business Cycle Facts
Regularities in GDP Fluctuations
Regularities in GDP Fluctuations
Features of Business Cycles: Deviations from trend in real GDP are persistent The time series of deviations from trend in real GDP is quite choppy There is no regularity in the amplitude of ﬂuctuations in real GDP There is no regularity in the frequency of ﬂuctuations in real GDP about trend
Chapter 3
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Topics in Macroeconomics
Introduction Comovement Business Cycle Facts
Cyclicality Leading/Lagging Relationship Variability
GDP and Index of Leading Indicators
Chapter 3
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Topics in Macroeconomics
Introduction Comovement Business Cycle Facts
Cyclicality Leading/Lagging Relationship Variability
Cyclicality
An economic variable is said to be: Procyclical if its deviations from trend are positively correlated with the deviations from trend in real GDP - the two series move in the same direction Countercyclical if its deviations from trend are negatively correlated with the deviations from trend in real GDP - the two series move in opposite directions Acyclical if it is neither procyclical or countercyclical
Chapter 3
17/30
Topics in Macroeconomics
Introduction Comovement Business Cycle ing/Lagging Relationship Variability
Outline
Introduction Regularities in GDP Fluctuations Comovement Cyclicality Leading/Lagging Relationship Variability Business Cycle Facts The Components of GDP: C and I Nominal Variables: P and M Labour Market Variables: E, RW and LP
Chapter 3
15/30
Topics in Macroeconomics
Introduction Comovement Business Cycle Facts
Cyclicality Leading/Lagging Relationship Variability
Leading and Lagging Variables
Introduction Comovement Business Cycle Facts
Regularities in GDP Fluctuations
Percentage Deviations from Trend in Real GDP
Chapter 3
5/30
Topics in Macroeconomics
An economic variable is said to be: A leading variable if it tends to aid in predicting the future path of real GDP A lagging variable, if real GDP helps predict the future path of the variable A coincident variable if it neither leads nor lags real GDP
Chapter 3
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Topics in Macroeconomics
Introduction Comovement Business Cycle Facts
Cyclicality Leading/Lagging Relationship Variability
Scatter Plot of Imports and GDP
Chapter 3
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Topics in Macroeconomics
Introduction Comovement Business Cycle Facts