(整理)布兰查德《宏观经济学》第五版课后题答案

ANSWERS TO END-OF-CHAPTER PROBLEMSCHAPTER 1Quick Check1. a. True.b. True.c. False.d. False/uncertain. The rate of growth was higher during the decade beginning in 1996 than duringthe previous two decades, but it is probably unrealistic to expect productivity to continue to growat such a fast pace.e. False. There are problems with the statistics, but the consensus is that growth in China has beenhigh.f. False. The European “unemployment miracle” refers to the relatively low Europ eanunemployment rate in the 1960s and the early 1970s.g. True.h. True.2. a. More flexible labor market institutions may lead to lower unemployment, but there are questionsabout how precisely to restructure these institutions. The United Kingdom has restructured itslabor market institutions to resemble more closely U.S. institutions and now has a lowerunemployment rate than before the restructuring. On the other hand, Denmark and theNetherlands have relatively low unemployment rates while maintaining relatively generous socialinsurance programs for workers.In addition, some economists argue that tight monetary policy has at least something to do withthe high unemployment rates in Europe.b. Although the Euro will remove obstacles to free trade between European countries, each countrywill be forced to give up its own monetary policy.Dig Deeper3. a. The Chinese government has encouraged foreign firms to produce in China. Since foreign firmsare typically more productive than Chinese firms, the presence of foreign firms has lead to anincrease in Chinese productivity. The Chinese government has also encouraged joint venturesbetween foreign and Chinese firms. These joint ventures allow Chinese firms to learn from moreproductive foreign firms.b. The recent increase in U.S. productivity growth has been a result of the development andwidespread use of information technologies.c. The United States is a technological leader. Much of U.S. productivity growth is related to thedevelopment of new technologies. China is involved in technological catch-up. Much of Chineseproductivity growth is related to adopting existing technologies developed abroad.d. It’s not clear to what extent China provides a model for o ther developing countries. Highinvestment seems a good strategy for countries with little capital, and encouraging foreign firmsto produce (and participate in joint ventures) at home seems a good strategy for countries tryingto improve productivity. On the other hand, the degree to which China’s centralized political control has been important in managing the pace of the transition and in protecting property rightsof foreign firms remains open to question.4. a. 10 years: (1.018)10=1.195 or 19.5 % higher20 years: 42.9% higher50 years: 144% higherb. 10 years: 31.8 % higher20 years: 73.7 % higher50 years: 297.8% higherc. Take output per worker as a measure of the standard of living.10 years: 1.195/1.318=1.103, so the standard of living would be 10.3% higher;20 years: 21.6 % higher50 years: 63% higherd. No. Labor productivity growth fluctuates a lot from year to year. The last few years mayrepresent good luck. It is too soon to tell whether there has been a change in the trend observed since 1970.5. a. 13.2(1.034)t=2.8(1.088)tt = ln(13.2/2.8)/[ln(1.088/1.034)]t ≈ 30.5 yrsThis answer can be confirmed with a spreadsheet, for students unfamiliar with the use oflogarithms.b. No. At current growth rates, Chinese output will exceed U.S. output within 31 years, but Chineseoutput per person (the Chinese standard of living) will still be less than U.S. output per person. Explore Further6. a/c. As of February 2008, there had been 5 recessions (according to the traditional definition) since1960. Seasonally-adjusted annual percentage growth rates of GDP (in chained 2000 dollars) are given below.1969:4 -1.9 1981:4 -4.91970:1 -0.7 1982:1 -6.41974:3 -3.8 1990:4 -3.01974:4 -1.6 1991:1 -2.01975:1 -4.71980:2 -7.81980:3 -0.7With respect to the note on 2001, the growth rates for 2001 are given below.2001:1 -0.5%2001:2 1.2%2001:3 -1.4%2001:4 1.6%7. a-b. % point increase in the unemployment rate for the 5 recessions1969-70 0.7 1981-82 1.11974-75 3.1 1990-91 0.91980 0.6The unemployment rate increased by 1.5 percentage points between January 2001 andJanuary 2002.CHAPTER 2Quick Check1. a. True.b. True/Uncertain. Real GDP increased by a factor of 25; nominal GDP increased by afactor of 21. Real GDP per person increased by a factor of 4.c. False.d. True.e. False. The level of the CPI means nothing. The rate of change of the CPI is one measureof inflation.f. Uncertain. Which index is better depends on what we are trying to measure—inflationfaced by consumers or by the economy as a whole.g. False. The underground economy is large, but by far the majority of the measuredunemployed in Spain are not employed in the underground economy.2. a. No change. This transaction is a purchase of intermediate goods.b. +$100: personal consumption expendituresc. +$200 million: gross private domestic fixed investmentd. +$200 million: net exportse. No change. The jet was already counted when it was produced, i.e., presumably whenDelta (or some other airline) bought it new as an investment.3. a. The value of final goods =$1,000,000, the value of the silver necklaces.b. 1st Stage: $300,000. 2nd Stage: $1,000,00-$300,000=$700,000.GDP: $300,000+$700,000=$1,000,000.c. Wages: $200,000 + $250,000=$450,000.Profit: ($300,000-$200,000)+($1,000,000-$250,000-300,000)=$100,000+$450,000=$550,000.GDP: $450,000+$550,000=$1,000,000.4. a. 2006 GDP: 10($2,000)+4($1,000)+1000($1)=$25,0002007 GDP: 12($3,000)+6($500)+1000($1)=$40,000Nominal GDP has increased by 60%.b. 2006 real (2006) GDP: $25,0002007 real (2006) GDP: 12($2,000)+6($1,000)+1000($1)=$31,000Real (2006) GDP has increased by 24%.c. 2006 real (2007) GDP: 10($3,000)+4($500)+1,000($1)=$33,0002007 real (2007) GDP: $40,000.Real (2007) GDP has increased by 21.2%.d. The answers measure real GDP growth in different units. Neither answer is incorrect,just as measurement in inches is not more or less correct than measurement in centimeters.5. a. 2006 base year:Deflator(2006)=1; Deflator(2007)=$40,000/$31,000=1.29Inflation=29%b. 2007 base year:Deflator(2006)=$25,000/$33,000=0.76; Deflator(2007)=1Inflation=(1-0.76)/0.76=.32=32%c. Analogous to 4d.6. a. 2006 real GDP = 10($2,500) + 4($750) + 1000($1) = $29,0002007 real GDP = 12($2,500) + 6($750) + 1000($1) = $35,500b. (35,500-29,000)/29,000 = .224 = 22.4%c. Deflator in 2006=$25,000/$29,000=.86Deflator in 2007=$40,000/$35,500=1.13Inflation = (1.13 -.86)/.86 = .31 = 31%.d. Yes, see appendix for further discussion.Dig Deeper7. a. The quality of a routine checkup improves over time. Checkups now may include EKGs,for example. Medical services are particularly affected by this problem since there arecontinual improvements in medical technology.b. The new method represents a 10% quality increase.c. There is a 5% true price increase. The other 10% represents a quality increase. Thequality-adjusted price of checkups using the new method is only 5% higher thancheckups using the old method last year.d. You need to know the relative value of pregnancy checkups with and without ultra-sounds in the year the new method is introduced. Still, since everyone chooses the newmethod, we can say that the quality-adjusted price of checkups has risen by less than 15%.Some of the observed 15% increase represents an increase in quality.8. a. Measured GDP increases by $10+$12=$22. (Strictly, this involves mixing the finalgoods and income approaches to GDP. Assume here that the $12 per hour of workcreates a final good worth $12.)b. No. The true value of your decision to work should be less than $22. If you choose towork, the economy produces the value of your work plus a takeout meal. If you choosenot to work, presumably the economy produces a home-cooked meal. The extra outputarising from your choice to work is the value of your work plus any difference in valuebetween takeout and home-cooked meals. In fact, however, the value of home-cookedmeals is not counted in GDP. (Of course, there are other details. For example, the valueof groceries used to produce home-cooked meals would be counted in GDP. Putting suchdetails aside, however, the basic point is clear.)Explore Further9. a. Quarters 2000:III, 2001:I, and 2001:III had negative growth.b. The unemployment rate increased after 2000, peaked in 2003, and then began to fall. Theparticipation rate fell steadily over the period—from 67.1% in 2000 to 66% in 2004.Presumably, workers unable to find jobs became discouraged and left the labor force.c. Employment growth slowed after 2000. Employment actually fell in 2001. Theemployment-to-population ratio fell between 2000 and 2004.d. It several years after the recession for the labor market to recover.CHAPTER 3Quick Check1. a. True.b. False. Government spending excluding transfers was 19% of GDP.c. False. The propensity to consume must be less than one for our model to make sense.d. True.e. False.f. False. The increase in output is one times the multiplier.g. False.2. a. Y=160+0.6(Y-100)+150+150Y=1000b. Y D=Y-T=1000-100=900c. C=160+0.6(900)=7003. a. Equilibrium output is 1000. Total demand=C+I+G=700+150+150=1000. Total demandequals production. We used this equilibrium condition to solve for output.b. Output falls by (40 times the multiplier) = 40/(1-.6)=100. So, equilibrium output is now900. Total demand=C+I+G=160+0.6(800)+150+110=900. Again, total demand equalsproduction.c. Private saving=Y-C-T=900-160-0.6(800)-100=160. Public saving =T-G=-10. Nationalsaving (or in short, saving) equals private plus public saving, or 150. National savingequals investment. This statement is mathematically equivalent to the equilibriumcondition, total demand equals production. In other words, there is an alternative (andequivalent) equilibrium condition: national saving equals investment.Dig Deeper4. a. Y increases by 1/(1-c1)b. Y decreases by c1/(1-c1)c. The answers differ because spending affects demand directly, but taxes affect demandindirectly through consumption, and the propensity to consume is less than one.d. The change in Y equals 1/(1-c1) - c1/(1- c1)=1. Balanced budget changes in G and T arenot macroeconomically neutral.e. The propensity to consume has no effect because the balanced budget tax increase abortsthe multiplier process. Y and T both increase by one unit, so disposable income, andhence consumption, do not change.5. a. Y=c0+c1Y D+I+G impliesY=[1/(1-c1+c1t1)][c0-c1t0+I+G]b. The multiplier=1/(1-c1+c1t1)<1/(1-c1), so the economy responds less to changes inautonomous spending when t1is positive. After a positive change in autonomousspending, the increase in total taxes (because of the increase in income) tends to lessenthe increase in output. After a negative change in autonomous spending, the fall in totaltaxes tends to lessen the decrease in output.c. Because of the automatic effect of taxes on the economy, the economy responds less tochanges in autonomous spending than in the case where taxes are independent of income.Since output tends to vary less (to be more stable), fiscal policy is called an automaticstabilizer.6. a. Y=[1/(1-c1+c1t1)][c0-c1t0+I+G]b. T = t0 + t1[1/(1-c1+c1t1)][c0-c1t0+I+G]c. Both Y and T decrease.d. If G is cut, Y decreases even more. A balanced budget requirement amplifies the effectof the decline in c0. Therefore, such a requirement is destabilizing.7. a. In the diagram representing goods market equilibrium, the ZZ line shifts up. Outputincreases.b. There is no effect on the diagram or on output.c. The ZZ line shifts up and output increases. Effectively, the income transfer increases thepropensity to consume for the economy as a whole.d. The propensity to consume is likely to be higher for low-income taxpayers. Therefore,tax cuts will be more effective at stimulating output if they are directed toward low-income taxpayers.8. a. Y=C+I+GY=[1/(1-c1-b1)]*[c0-c1T+b0+G]b. Including the b1Y term in the investment equation increases the multiplier. Increases inautonomous spending now create a multiplier effect through two channels: consumptionand investment. For the multiplier to be positive, the condition c1+b1<1 is required.c. Output increases by b0 times the multiplier. Investment increases by the change in b0plus b1 times the change in output. The change in business confidence leads to anincrease in output, which induces an additional increase in investment. Since investmentincreases, and saving equals investment, saving must also increase. The increase inoutput leads to an increase in saving.Explore Further9. a. Output will fall.b. Since output falls, investment will also fall. Public saving will not change. Privatesaving will fall, since investment falls, and investment equals saving. Since output andconsumer confidence fall, consumption will also fall.c. Output, investment, and private saving would have risen.d. Clearly this logic is faulty. When output is low, what is needed is an attempt byconsumers to spend more. This will lead to an increase in output, andtherefore—somewhat paradoxically—to an increase in private saving. Note, however,that with a linear consumption function, the private saving rate (private saving divided byoutput) will fall when c0 rises.10. Answers will vary depending on when students visit the website.CHAPTER 4Quick Check1. a. False.b. False.c. False. Money demand describes the portfolio decision to hold wealth in the form ofmoney rather than in the form of bonds. The interest rate on bonds is relevant to thisdecision.d. True.e. False.f. False.g. True.h. True.2. a. i=0.05: money demand = $18,000i=0.10: money demand = $15,000b. Money demand decreases when the interest rate increases because bonds, which payinterest, become more attractive.c. The demand for money falls by 50%.d. The demand for money falls by 50%.e. A 1% increase (decrease) in income leads to a 1% increase (decrease) in money demand.This effect is independent of the interest rate.3. a. i=100/$P B–1; i=33%; 18%; 5% when $P B =$75; $85; $95.b. When the bond price rises, the interest rate falls.c. $P B=100/(1.08) ≈ $934. a. $20=M D=$100(.25-i)i=5%b. M=$100(.25-.15)M=$10Dig Deeper5. a. B D = 50,000 - 60,000 (.35-i)If the interest rate increases by 10 percentage points, bond demand increases by $6,000.b. An increase in wealth increases bond demand, but has no effect on money demand, whichdepends on income (a proxy for transactions demand).c. An increase in income increases money demand, but decreases bond demand, since weimplicitly hold wealth constant.d. First of all, the use of “money” in this statement is colloquial. “Income” should besubstituted for “money.” Second, when people earn more income, their wealth does notchange right away. Thus, they increase their demand for money and decrease theirdemand for bonds.6. Essentially, the reduction in the price of the bond makes it more attractive. A bond promisesfixed nominal payments. The opportunity to receive these fixed payments at a lower price makesa bond more attractive.7. a. $16 is withdrawn on each trip to the bank.Money holdings are $16 on day one; $12 on day two; $8 on day three; and $4 on dayfour.b. Average money holdings are ($16+$12+$8+$4)/4=$10.c. $8 is withdrawn on each trip to the bank.Money holdings are $8, $4, $8, and $4.d. Average money holdings are $6.e. $16 is withdrawn on each trip to the bank. Money holdings are $0, $0, $0, and $16.f. Average money holdings are $4.g. Based on these answers, ATMs and credit cards have reduced money demand.8. a. All money is in checking accounts, so demand for central bank money equals demand forreserves. Therefore, demand for central bank money=0.1($Y)(.8-4i).b. $100B = 0.1($5,000B)(.8-4i)i=15%c. Since the public holds no currency,money multiplier = 1/reserve ratio = 1/.1=10.M=(10)$100B=$1,000BM= M d at the interest derived in part (b).d. If H increases to $300B the interest rate falls to 5%.e. The interest rate falls to 5%, since when H equals $300B, M=(10)$300B=$3,000B.9. The money multiplier is 1/[c+θ(1-c)], where c is the ratio of currency to deposits and θ is the ratioof reserves to deposits. When c increases, as in the Great Depression, the money multiplier falls. Explore Further10. Answers will vary depending on when students visit the FOMC website.CHAPTER 5Quick Check1. a. True.b. True.c. False.d. False. The balanced budget multiplier is positive (it equals one), so the IS curve shiftsright.e. False.f. Uncertain. An increase in government spending leads to an increase in output (whichtends to increase investment), but also to an increase in the interest rate (which tends toreduce investment).g. True.2. a. Y=[1/(1-c1)][c0-c1T+I+G]The multiplier is 1/(1-c1).b. Y=[1/(1-c1-b1)][c0-c1T+b0-b2i+G]The multiplier is 1/(1-c1-b1). Since the multiplier is larger than the multiplier in part (a),the effect of a change in autonomous spending is bigger than in part (a). An increase inautonomous spending now leads to an increase in investment as well as consumption.c. Substituting for the interest rate in the answer to part (b),Y=[1/(1-c1-b1+b2d1/d2)][c0-c1T+b0+(b2/d2)(M/P)+G].The multiplier is 1/(1-c1-b1+b2d1/d2).d. The multiplier is greater (less) than the multiplier in part (a) if (b1-b2d1/d2) is greater (less)than zero. The multiplier as measured in part (c) measures the marginal effect of anincrease in autonomous spending on equilibrium output. As such, the multiplier is thesum of two effects: a direct effect of output on demand and an indirect effect of outputon demand via the interest rate. The direct effect is equivalent to the horizontal shift ofthe IS curve. The indirect effect depends on the slope of the LM curve (since theequilibrium moves along the LM curve in response to a shift of the IS curve) and theeffect of the interest rate on investment demand.The direct effect is captured by the sum c1+b1, which measures the marginal effect of anincrease in output on the sum of consumption and investment demand. As this sumincreases, the multiplier gets larger.The indirect effect is captured by the expression b2d1/d2 and tends to reduce the size ofthe multiplier. The ratio d1/d2is the slope of the LM curve, and the parameter b2measures the marginal effect of an increase in the interest rate on investment. Note thatthe slope of the LM curve becomes larger as money demand becomes more sensitive toincome (i.e., as d1increases) and becomes smaller as money demand becomes moresensitive to the interest rate (i.e., as d2 increases).3. a. The IS curve shifts left. Output and the interest rate fall. The effect on investment isambiguous because the output and interest rate effects work in opposite directions: thefall in output tends to reduce investment, but the fall in the interest rate tends toincrease it.b. From the answer to 2(c), Y=[1/(1-c1-b1+b2d1/d2)][c0-c1T+b0+(b2/d2)(M/P)+G].c From the LM relation, i=Y(d1/d2)–(M/P)/d2.To obtain the equilibrium interest rate, substitute for equilibrium Y from part (b).d. I= b0+b1Y-b2i=b0+(b1-b2d1/d2)Y+(b2/d2)(M/P)To obtain equilibrium investment, substitute for equilibrium Y from part (b).e. From part (b), holding M/P constant, equilibrium Y decreases by [1/(1-c1-b1+b2d1/d2)]when G decreases by one unit. From part (d), holding M/P constant, I decreases by(b1- b2d1/d2)/(1-c1-b1+b2d1/d2) when G decreases by one unit. So, if G decreases by oneunit, investment will increase when b1<b2d1/d2.f. A fall in G leads to a fall in output (which tends to reduce investment) and to a fall in theinterest rate (which tends to increase investment). Therefore, for investment to increase,the output effect (b1) must be smaller than the interest rate effect (b2d1/d2).Note that the interest rate is the product of two factors: (i) d1/d2, the slope of the LM curve,which gives the effect of a one-unit change in equilibrium output on the interest rate, and(ii) b2, which gives the effect of a one-unit change in the equilibrium interest rate oninvestment.4. a. Y=C+I+G=200+.25(Y-200)+150+.25Y-1000i+250Y=1100-2000ib. M/P=1600=2Y-8000ii=Y/4000-1/5c. Substituting from part (b) into part (a) gives Y=1000.d. Substituting from part (c) into part (b) gives i=5%.e. C=400; I=350; G=250; C+I+G=1000f. Y=1040; i=3%; C=410; I=380. A monetary expansion reduces the interest rate andincreases output. Consumption increases because output increases. Investment increasesbecause output increases and the interest rate decreases.g. Y=1200; i=10%; C=450; I=350. A fiscal expansion increases output and the interest rate.Consumption increases because output increases. Investment is affected in two ways:the increase in output tends to increase investment, and the increase in the interest ratetends to reduce investment. In this example, these two effects exactly offset one another,and investment does not change.Dig Deeper5. Firms deciding how to use their own funds will compare the return on bonds to the return oninvestment. When the interest rate on bonds increases, bonds become more attractive, and firms are more likely to use their funds to purchase bonds, rather than to finance investment projects. 6. a. If the interest rate were negative, people would hold only money, and not bonds. Moneywould be a better store of value than bonds.b. See hint.c. See hint.d. The increase the money supply has little effect on the interest rate. If the interest rate isactually zero, than the increase in the money supply literally has no effect.e. No. If there is no effect on the interest rate, which affects investment, monetary policycannot affect output.7. a. The reduction in T shifts the IS curve to the right. The increase in M shifts the LM curvedown. Output increases.b. The Clinton-Greenspan policy mix was (loosely) contractionary fiscal policy (IS left) andexpansionary monetary policy (LM down).c. In 2001, there was a recession, which was triggered by a fall in investment spendingfollowing the decline in the stock market. The events of September 11, which came afterthe recession had begun, had only a limited effect. In fact, the economy had positivegrowth in the fourth quarter of 2001. The expansionary monetary and fiscal policiestended to weaken the recession, but the policies came too late to avoid a recession.8. a. Increase G (or reduce T), which shifts the IS curve to the right, and increase M, whichshifts the LM curve down.b. Reduce G (or increase T), which shifts the IS curve to the left, and increase M, whichshifts the LM curve down. The interest rate falls. Investment increases, since theinterest rate falls while output remains constant.9. a. The IS curve shifts left. Output and the interest rate fall.b. Consumption falls. The change in investment is ambiguous: the fall in output tends toreduce investment, but the fall in the interest rate tends to increase investment. Thechange in private saving equals the change in investment. So, private saving could rise orfall in response to a fall in consumer confidence.Explore Further10. a. The fall in G and the increase in T shift the IS curve to the left. The increase in M shiftsthe LM curve down. The interest rate falls, and investment increases.b. Receipts rose, outlays fell, and the budget deficit fell.c. On September 4, 1992, the FOMC reduced the federal funds rate by 25 basis points.Subsequent changes in federal funds rate over the period 1993-2000 are given below.Changes in the Federal Funds RateSeptember 4, 1992 3 March 25, 1997 5.5February 4, 1994 3.25 September 29, 1998 5.25March 22, 1994 3.5 October 15, 1998 5April 18, 1994 3.75 November 17, 1998 4.75May 17, 1994 4.25 June 30, 1999 5August 16, 1994 4.75 August 24, 1999 5.25November 15, 1994 5.5 November 16, 1999 5.5February 1, 1995 6 February 2, 2000 5.75July 6, 1995 5.75 March 21, 2000 6December 19, 1995 5.5 May 16, 2000 6.5January 31, 1996 5.25d. Investment was 12.1% of GDP in 1992 and increased every year over the period to reach17.7% of GDP in 2000.e. Over the period 1993-2000, the average annual growth rate of GDP per person was2.49%. Over the period first four years of the period, the average annual growth rate was1.98%; over the second four years, the average annual growth rate was 3%.11. a. Growth was negative in 2000:III, 2001:I, and 2001:III.b. Investment had a bigger percentage change, and unlike consumption, growth ininvestment was negative for every quarter in 2000 and 2001, except 2000:II. Overallinvestment was generally more variable than nonresidential fixed investment in 2000 and2001. Moreover, nonresidential fixed investment had positive growth during 2000, butnegative growth in 2001.c. Investment had a substantially larger decline in its contribution to growth in 2000 and2001. The proximate cause of the recession of 2001 was a fall in investment demand.d. Investment fell in the last two quarters of 2001, but began growing again in the firstquarter of 2001. Consumption growth was slow for the first three quarters of 2001, butgrew rapidly in the fourth quarter. As mentioned in the text, the Fed reduced the federalfunds rate several times during the fourth quarter of 2001. Moreover, automobilemanufacturers offered large discounts. These actions may have helped to generate strongconsumer spending. In any event, it is clear that the events of September 11 did notcause the recession of 2001. The recession had started well before these events. CHAPTER 6Quick Check1. a. False. The participation rate has increased over time.b. False.c. False.d. True.e. False.f. Uncertain/False. The degree of bargaining power depends on the nature of the job andthe employee’s skills.g. True.h. False.2. a. (Monthly hires + monthly separations)/monthly employment =(4.4+4.6)/122=7%b. 1.4/6.2=23%c. (1.4+1.4)/6.2=45%. Duration is 1/.37 or 2.2 months.d. (3+2.8+1.4+1.4)/57.3=15%.e. new workers: 0.4/(3+1.4)=9%.3. a. W/P=1/(1+ )=1/1.05=.952b. Wage setting: u=1-W/P=4.8%c. W/P=1/1.1=.91; u=1-.91=9%. The increase in the markup lowers the real wage.Algebraically, from the wage-setting equation, the unemployment rate must rise for thereal wage to fall. So the natural rate increases. Intuitively, an increase in the markupimplies more market power for firms, and therefore less production, since firms will use。