Aggregate Supply and the Equilibrium Price Level
曼昆经济学原理英文版习题答案35章THE SHORT-RUN TRADE-OFF BETWEEN INFLATION AND UNEMPLOYMENT
WHAT’S NEW IN THE SEVENTH EDITION:The section on ”A Financial Crisis Takes Us for a Ride Along t he Phillips Curve” has been updated.LEARNING OBJECTIVES:By the end of this chapter, students should understand:why policymakers face a short-run trade-off between inflation and unemployment.why the inflation-unemployment trade-off disappears in the long run.how supply shocks can shift the inflation-unemployment trade-off.the short-run cost of reducing inflation.how policymakers’ credibility might affect the cost of reducing inflation.CONTEXT AND PURPOSE:Chapter 22 is the final chapter in a three-chapter sequence on the economy’s short-run fluctuations around its long-term trend. Chapter 20 introduced aggregate supply and aggregate demand. Chapter 21 developed how monetary and fiscal policies affect aggregate demand. Both Chapters 20 and 21 addressed the relationship between the price level and output. Chapter 22 will concentrate on a similar relationship between inflation and unemployment.The purpose of Chapter 22 is to trace the history of economists’ thinking about the relationship between inflation and unemployment. Students will see why there is a temporary trade-off between inflation and unemployment, and why there is no permanent trade-off. This result is an extension of the results produced by the model of aggregate supply and aggregate demand where a change in the price level induced by a change in aggregate demand temporarily alters output but has no permanent impact on output.389390❖Chapter 22/The Short-Run Trade-off between Inflation and UnemploymentKEY POINTS:∙ The Phillips curve describes a negative relationship between inflation and unemployment. By expanding aggregate demand, policymakers can choose a point on the Phillips curve with higher inflation and lower unemployment. By contracting aggregate demand, policymakers can choose apoint on the Phillips curve with lower inflation and higher unemployment.∙ The trade-off between inflation and unemployment described by the Phillips curve holds only in the short run. In the long run, expected inflation adjusts to changes in actual inflation, and the short-run Phillips curve shifts. As a result, the long-run Phillips curve is vertical at the natural rate ofunemployment.∙ The short-run Phillips curve also shifts because of shocks to aggregate supply. An adverse supply shock, such as an increase in world oil prices, gives policymakers a less favorable trade-off between inflation and unemployment. That is, after an adverse supply shock, policymakers have to accept a higher rate of inflation for any given rate of unemployment, or a higher rate of unemployment for any given rate of inflation.∙ When the Fed contracts growth in the money supply to reduce inflation, it moves the economy along the short-run Phillips curve, which results in temporarily high unemployment. The cost of disinflation depends on how quickly expectations of inflation fall. Some economists argue that a crediblecommitment to low inflation can reduce the cost of disinflation by inducing a quick adjustment of expectations.CHAPTER OUTLINE:I. The Phillips CurveA. Origins of the Phillips Curve1. In 1958, economist A. W. Phillips published an article discussing the negative correlationbetween inflation rates and unemployment rates in the United Kingdom.2. American economists Paul Samuelson and Robert Solow showed a similar relationshipbetween inflation and unemployment for the United States two years later.3. The belief was that low unemployment is related to high aggregate demand, and highaggregate demand puts upward pressure on prices. Likewise, high unemployment is relatedto low aggregate demand, and low aggregate demand pulls price levels down.4. Definition of Phillips curve: a curve that shows the short-run trade-off betweeninflation and unemployment.Chapter 22/The Short-Run Trade-off between Inflation and Unemployment❖ 3915. Samuelson and Solow believed that the Phillips curve offered policymakers a menu ofpossible economic outcomes. Policymakers could use monetary and fiscal policy to chooseany point on the curve.B. Aggregate Demand, Aggregate Supply, and the Phillips Curve1. The Phillips curve shows the combinations of inflation and unemployment that arise in theshort run as shifts in the aggregate-demand curve move the economy along the short-runaggregate-supply curve.2. The greater the aggregate demand for goods and services, the greater the economy’s outputand the higher the price level. Greater output means lower unemployment. The higher theprice level in the current year, the higher the rate of inflation.3. Example: The price level is 100 (measured by the Consumer Price Index) in the year 2020.There are two possible changes in the economy for the year 2021: a low level of aggregatedemand or a high level of aggregate demand.a. If the economy experiences a low level of aggregate demand, we would be at a short-run equilibrium like point A. This point also corresponds with point A on the Phillips curve.Note that when aggregate demand is low, the inflation rate is relatively low and theunemployment rate is relatively high.b. If the economy experiences a high level of aggregate demand, we would be at a short-run equilibrium like point B. This point also corresponds with point B on the Phillips curve.Note that when aggregate demand is high, the inflation rate is relatively high and theunemployment rate is relatively low.392❖Chapter 22/The Short-Run Trade-off between Inflation and Unemployment Figure 24. Because monetary and fiscal policies both shift the aggregate-demand curve, these policiescan move the economy along the Phillips curve.a. Increases in the money supply, increases in government spending, or decreases in taxesall increase aggregate demand and move the economy to a point on the Phillips curvewith lower unemployment and higher inflation.b. Decreases in the money supply, decreases in government spending, or increases in taxesall lower aggregate demand and move the economy to a point on the Phillips curve withhigher unemployment and lower inflation.II. Shifts in the Phillips Curve: The Role of ExpectationsA. The Long-Run Phillips Curve1. In 1968, economist Milton Friedman argued that monetary policy is only able to choose acombination of unemployment and inflation for a short period of time. At the same time,economist Edmund Phelps wrote a paper suggesting the same thing.2. In the long run, monetary growth has no real effects. This implies that it cannot affect thefactors that determine the economy’s long-run unemployment rate.Chapter 22/The Short-Run Trade-off between Inflation and Unemployment ❖ 3933. Thus, in the long run, we would not expect there to be a relationship between unemployment and inflation. This must mean that, in the long run, the Phillips curve is vertical.4. The vertical Phillips curve occurs because, in the long run, the aggregate supply curve is vertical as well. Thus, increases in aggregate demand lead only to changes in the price leveland have no effect on the economy’s level of output. Thus, in the long run, unemployment will not change when aggregate demand changes, but inflation will.5. The long-run aggregate-supply curve occurs at the economy’s natural level of output. Thismeans that the long-run Phillips curve occurs at the natural rate of unemployment.394❖Chapter 22/The Short-Run Trade-off between Inflation and UnemploymentB. The Meaning of “Natural”1. Friedman and Phelps considered the natural rate of unemployment to be the rate towardwhich the economy gravitates in the long run.2. The natural rate of unemployment may not be the socially desirable rate of unemployment.3. The natural rate of unemployment may change over time.C. Reconciling Theory and Evidence1. The conclusion of Friedman and Phelps that there is no long-run trade-off between inflationand unemployment was based on theory, while the correlation between inflation andunemployment found by Phillips, Samuelson, and Solow was based on actual evidence.2. Friedman and Phelps believed that an inverse relationship between inflation andunemployment exists in the short run.3. The long-run aggregate-supply curve is vertical, indicating that the price level does notinfluence output in the long run.4. But, the short-run aggregate-supply curve is upward sloping because of misperceptionsabout relative prices, sticky wages, and sticky prices. These perceptions, wages, and pricesadjust over time, so that the positive relationship between the price level and the quantity ofgoods and services supplied occurs only in the short run.5. This same logic applies to the Phillips curve. The trade-off between inflation andunemployment holds only in the short run.6. The expected level of inflation is an important factor in understanding the difference betweenthe long-run and the short-run Phillips curves. Expected inflation measures how much peopleexpect the overall price level to change.7. The expected rate of inflation is one variable that determines the position of the short-runaggregate-supply curve. This is true because the expected price level affects the perceptionsof relative prices that people form and the wages and prices that they set.8. In the short run, expectations are somewhat fixed. Thus, when the Fed increases the moneysupply, aggregate demand increases along the upward sloping short-run aggregate-supplycurve. Output grows (unemployment falls) and the price level rises (inflation increases).9. Eventually, however, people will respond by changing their expectations of the price level.Specifically, they will begin expecting a higher rate of inflation.Chapter 22/The Short-Run Trade-off between Inflation and Unemployment ❖ 395D. The Short-Run Phillips Curve1. We can relate the actual unemployment rate to the natural rate of unemployment, the actual inflation rate, and the expected inflation rate using the following equation:a. Because expected inflation is already given in the short run, higher actual inflation leadsto lower unemployment.b. How much unemployment changes in response to a change in inflation is determined by the variable a, which is related to the slope of the short-run aggregate-supply curve.2. If policymakers want to take advantage of the short-run trade-off between unemployment and inflation, it may lead to negative consequences.a. Suppose the economy is at point A and policymakers wish to lower the unemploymentrate. Expansionary monetary policy or fiscal policy is used to shift aggregate demand tothe right. The economy moves to point B, with a lower unemployment rate and a higherrate of inflation.b. Over time, people get used to this new level of inflation and raise their expectations ofinflation. This leads to an upward shift of the short-run Phillips curve. The economy ends up at point C, with a higher inflation rate than at point A, but the same level ofunemployment.396 ❖ Chapter 22/The Short-Run Trade-off between Inflation and UnemploymentE. The Natural Experiment for the Natural-Rate Hypothesis1. Definition of the natural-rate hypothesis: the claim that unemployment eventually returns to its normal, or natural rate, regardless of the rate of inflation .2. Figure 6 shows the unemployment and inflation rates from 1961 to 1968. It is easy to see the inverse relationship between these two variables.3. Beginning in the late 1960s, the government followed policies that increased aggregate demand.a. Government spending rose because of the Vietnam War.b. The Fed increased the money supply to try to keep interest rates down.4. As a result of these policies, the inflation rate remained fairly high. However, even thoughinflation remained high, unemployment did not remain low.a. Figure 7 shows the unemployment and inflation rates from 1961 to 1973. The simple inverse relationship between these two variables began to disappear around 1970.b. Inflation expectations adjusted to the higher rate of inflation and the unemployment rate returned to its natural rate of around 5% to 6%.III. Shifts in the Phillips Curve: The Role of Supply ShocksA. In 1974, OPEC increased the price of oil sharply. This increased the cost of producing many goods and services and therefore resulted in higher prices.1. Definition of supply shock : an event that directly alters firms’ costs and prices,shifting the economy’s aggregate -supply curve and thus the Phillips curve .2. Graphically, we could represent this supply shock as a shift in the short-run aggregate-supplycurve to the left.3. The decrease in equilibrium output and the increase in the price level left the economy with stagflation.Chapter 22/The Short-Run Trade-off between Inflation and Unemployment ❖ 397B. Given this turn of events, policymakers are left with a less favorable short-run trade-off between unemployment and inflation.1. If they increase aggregate demand to fight unemployment, they will raise inflation further.2. If they lower aggregate demand to fight inflation, they will raise unemployment further. C. This less favorable trade-off between unemployment and inflation can be shown by a shift of theshort-run Phillips curve. The shift may be permanent or temporary, depending on how people adjust their expectations of inflation.D. During the 1970s, the Fed decided to accommodate the supply shock by increasing the supply of money. This increased the level of expected inflation. Figure 9 shows inflation and unemploymentin the United States during the late 1970s and early 1980s.IV. The Cost of Reducing InflationA. The Sacrifice Ratio1. To reduce the inflation rate, the Fed must follow contractionary monetary policy.a. When the Fed slows the rate of growth of the money supply, aggregate demand falls.b. This reduces the level of output in the economy, increasing unemployment.c. The economy moves from point A along the short-run Phillips curve to point B, which hasa lower inflation rate but a higher unemployment rate.Price Unemployment Rate398❖Chapter 22/The Short-Run Trade-off between Inflation and Unemploymentd. Over time, people begin to adjust their inflation expectations downward and the short-run Phillips curve shifts. The economy moves from point B to point C, where inflation islower and the unemployment rate is back to its natural rate.2. Therefore, to reduce inflation, the economy must suffer through a period of highunemployment and low output.3. Definition of sacrifice ratio: the number of percentage points of annual output lostin the process of reducing inflation by one percentage point.4. A typical estimate of the sacrifice ratio is five. This implies that for each percentage pointinflation is decreased, output falls by 5%.B. Rational Expectations and the Possibility of Costless Disinflation1. Definition of rational expectations: the theory according to which people optimallyuse all the information they have, including information about governmentpolicies, when forecasting the future.2. Proponents of rational expectations believe that when government policies change, peoplealter their expectations about inflation.3. Therefore, if the government makes a credible commitment to a policy of low inflation,people would be rational enough to lower their expectations of inflation immediately. Thisimplies that the short-run Phillips curve would shift quickly without any extended period ofhigh unemployment.C. The Volcker Disinflation1. Figure 11 shows the inflation and unemployment rates that occurred while Paul Volckerworked at reducing the level of inflation during the 1980s.2. As inflation fell, unemployment rose. In fact, the United States experienced its deepest recession since the Great Depression.3. Some economists have offered this as proof that the idea of a costless disinflation suggested by rational-expectations theorists is not possible. However, there are two reasons why we might not want to reject the rational-expectations theory so quickly.a. The cost (in terms of lost output) of the Volcker disinflation was not as large as many economists had predicted.b. While Volcker promised that he would fight inflation, many people did not believe him.Few people thought that inflation would fall as quickly as it did; this likely kept the short-run Phillips curve from shifting quickly.D. The Greenspan Era1. Figure 12 shows the inflation and unemployment rate from 1984 to 2005, called the Greenspan era because Alan Greenspan became the chairman of the Federal Reserve in 1987.2. In 1986, OPEC’s agreement with its members b roke down and oil prices fell. The result of this favorable supply shock was a drop in both inflation and unemployment.3. The rest of the 1990s witnessed a period of economic prosperity. Inflation gradually dropped, approaching zero by the end of the decade. Unemployment also reached a low level, leadingmany people to believe that the natural rate of unemployment had fallen.4. The economy ran into problems in 2001 due to the end of the dot-com stock market bubble,the 9-11 terrorist attacks, and corporate accounting scandals that reduced aggregate demand. Unemployment rose as the economy experienced its first recession in a decade.5. But a combination of expansionary monetary and fiscal policies helped end the downturn,and by early 2005, the unemployment rate was close to the estimated natural rate.6. In 2005, President Bush nominated Ben Bernanke as the Fed chairman. E. A Financial Crisis Takes Us for a Ride Along the Phillips Curve1. In his first couple of years as Fed chairman, Bernanke faced some significant economicchallenges.a. One challenge arose from problems in the housing and financial markets.b. The resulting financial crisis led to a large drop in aggregate demand and high rates of unemployment.c. Figure 13 shows the implications of these events for inflation and unemployment.d. From 2007 to 2009, as the decline in aggregate demand raised unemployment, it alsoreduced the inflation rate from about 3 percent to about 1 percent.e. From 2010 to 2012, unemployment fell and the inflation rate rose from about 1 percentto about 2 percent.f. In essence, the economy first rode down the Phillips curve and then rode back up.g. Note that expected inflation and the position of the short-run Phillips curve wererelatively stable during this period.SOLUTIONS TO TEXT PROBLEMS:Quick Quizzes1. The Phillips curve is shown in Figure 1.Figure 1To see how policy can move the economy from a point with high inflation to a point with lowinflation, suppose the economy begins at point A in Figure 2. If policy is used to reduceaggregate demand (such as a decrease in the money supply or a decrease in governmentpurchases), the aggregate-demand curve shifts from AD1 to AD2, and the economy movesfrom point A to point B with lower inflation, a reduction in real GDP, and an increase in theunemployment rate.Figure 22. Figure 3 shows the short-run Phillips curve and the long-run Phillips curve. The curves aredifferent because in the long run, monetary policy has no effect on unemployment, which tends toward its natural rate. However, in the short run, monetary policy can affect the unemployment rate. An increase in the growth rate of money raises actual inflation above expected inflation, causing firms to produce more since the short-run aggregate supply curve is positively sloped, which reduces unemployment temporarily.Figure 33. Examples of favorable shocks to aggregate supply include improved productivity and adecline in oil prices. Either shock shifts the aggregate-supply curve to the right, increasing output and reducing the price level, moving the economy from point A to point B in Figure 4.As a result, the Phillips curve shifts to the left, as the figure shows.Figure 44. The sacrifice ratio is the number of percentage points of annual output lost in the process ofreducing inflation by 1 percentage point. The credibility of the Fed’s commitment to reduceinflation might affect the sacrifice ratio because it affects the speed at which expectations ofinflati on adjust. If the Fed’s commitment to reduce inflation is credible, people will reducetheir expectations of inflation quickly, the short-run Phillips curve will shift downward, andthe cost of reducing inflation will be low in terms of lost output. But if the Fed is not credible,people will not reduce their expectations of inflation quickly, and the cost of reducinginflation will be high in terms of lost output.Questions for ReviewFigure 51. Figure 5 shows the short-run trade-off between inflation and unemployment. The Fed canmove the economy from one point on this curve to another by changing the money supply.An increase in the money supply reduces the unemployment rate and increases the inflation rate, while a decrease in the money supply increases the unemployment rate and decreases the inflation rate.Figure 62. Figure 6 shows the long-run trade-off between inflation and unemployment. In the long run,there is no trade-off, as the economy must return to the natural rate of unemployment on the long-run Phillips curve. In the short run, the economy can move along a short-run Phillips curve, like SRPC1 shown in the figure. But over time (as inflation expectations adjust) the short-run Phillips curve will shift to return the economy to the long-run Phillips curve, for example shifting from SRPC1 to SRPC2.3. The natural rate of unemployment is natural because it is beyond the influence of monetarypolicy. The rate of unemployment will move to its natural rate in the long run, regardless of the inflation rate.The natural rate of unemployment might differ across countries because countries havevarying degrees of union power, minimum-wage laws, collective-bargaining laws,unemployment insurance, job-training programs, and other factors that influence labor-market conditions.4. If a drought destroys farm crops and drives up the price of food, the short-run aggregate-supply curve shifts to the left and the short-run Phillips curve shifts to the right, because the costs of production have increased. The higher short-run Phillips curve means the inflation rate will be higher for any given unemployment rate.5. When the Fed decides to reduce inflation, the economy moves down along the short-runPhillips curve, as shown in Figure 7. Beginning at point A on short-run Phillips curve SRPC1, the economy moves down to point B as inflation declines. Once people's expectations adjust to the lower rate of inflation, the short-run Phillips curve shifts to SRPC2, and the economy moves to point C. The short-run costs of disinflation, which arise because the unemployment rate is temporarily above its natural rate, could be reduced if the Fed's action was credible, so that expectations would adjust more rapidly.Figure 7Quick Check Multiple Choice1. b2. d3. c4. a5. b6. dProblems and Applications1. Figure 8 shows two different short-run Phillips curves depicting these four points. Points aand d are on SRPC1 because both have expected inflation of 3%. Points b and c are onSRPC2 because both have expected inflation of 5%.Figure 82. a. A rise in the natural rate of unemployment shifts both the long-run Phillips curve and theshort-run Phillips curve to the right, as shown in Figure 9. The economy is initially onLRPC1 and SRPC1 at an inflation rate of 3%, which is also the expected rate of inflation.The increase in the natural rate of unemployment shifts the long-run Phillips curve toLRPC2 and the short-run Phillips curve to SRPC2, with the expected rate of inflationremaining equal to 3%.Figure 9b. A decline in the price of imported oil shifts the short-run Phillips curve to the left, asshown in Figure 10, from SRPC1 to SRPC2. For any given unemployment rate, theinflation rate is lower, because oil is such a significant aspect of production costs in the economy.Figure 10c. A rise in government spending represents an increase in aggregate demand, so it movesthe economy along the short-run Phillips curve, as shown in Figure 11. The economy moves from point A to point B, with a decline in the unemployment rate and an increase in the inflation rate.Figure 11d. A decline in expected inflation causes the short-run Phillips curve to shift to the left, asshown in Figure 12. The lower rate of expected inflation shifts the short-run Phillips curve from SRPC1 to SRPC2.Figure 12Figure 133. a. Figure 13 shows how a reduction in consumer spending causes a recession in both anaggregate-supply/aggregate-demand diagram and a Phillips-curve diagram. In bothdiagrams, the economy begins at full employment at point A. The decline in consumerspending reduces aggregate demand, shifting the aggregate-demand curve to the leftfrom AD1 to AD2. The economy initially remains on the short-run aggregate-supply curve AS1, so the new equilibrium occurs at point B. The movement of the aggregate-demand curve along the short-run aggregate-supply curve leads to a movement along short-run Phillips curve SRPC1, from point A to point B. The lower price level in the aggregate-supply/aggregate-demand diagram corresponds to the lower inflation rate in the Phillips-curve diagram. The lower level of output in the aggregate-supply/aggregate-demanddiagram corresponds to the higher unemployment rate in the Phillips-curve diagram.b. As expected inflation falls over time, the short-run aggregate-supply curve shifts to theright from AS1 to AS2, and the short-run Phillips curve shifts to the left from SRPC1 toSRPC2. In both diagrams, the economy eventually gets to point C, which is back on thelong-run aggregate-supply curve and long-run Phillips curve. After the recession is over, the economy faces a better set of inflation-unemployment combinations.Figure 144. a. Figure 14 shows the economy in long-run equilibrium at point a, which is on both thelong-run and short-run Phillips curves.b. A wave of business pessimism reduces aggregate demand, moving the economy to pointb in the figure. The unemployment rate increases and the inflation rate declines. If theFed undertakes expansionary monetary policy, it can increase aggregate demand,offsetting the pessimism and returning the economy to point a, with the initial inflationrate and unemployment rate.c. Figure 15 shows the effects on the economy if the price of imported oil rises. The higherprice of imported oil shifts the short-run Phillips curve to the right from SRPC1 to SRPC2.The economy moves from point a to point c, with a higher inflation rate and higherunemployment rate. If the Fed engages in expansionary monetary policy, it can returnthe economy to its original unemployment rate at point d, but the inflation rate will behigher. If the Fed engages in contractionary monetary policy, it can return the economy to its original inflation rate at point e, but the unemployment rate will be higher. Thissituation differs from that in part (b) because in part (b) the economy stayed on thesame short-run Phillips curve, but in part (c) the economy moved to a higher short-runPhillips curve, which gives policymakers a less favorable trade-off between inflation and unemployment.。
《领先经济学原理》英文版课后练习参考答案
Chapter One1. Some examples of microeconomics:(1) How does the local phone company set its fee structure?(2) Does Microsoft act like a monopoly?Some examples of macroeconomics:(1) How would GDP be affected by the increasing unemployment rate?(2) What is the growth rate of the Unites States’ trade deficit?2. (1) labor(2) capital(3) land(4) capital(5) land3. Open-ended.4. If the bus has empty seats, the cost of adding one more passenger is negligible. As long as the passenger pays more than the marginal cost, selling him a ticket is profitable.5. The opportunity cost of operating his own business should include the foregone income as a civil servant ($25,000). Thus, although the profit calculated by the accountant is positive ($20,000), the profit adjusted for the opportunity cost of foregone income will be -$5,000 ($20,000 –$25,000).6. It depends on what your next best choice is. Instead of studying Economics, you could watch TV, study English, or talk to a friend on the telephone. Suppose your next best choice is to watch TV. Then the opportunity cost of studying Economics is the foregone pleasure you might obtain from watching TV.7. Open-ended.Chapter Two1. Open-ended.2. A market failure occurs when a market, left to itself, fails to allocate resources efficiently. Lack of competition, inadequate information, externalities, and public goods are examples of market failures. Generally lack of competition, inadequate information, externalities and lack of public goods are the main sources of market failure.3. (3)(4).4. Positive externality: Instead of driving, people cycle to work. Cycling can lead to less deaths in car accidents and reduce the gases that affect global warming. Negative externality: Your neighbor is blasting his stereo and the noise is coming into your room.5. (1) rival, excludable(2) non-rival, excludable(3) non-rival, non-excludable6. (1)7. The subway becomes more rival during rush hours.8. (1) Public good.(2) A police station.(3) These services would be under provided.Chapter Three1. Many factors influence the quantity demanded other than the price. If some circumstances change, the quantity demanded changes too. This assumption is—price and quantity3. (1) Normal goods.(2) Inferior goods.(3) Inferior goods.(4) Normal goods.4. The demand curve for China Mobile will shift to the left. China Telecom will experience movement down its demand curve.5. People would book their hotels early to guarantee they get the room. There would be a rush of early bookings. The demand curve would shift to the right.6. The five main factors that can shift the supply curve are changes in1) input prices, 2) prices of related goods, 3) technology, 4) expectations,and 5) the number of firms in the market.7. (1) The supply curve will shift to the left.(2) The demand curve will shift to the right.(3) The demand curve will shift to the left.(4) The supply curve will shift to the right.8. (1) The supply curve for taxi service will shift to the left. The new equilibriumprice will go up. The new equilibrium quantity will decrease.(2) The demand curve for taxi service will shift to the left. The new equilibrium price will go down. The new equilibrium quantity will decrease.(3) The demand curve for taxi service will shift to the right. The new equilibrium price will go up. The new equilibrium quantity will increase.(4) The demand curve for taxi service will shift to the left. The new equilibrium price will go down. The new equilibrium quantity will decrease.Chapter Four1.3469.02/)61.232.2( 2.32)-(2.61 2/)2425(24)-(25E d =+÷+= The demand for gasoline was inelastic.2. Because the demand for wheat is inelastic, the total revenue will decrease if the price of wheat goes down.3. Total revenue when the price is 50: 50×1000 = 50000.If the manager reduces the price of each ticket by 10%, the quantity of tickets being sold will increase by 20% (10%×2).The new price will be 45. The new quantity of tickets will be 1200.Total revenue after the price change: 45×1200 = 54000Change in total revenue: 54000–50000 = 4000.4. 5.22000/)18002000(4/3)-4( E i =-= 5. (2) As incomes rise the demand for fresh fruit also rises but by a smallerproportion.6. (1)7. The demand for necessities is income inelastic, while it is elastic for luxury goods.8. (1)Chapter Five(2) 1.The law of diminishing marginal utility holds.4. No. As marginal utility turns negative, total utility starts falling.5. The utility derived from consumption is intangible. However, consumers revealtheir preferences through purchase decisions and thereby provide tangible evidence of utility.6. When income increases, total utility increases as more goods can be consumed. Butthis doesn’t mean the law of diminishing marginal utility does not hold.7. No. He should consume more yoghurt and fewer sandwiches.8. 4 novel and 5 CDs.Chapter Six1. (1) Explicit cost.(2) Implicit cost.(3) Explicit cost.(4) Explicit cost.2. (1) 40,000.(2) 80,000. The implicit cost is not taken into consideration.(3) The economic profit is zero. The owner earns a normal profit.3. (1) Long-run.(2) Short-run.(3) Long-run.(4) Short-run.4. (1)(2) Omitted.(3) As the number of units of the variable input increases, eventually the marginalproduct of the variable input will decline. The law of diminishing marginal returns starts when the third variable input is used.(4) When marginal product curve rises, the total product increases by increasingamounts. When marginal product curve begins to fall, total product still increases but at a decreasing rate. When marginal product is negative, the total product curve begins to fall.5. When the marginal cost is below the average cost (average variable cost), the average cost (average variable cost) would be declining. When the marginal cost is above the average cost (average variable cost), the average cost (average variable cost) would be increasing. Thus, marginal cost curve must intersect average cost and average variable cost curves at their lowest points.6. The firm’s average fixed cost is its total fixed cost divided by the quantity of output. Because the total fixed cost remains unchanged when the quantity of output increases, the average fixed cost keeps declining. So the average fixed cost curve is not U-shaped.(3) Omitted.8. Large corporate farms are more capable of obtaining new technology, usinglarge-scale machines and financing in lower cost than small family farms.Chapter Seven1. As price-takers, perfectly competitive firms can sell all they want at that price, but cannot sell anything at a higher price. Thus advertising would not increase profits at all.2. Agree. If marginal revenue exceeds marginal cost, it should increase output toincrease profit.3. If a firm earns zero economic profit, it is making just enough to cover all costs. If it is shut down, the fixed cost cannot be covered.4. (1) The firm should continue producing.(2) The firm should continue producing.(3) The firm should shut down.5. The monopoly firm is interested in maximizing profit, not price. It charges the price for which its profits are the largest.6. The government has granted U.S. Postal Service the license to run the first-class mail service.7. Because the products are differentiated, the sellers have a little control over the price of their products.8. The firm should increase the level of output because marginal revenue exceeds marginal cost.9.Oligopoly.10. Open-ended.Chapter Eight1. Open-ended.2. A final good is one that involves no further processing and is purchased for final use. An intermediate good is one that involves further processing. A loaf of bread could be either a final or intermediate good, depending on the purchaser's use of the bread. It is a final good when purchased by a household for consumption; it is an intermediate good when purchased by a restaurant which resells the bread.3. (5)(6)4. (1) Nominal GDP in 2009: 320000 yuan.Nominal GDP in 2010: 450000 yuan.(2) Real GDP in 2010: 374000 yuan.(3) GDP deflator for 2010: 120.3.5. (1) Government purchases.(2) Consumption.(3) Net exports.(4) Investment.6. These suggest that the economy is in an expansion phase of the business cycle.7. Recession and depression both means a slowdown in economic activity. Depressionis an unusually severe or long recession.Chapter Nine1. The long-run aggregate supply curve shows the relationship between the aggregate price level and the quantity of aggregate output supplied in the long run. In the long run, the level of output is determined by the amounts of economic resources and the technology available; it is independent of the price level. The long-run aggregate supply curve, therefore, is vertical.2. Higher taxes will cause higher production cost and have a negative effect on aggregate supply.3. The fall in the price level leads to more consumption, more investment, and more net exports. Therefore, the aggregate demand increases when the price level falls.4. Changes in consumption, investment, government purchases and net exports.5. (1)(2)6. Open-ended.7. Open-ended.Chapter Ten1. Open-ended.2. The Consumer Price Index (CPI), is an indicator of changes in the prices paid byconsumers. To calculate the inflation rate from CPI, the previous year’s CPI is subtracted from the current year’s CPI, and then divided by the previous year’s CPI. Finally, move the decimal over two places to the right to convert the result toa percentage.3. Open-ended.4. (1) Wealth redistribution. (2) General inconvenience. (3) Menu cost. (4) Shoeleather cost. Note: These costs may be ranked in a different may.5. Tommy gains and Lucy loses.6. Cyclical unemployment.7. (1) Frictional unemployment.(2) Seasonal unemployment.(3) Cyclical unemployment.8. Open-ended.Chapter Eleven1. (2)2. (1)3. Reserves are deposits that banks have received but have not loaned out. Requiredreserves are deposits that the central bank requires banks to hold and excessreserves are any additional reserves the banks choose to hold in excess of therequired reserves.4. To increase the money supply, the central bank buys government securities from thepublic. To reduce the money supply, the central bank sells government securities to the public.5. Automatic stabilizers are a form of nondiscretionary fiscal policy that automatically offsets economic fluctuations without direct intervention by the government. Examples of automatic stabilizers include the progressive tax system and unemployment compensation.6. Increase government purchases and transfer payments, or reduce taxes.7. (1) When the economy gets overheated, the government could take a contractionaryfiscal policy.(2) When the economy is in a slowdown, the government could take anexpansionary fiscal policy.8. The economy under Clinton could have boomed for other reasons, such as theincreased investor and consumer confidence, leading to increases in investment and consumption spending. These could have outweighed the contractionary effect of his fiscal policies. The surpluses came about not only from the tax increases of his discretionary policies, but also from the booming economy, which brought in increases in tax revenues as the automatic stabilizers worked.Chapter Twelve1. (1) I have absolute advantages in both outlining and typing.(2) I have a comparative advantage in outlining.(3) Frank should specialize in typing; I should specialize in outlining.2. (1) 8/3 computers.(2) 3/4 televisons.(3) the U.S.(4) computers.3. Open-ended.4. Open-ended.5. Steel firms in the U.S. would be happy with the new tariff. However, the exportingcountries would be hit by this policy. The tariff would also hurt U.S. firms that use steel—including producers of autos, appliances, heavy machinery, machine tools, and large buildings.6. Open-ended.7. Protect domestic jobs, infant industry, national security, environment and culture.Chapter Thirteen1. (1) Credit current account.(2) Debit current account.(3) Debit current account.(4) It doesn’t affect BOP.(5) Credit capital and financial account.2. (1) Debit current account.(2) Debit capital and financial account.(3) Debit current account.(4) Credit capital and financial account.(5) Credit capital and financial account.3. (2)4. It would reduce the size of the current account deficit, because when real incomefalls, the Americans import less.5. Chinese need foreign currency to purchase goods, services, and financial assetsfrom other countries. Chinese demand curve for foreign currency shifts to the rightwhen real income in China rises; the price level in China rises relative to the price levels in foreign countries; the interest rate is relatively lower in China; and the exchange rate of RMB is expected to fall. Chinese demand curve for foreign currency shifts to the left when real income in China decreases; the price level in China falls relative to the price levels in foreign countries; the interest rate is relatively higher in China; and the exchange rate of RMB is expected to rise.6. Open-ended.7. Open-ended.8. (1) Dollar appreciates.(2) Dollar appreciates.(3) Dollar depreciates.(4) Dollar appreciates.(5) Dollar depreciates.。
经济学术语重点
经济学术语National Income （国民收入）Aggregate Supply & Demand （总供应与总需求）Distribution & Re-distribution （分配与再分配）Unemployment & Inflation （失业与通货膨胀）Financial System （金融系统）Development & Growth （发展与增长）Sustainability （可持续性）Scarcity (稀缺性）Efficiency （效率）Supply and Demand （供应与需求）Elasticity （弹性）Equilibrium （均衡）Cost and Profit （成本与利润）Competition （竞争）Market （市场）（由于时间关系，术语数量很少，我会在以后的时间里不断的添加内容的。
）Factor要素factor demand要素需求factor market要素市场factors of production生产要素factor substitution要素替代factor supply要素供给fallacy of composition合成谬误final goods最终产品firm企业firms’ demand curve for labor企业劳动需求曲线firm supply curve企业供给曲线first-degree price discrimination第一级价格歧视first—order condition一阶条件fixed costs固定成本fixed input固定投入fixed proportions production function固定比例的生产函数flow流量fluctuation波动for whom to produce为谁生产free entry自由进入free goods自由品，免费品free mobility of resources资源自由流动free rider搭便车，免费搭车function函数future value未来值Ggame theory对策论、博弈论general equilibrium总体均衡general goods一般商品Giffen goods吉芬晶收入补偿需求曲线Giffen's Paradox吉芬之谜Gini coefficient吉尼系数golden rule黄金规则goods货物government failure政府失败government regulation政府调控grand utility possibility curve总效用可能曲线grand utility possibility frontier总效用可能前沿Hheterogeneous product异质产品Hicks—kaldor welfare criterion希克斯一卡尔多福利标准homogeneity齐次性homogeneous demand function齐次需求函数homogeneous product同质产品homogeneous production function齐次生产函数horizontal summation水平和household家庭how to produce如何生产human capital人力资本hypothesis假说Iidentity恒等式imperfect competition不完全竞争implicit cost隐性成本income收入Income compensated demand curveincome constraint收入约束income consumption curve收入消费曲线income distribution收入分配income effect收入效应income elasticity of demand需求收入弹性increasing cost industry成本递增产业increasing returns to scale规模报酬递增inefficiency缺乏效率index number指数indifference无差异indifference curve无差异曲线indifference map无差异族indifference relation无差异关系indifference set无差异集indirect approach间接法individual analysis个量分析individual demand curve个人需求曲线individual demand function个人需求函数induced variable引致变量induction归纳法industry产业industry equilibrium产业均衡industry supply curve产业供给曲线inelastic缺乏弹性的inferior goods劣品inflection point拐点information信息information cost信息成本initial condition初始条件initial endowment初始禀赋innovation创新input投入input—output投入—产出institution制度institutional economics制度经济学insurance保险intercept截距interest利息interest rate利息率intermediate goods中间产品internalization of externalities外部性内部化invention发明inverse demand function逆需求函数investment投资invisible hand看不见的手isocost line等成本线，isoprofit curve等利润曲线isoquant curve等产量曲线isoquant map等产量族Kkindled—demand curve弯折的需求曲线Llabor劳动labor demand劳动需求labour supply劳动供给labour theory of value劳动价值论labour unions工会laissez faire自由放任Lagrangian function拉格朗日函数Lagrangian multiplier拉格朗乘数，land土地law法则law of demand and supply供需法law of diminishing marginal utility边际效用递减法则law of diminishing marginal rate of substitution边际替代率递减法则law of diminishing marginal rate of technical substitution边际技术替代率law of increasing cost成本递增法则law of one price单一价格法则leader—follower model领导者--跟随者模型least—cost combination of inputs最低成本的投入组合leisure闲暇Leontief production function列昂节夫生产函数licenses许可证linear demand function线性需求函数linear homogeneity线性齐次性linear homogeneous production function线性齐次生产函数long run长期long run average cost长期平均成本long run equilibrium长期均衡long run industry supply curve长期产业供给曲线long run marginal cost长期边际成本long run total cost长期总成本Lorenz curve洛伦兹曲线loss minimization损失极小化1ump sum tax一次性征税luxury奢侈品Mmacroeconomics宏观经济学marginal边际的marginal benefit边际收益marginal cost边际成本marginal cost pricing边际成本定价marginal cost of factor边际要素成本marginal period市场期marginal physical productivity实际实物生产率marginal product边际产量marginal product of capital资本的边际产量marginal product of 1abour劳动的边际产量marginal productivity边际生产率marginal rate of substitution边替代率marginal rate of transformation边际转换率marginal returns边际回报marginal revenue边际收益marginal revenue product边际收益产品marginal revolution边际革命marginal social benefit社会边际收益marginal social cost社会边际成本marginal utility边际效用marginal value products边际价值产品market市场market clearance市场结清，市场洗清market demand市场需求market economy市场经济market equilibrium市场均衡market failure市场失败market mechanism市场机制market structure市场结构market separation市场分割market regulation市场调节market share市场份额markup pricing加减定价法Marshallian demand function马歇尔需求函数maximization极大化microeconomics微观经济学minimum wage最低工资misallocation of resources资源误置mixed economy混合经济model模型money货币monopolistic competition垄断竞争monopolistic exploitation垄断剥削monopoly垄断，卖方垄断monopoly equilibrium垄断均衡monopoly pricing垄断定价monopoly regulation垄断调控monopoly rents垄断租金monopsony买方垄断NNash equilibrium纳什均衡Natural monopoly自然垄断Natural resources自然资源Necessary condition必要条件necessities必需品net demand净需求no convex preference非凸性偏好no convexity非凸性no exclusion非排斥性nonlinear pricing非线性定价no rivalry非对抗性nonprice competition非价格竞争nonsatiation非饱和性non--zero—sum game非零和对策normal goods正常品normal profit正常利润normative economics规范经济学Oobjective function目标函数oligopoly寡头垄断oligopoly market寡头市场oligopoly model寡头模型opportunity cost机会成本optimal choice最佳选择optimal consumption bundle消费束perfect elasticity完全有弹性optimal resource allocation最佳资源配置optimal scale最佳规模optimal solution最优解optimization优化ordering of optimization(social) preference (社会)偏好排序ordinal utility序数效用ordinary goods一般品output产量、产出output elasticity产出弹性output maximization产出极大化Pparameter参数Pareto criterion帕累托标准Pareto efficiency帕累托效率Pareto improvement帕累托改进Pareto optimality帕累托优化Pareto set帕累托集partial derivative偏导数partial equilibrium局部均衡patent专利pay off matrix收益矩阵、支付矩阵perceived demand curve感觉到的需求曲线perfect competition完全竞争perfect complement完全互补品perfect monopoly完全垄断perfect price discrimination完全价格歧视perfect substitution完全替代品perfect inelasticity完全无弹性perfectly elastic完全有弹性perfectly inelastic完全无弹性plant size工厂规模point elasticity点弹性positive economics实证经济学post Hoc Fallacy后此谬误prediction预测preference偏好preference relation偏好关系present value现值price价格price adjustment model价格调整模型price ceiling最高限价price consumption curve价格费曲线price control价格管制price difference价格差别price discrimination价格歧视price elasticity of demand需求价格弹性price elasticity of supply供给价格弹性price floor最低限价price maker价格制定者price rigidity价格刚性price seeker价格搜求者price taker价格接受者price tax从价税private benefit私人收益principal—agent issues委托--代理问题private cost私人成本private goods私人用品private property私人财产producer equilibrium生产者均衡producer theory生产者理论product产品product transformation curve产品转换曲线product differentiation产品差异product group产品集团production生产production contract curve生产契约曲线production efficiency生产效率production function生产函数production possibility curve生产可能性曲线productivity生产率productivity of capital资本生产率productivity of labor劳动生产率profit利润profit function利润函数profit maximization利润极大化property rights产权property rights economics产权经济学proposition定理proportional demand curve成比例的需求曲线public benefits公共收益public choice公共选择public goods公共商品pure competition纯粹竞争rivalry对抗性、竞争pure exchange纯交换pure monopoly纯粹垄断Qquantity—adjustment model数量调整模型quantity tax从量税quasi—rent准租金Rrate of product transformation产品转换率rationality理性reaction function反应函数regulation调节，调控relative price相对价格rent租金rent control规模报酬rent seeking寻租rent seeking economics寻租经济学resource资源resource allocation资源配置returns报酬、回报returns to scale规模报酬revealed preference显示性偏好revenue收益revenue curve收益曲线revenue function收益函数revenue maximization收益极大化ridge line脊线risk风险Ssatiation饱和，满足saving储蓄scarcity稀缺性law of scarcity稀缺法则second—degree price discrimination二级价格歧视second derivative --阶导数second—order condition二阶条件service劳务set集shadow prices影子价格short—run短期short—run cost curve短期成本曲线short—run equilibrium短期均衡short—run supply curve短期供给曲线shut down decision关闭决策shortage短缺shut down point关闭点single price monopoly单一定价垄断slope斜率social benefit社会收益social cost社会成本social indifference curve社会无差异曲线social preference 社会偏好social security社会保障social welfare function社会福利函数socialism社会主义solution解space空间stability稳定性stable equilibrium稳定的均衡Stackelberg model斯塔克尔贝格模型static analysis静态分析stock存量stock market股票市场strategy策略subsidy津贴substitutes替代品substitution effect替代效应substitution parameter替代参数sufficient condition充分条件supply供给supply curve供给曲线supply function供给函数supply schedule供给表Sweezy model斯威齐模型symmetry对称性symmetry of information信息对称Ttangency相切taste兴致technical efficiency技术效率technological constraints技术约束technological progress技术进步technology技术third—degree price discrimination第三级价格歧视total cost总成本total effect总效应total expenditure总支出total fixed cost总固定成本total product总产量total revenue总收益total utility总效用total variable cost总可变成本traditional economy传统经济transitivity传递性transaction cost交易费用Uuncertainty不确定性uniqueness唯一性unit elasticity单位弹性unstable equilibrium不稳定均衡utility效用utility function效用函数utility index效用指数utility maximization效用极大化utility possibility curve效用可能性曲线utility possibility frontier效用可能性前沿VValue价值value judge价值判断value of marginal product边际产量价值variable cost可变成本variable input可变投入variables变量vector向量visible hand看得见的手vulgur economics庸俗经济学Wwage工资wage rate工资率Walras general equilibrium瓦尔拉斯总体均衡Walras's law瓦尔拉斯法则Wants需要Welfare criterion福利标准Welfare economics福利经学Welfare loss triangle福利损失三角形welfare maximization福利极大化Zzero cost零成本zero elasticity零弹性zero homogeneity零阶齐次性zero economic profit零利润Incidence（or tax incidence）归宿，或税赋归宿一项税收最终的经济负担者（相应于法定纳税人）。
国际经济学第九版英文课后答案 第19单元
CHAPTER 19PRICES AND OUTPUT IN AN OPEN ECONOMY:AGGREGATE DEMAND AND AGGREGATE SUPPLY OUTLINE19.1 Introduction19.2 Aggregate Demand, Aggregate Supply, and Equilibrium in a Closed Economy19.2a Aggregate Demand in a Closed Economy19.2b Aggregate Supply in the Long Run and in the Short Run19.2c Short-Run and Long-Run Equilibrium in a Closed EconomyCase Study 19-1: Deviations of Short-Run Outputs from the Natural Level in the U.S.19.3 Aggregate Demand in an Open Economy Under Fixed and Flexible Exchange Rates19.3a Aggregate Demand in an Open Economy Under Fixed Exchange Rates19.3b Aggregate demand in an Open Economy Under Flexible Exchange Rates19.4 Effect of Economic Shocks and Macroeconomic Policies on Aggregate Demandin Open Economies with Flexible Prices19.4a Real-Sector Shocks and Aggregate Demand19.4b Monetary Shocks and Aggregate Demand19.4c Fiscal and Monetary Policies and Aggregate Demand in Open Economies19.5 Effect of Fiscal and Monetary Policies in Open Economies with Flexible PricesCase Study 19.2: Central Bank Independence and Inflation in Industrial Countries19.6 Macroeconomic Policies to Stimulate Growth and to Adjust to Supply Shocks19.6a Economic Policies for Growth19.6b Economic Policies to Adjust to Supply ShocksCase Study 19.3: Petroleum Shocks and Stagflation in the United StatesCase Study 19.4: Actual and Natural Unemployment Rate, and Inflation in United StatesCase Study 19.5: Actual and Natural Unemployment Rate, and Inflation in United StatesCase Study 19.6: Has the U.S. Economy Become Recession Proof? Key TermsAggregate demand curve (AD)Aggregate supply curve (AS)Long-run aggregate supply curve (LRAS)Natural level of output (YN)Short-run aggregate supply curve (SRAS)Expected pricesStagflationLecture Guide1. This is not a core chapter and I would omit it in a one-semester undergraduate course in international economics.2. If I were to cover this chapter, I would cover two sections in each of three lectures and assign the end-of-chapter problems.Answer to Problems1. See Figure 1.2. See Figure 2.3. See Figure 3.4. See Figure 4.5. An unexpected increase in prices in the face of sticky wages means that real wages temporarily fall. This leads firms to hire more workers and thus increase output in the short run. In the long-run, however, money wages fully adjust to (i.e., increase in the same proportion as) the increasein prices. As a result, real wages return to their previous higher level, firms reduce employment to their original lower level, and the nation's output returns to its lower long-runnatural level, but at the new higher price level.6. Starting from point C in Figure 19-3, an unexpected decrease in aggregate demand from AD' to AD causes prices to fall and firms to temporarily reduce their output, giving the new short-run equilibrium point where the AD' curve intersects the SRAS' curve. In the long run, however, as expected prices fall to match actual prices, the short-run aggregate supply curve shifts down by the amount of the price reduction (i.e., from SRAS' to SRAS) and defines new long- run equilibrium point E at the natural level of output YN, but lower price level of PE.Another way of saying this is that at point to the left of the LRAS curve, actual prices are lower than expected prices. Expected prices then fall and this shifts the SRAS curve downward until expected prices are equal to the lower actual prices, and the economy returns to its long-run natural level of output equilibrium.7. An unexpected decrease in aggregate demand causes prices to fall. If wages are sticky and do not immediately fall in the same proportion as the fall in prices, real wages will temporarily increase. This leads firms to hire fewer workers and thus reduce output in the short run. In the long-run, however, money wages fully adjust to (i.e., fall in the same proportion as) the fall in prices. As a result, real wages return to their previous lower level, firms increase employment to their original higher level, and the nation's output returns to its higher long-run or naturallevel, but at the new higher lower level.8. If the LM' curve intersected the IS' curve at a point below the BP' curve in the left panel of Figure 19-5, the interest rate in the nation would be lower than required for balance of payments equilibrium. The nation would then have a deficit in its balance of payments. Under a fixed exchange rate system, the deficit in the nation's balance of payments would result in an outflow of international reserves and thus a reduction in the nation's money supply, which would shift up the LM' curve sufficiently to intersect the IS' curve on the BP' curve, so that the nationwould be simultaneously in equilibrium in the goods and money markets and in the balance of payments, as at point E".9. See Figure 5.10. Starting from equilibrium in the goods and services sector, in the monetary sector, and in the balance of payments, an autonomous worsening of the nation's trade balance at unchanged domestic prices, causes the IS and BP curves to shift to the left and opens a deficit in the nation's balance of payments under fixed exchange rates. This leads to a leftward shift of the LM curve and a reduction in national income. Thus, the nation's aggregate demand curve shifts to the left.11. With flexible exchange rates, the autonomous worsening of the nation's trade balance at unchanged domestic prices, causes the IS and BP curves to shift to the left (just as in the case of fixed rates). Now, however, the tendency of the nation's balance of payments to go into deficit leads to a depreciation of the nation's currency and a deterioration in the nation's trade balance, so that the BP and IS curves shift to the left, back to their original position along the unchanged LM curve. Thus, the nation returns to the original equilibrium position and point on its original aggregate demand curve.12. Expansionary fiscal policy under fixed exchange rates or easy monetary policy under flexible rates can correct a recession but only the expense of higher prices or inflation. If prices are flexible downward in the nation, however, the recession can be corrected automatically and in a relatively short time by falling domestic prices, which would stimulate the domestic and foreign demand for the nation's goods and services. If domestic prices are sticky or not too flexible downward, however, relying on market force (i.e., falling prices in the nation) to automatically correct the recession may take too long, and this may justify the use of expansionary fiscal or monetary policies.13. The nation would reach the long-run equilibrium point where the AD' curve crosses the unchanged LRAS curve. The SRAS curve would also shift and cross the LRAS curve at the same point. The nation's natural level of output and employment would then be the same as before the supply (petroleum) shock, but prices would be higher.14. The concept of the natural rate of unemployment is useful as long as no structural changes take place in the economy. When structural changes do occur (and globalization may just be such a structural change), then the rate of natural unemployment will change. With globalization the natural rate of unemployment may well be 5 percent or lower in the United States today.Multiple-Choice Questions1. In general, as the economy expends or contracts over the business cycle *a. prices changeb. prices remain unchanged except in a recessionc. prices remain unchanged until the economy reaches full employmentd. all of the above2. The aggregate demand curve (AD) for closed economy is derived from thea. IS curveb. LM curvec. FE curve*d. IS and LM curves3. A reduction in the general price level with a constant money supply is shown by aa. leftward shift in the LM curve*b. movement down along a given aggregate demand curvec. rightward shift in the aggregate supply curved. a rightward shift in the IS curve4. An increase in the money supply with constant prices leads to aa. leftward shift in the LM curveb. movement along a given aggregate demand curve*c. rightward shift in the aggregate demand curved. rightward shift in the IS curve5. An increase in government expenditures leads toa. a rightward shift in the IS curveb. a rightward shift in the AD curvec. an increase in the level of national income*d. all of the above6. A nation's output in the short-run cana. exceed its natural levelb. fall short of its natural levelc. equal to its natural level*d. any of the above7. Which of the following statements is false?a. a nations' natural level of output can increase as a result of growthb. imperfection in product markets can lead to temporary deviations in a nation's output from its long-run natural level*c. sticky wages cannot lead to temporary deviations in a nation's outputfrom its long-run natural leveld. none of the above.8. Output in the short run exceeds the natural level of output if expected prices*a. exceed actual pricesb. are lower than actual pricesc. are equal to actual pricesd. any of the above9. The aggregate demand curve (AD) for an open economy is derived from thea. IS curveb. LM curvec. BP curve*d. all of the above10. The aggregate demand curve for an open economy under fixed exchange rates isa. less elastic than if the economy were closed*b. more elastic than in the economy were closedc. more elastic than in the economy operated with flexible exchange ratesd. all of the above11. An autonomous improvement in the nation's trade balance under fixed exchange rates will cause the nation's aggregate demand curve to*a. shift to the rightb. shift to the leftc. remain unchangedd. any of the above12. An autonomous short-term capital outflow under flexible exchange rates causes the nation's aggregate demand curve to*a. shift to the rightb. shift to the leftc. remain unchangedd. any of the above13. With high short-term international capital flows, fixed exchange rates, and flexible pricesa. monetary policy is effective*b. fiscal policy is effectivec. both fiscal and monetary policies are effectived. neither fiscal policy nor monetary policies are effective14. Which of the following statements is false?a. expansionary fiscal or monetary policy can increase the nation's outputtemporarily above its natural levelb. expansionary fiscal or monetary policy can used to correct a recession but only at the expense of higher prices in the nation*c. a recession cannot be eliminated automatically even if domestic prices are flexible downwardd. when prices are not flexible downward inflation may be less costly that recession15. Which of the following statements is false with regard to the effect of macroeconomic policies?a. they generally cause shifts in the aggregate demand curveb. they can possibly increase long-run growthc. they can help correct supply shocks that increases production costs but only at the expense of even higher inflation*d. they always cause shifts in the long-run aggregate supply curve。
经济学专业术语(中英文对照)
经济学专业术语（中英文对照）目录1. 经济学原理 (2)2. 像经济学家一样思考 (2)3. 相互依存性与贸易的好处 (3)4. 供给与需求的市场力量 (3)5. 弹性及其应用 (4)6. 供给需求与政策 (4)7. 消费者、生产者与市场效率 (4)8. 赋税的应用 (4)9. 国际贸易 (5)10. 外部性 (5)11. 公共物品和公共资源 (5)12. 税制设计 (5)13. 生产成本 (6)14. 竞争市场上的企业 (7)15. 垄断 (7)16. 垄断竞争 (7)17. 寡头 (7)18. 生产要素市场 (8)19. 收入与歧视 (8)20. 收入不平等与贫困 (8)21. 消费者选择理论 (9)22. 微观经济学前沿 (9)23. 一国收入的衡量 (10)24. 生活费用的衡量 (10)25. 生产与增长 (10)26. 储蓄、投资和金融体系 (11)27. 金融学的基本工具 (11)28. 失业 (12)29. 货币制度 (12)30. 货币增长与通货膨胀 (13)31. 开放经济的宏观经济学 (14)32. 开放经济的宏观经济理论 (14)33. 总需求与总供给 (14)34. 货币政策和财政政策对总需求影响 (15)35. 通胀与失业之间的短期权衡取舍 (15)1.经济学原理经济:(economy)稀缺性:(scarcity)经济学:(economics)效率:(efficiency)平等:(equality)机会成本:(opporyunity cost)理性人:(rational people)边际变动:(marginal change)边际收益:(marginal benefit)边际成本:(marginal cost)激励:(incentive)市场经济:(market economy)产权:(property rights)市场失灵:(market failure)外部性:(externality)市场势力:(market power)生产率:(productivity)通货膨胀:(inflation)经济周期:(business cycle)2.像经济学家一样思考循环流量图:(circular-flow diagram)生产可能性边界:(production possibilities)微观经济学:(microeconomics)宏观经济学:(macroeconomics)实证表述:(positive statements)规范表述:(normative statements)有序数对:(ordered pair)3.相互依存性与贸易的好处绝对优势:(absolute advantage)机会成本:(apportunity cost)比较优势:(comparative advantage)进口品:(imports)出口品:(exports)4.供给与需求的市场力量市场:(market)竞争市场:(competitive market)需求量:(quantity demand)需求定理:(law of demand)需求表:(demand schedule)需求曲线:(demand curve)正常物品:(normal good)低档物品:(inferior good)替代品:(substitutes)互补品:(complements)供给量:(quantity supplied)供给定理:(law of supply)供给表:(supply schedule)供给曲线:(supply curve)均衡:(equilibrium)均衡价格:(equilibrium price)均衡数量:(equilibrium quantity)过剩:(surplus)短缺:(shortage)供求定理:(law of supply and demand)5.弹性及其应用弹性:(elasticity)需求价格弹性:(price elasticity of demand)总收益:(total revenue)需求收入弹性:(income elasticity)需求的交叉价格弹性:(cross-price elasticity)供给价格弹性:(price elasticity of supply)6.供给需求与政策价格上限:(price ceiling)价格下限:(price floor)税收归宿:(tax incidence)7.消费者、生产者与市场效率福利经济学:(welfare economics)支付意愿:(willingness to pay)消费者剩余:(consumer surplus)成本:(cost)生产者剩余:(producer surplus)效率:(efficiency)平等:(equality)8.赋税的应用无谓损失:(deadweight loss)9.国际贸易世界价格:(world price)关税:(tariff)10.外部性外部性:(externality)外部性内在化:(internalizing the externality)矫正税:(corrective taxes)科斯定理:(coase theorem)交易成本:(transaction cost)11.公共物品和公共资源排他性:(excludability)消费中的竞争性:(rivalry in consumption)私人物品:(private goods)公共物品:(public goods)公共资源:(common resources)俱乐部物品:(club goods)搭便车者:(free rider)成本-收益分析:(cost-benefit analysis)公地悲剧:(tragedy of commons)12.税制设计纳税义务:(tax lianility)预算赤字:(budget defict)预算盈余:(budget surplus)平均税率:(average tax rate)边际税率:(marginal tax rate)定额税:(lump-sum tax)受益原则:(benefits principle)支付能力原则:(ability-to-pay principle)纵向平等:(vertical equity)横向平等:(horizontal equity)比例税:(proportional tax)累退税:(regressive tax)累进税:(progressive tax)13.生产成本总收益:(total revenue)总成本:(total cost)利润:(profit)显性成本:(explicit costs)隐性成本:(implicit costs)经济利润:(economic profit)会计利润:(counting profit)生产函数:(production function)边际产量:(marginal product)边际产量递减:(diminishing marginal product)固定成本:(fixed costs)可变成本:(variable costs)平均总成本:(average total cost)平均固定成本:(average fixed costs)平均可变成本:(average variable costs)边际成本:(marginal cost)有效规模:(efficient scale)规模经济:(economies of scale)规模不经济:(diseconomies of scale)规模收益不变:(constant returns to scale) 14.竞争市场上的企业竞争市场:(competitive market)平均收益:(average revenue)边际收益:(marginal revenue)沉没成本:(sunk revenue)15.垄断垄断企业:(monopoly)自然垄断:(natural monopoly)价格歧视:(price discrimination)16.垄断竞争寡头:(oligopoly)垄断竞争:(monopolistic competition) 17.寡头博弈论:(game theory)勾结:(collusion)卡特尔:(cartel)纳什均衡:(Nash equilibrium)囚徒困境:(prisoners’ dilemma)占优策略:(dominant strategy)18.生产要素市场生产要素:(factors of production)生产函数:(production function)劳动的边际产量:(marginal product of labor)边际产量递减:(diminishing marginal product)边际产量值:(value of the marginal product)资本:(capital)19.收入与歧视补偿性工资差别:(compensating differential)人力资本:(human capital)工会:(union)罢工:(strike)效率工资:(efficiency)歧视:(discrimination)20.收入不平等与贫困贫困率:(poverty rate)贫困率:(poverty line)实物转移支付:(in-kind transfers)生命周期:(life cycle)持久收入:(permanent income)功利主义:(utilitariansm)效用:(utilitariansm)自由主义:(liberalism)最大最小准则:(maximin criterion)负所得税:(negative income tax)福利:(welfare)社会保险:(social insurance)自由至上主义:(libertarianism)21.消费者选择理论预算约束线:(budget constraint)无差异曲线:(indiffernnce curve)边际替代率:(marginal rate of subtitution)完全替代品:(perfect substitudes)完全互补品:(perfect complements)正常物品:(normal good)低档物品:(inferior good)收入效应:(income effect)替代效应:(substitution effect)吉芬物品:(Giffen good)22.微观经济学前沿道德风险:(moral hazard)代理人:(agent)委托人:(principal)逆向选择:(adverse selection)发信号:(signaling)筛选:(screening)政治经济学:(political economy)康多塞悖论:(condorcet paradox)阿罗不可能性定理:(Arrow’s impossibility)中值选民定理:(median vater theorem)行为经济学:(behavioral economics)23.一国收入的衡量微观经济学:(microeconomics)宏观经济学:(macroeconomics)国内生产总值:(gross domestic product,GDP)消费:(consumption)投资:(investment)政府购买:(government purchase)净出口:(net export)名义GDP:(nominal GDP)真实GDP:(real GDP)GDP平减指数:(GDP deflator)24.生活费用的衡量消费物价指数:(consumer price index,CPI)通货膨胀率:(inflation rate)生产物价指数:(produer price index,PPI)指数化:(indexation)生活费用津贴:(cost-of-living allowance,COLA)名义利率:(nominal interest rate)25.生产与增长生产率:(productivity)物质资本:(physical capital)人力资本:(human capital)自然资源:(natural resources)技术知识:(technological knoeledge)收益递减:(diminishing returns)追赶效应:(catch-up effect)26.储蓄、投资和金融体系金融体系:(financial system)金融市场:(financial markets)债券:(bond)股票:(stock)金融中介机构:(financial intermediaries)共同基金:(mutual fund)国民储蓄:(national saving)私人储蓄:(private saving)公共储蓄:(public saving)预算盈余:(budget surplus)预算赤字:(budget deficit)可贷资金市场:(market for loanable funds)挤出:(crowding out)27.金融学的基本工具金融学:(finance)现值:(present value)终值:(future value)复利:(compounding)风险厌恶:(risk aversion)多元化:(diversification)企业特有风险:(firm-specific risk)市场风险:(market risk)基本面风险:(fundamental analysis)有效市场假说:(efficient markets by pothesis)信息有效:(informational efficiency)随机游走:(random walk)28.失业劳动力:(laborforce)失业率:(unemployment rate)劳动力参与率:(labor-force participation rate)自然失业率:(natural rate of unemployment)周期性失业:(cyclical unemployment)失去信心的工人:(discouraged workers)摩擦性失业:(frictional unemployment)结构性失业:(structural unemployment)寻找工作:(job search)失业保险:(unemployment insurance)工会:(union)集体谈判:(collective bargaining)罢工:(strike)效率工资:(essiciency wages)29.货币制度货币:(money)交换媒介:(medium of exchange)计价单位:(unit of account)价值储藏手段:(store of value)流动性:(liquidity)商品货币:(commodity money)法定货币:(fiat money)通货:(currency)活期存款:(demand deposits)联邦储备局:(Federal Reserve)中央银行:(central bank)货币供给:(money supply)货币政策:(monetary policy)准备金:(reserves)部分准备金银行:(fractional-reserve banking)准备金率:(reserve ratio)货币乘数:(money multiplier)银行资本:(bank capital)杠杆:(leverage)杠杆率:(leverage ratio)资本需要量:(capital requirement)公开市场操作:(open-market operations)贴现率:(discount rate)法定准备金:(reserve requirements)补充金融计划:(supplementary financing program)联邦基金利率:(federal funds rate)30.货币增长与通货膨胀铲除通胀:(whip Inflation Now)货币数量论:(quantity theory of money)名义变量:(nominal variables)真实变量:(real variables)古典二分法:(classiacl dichotomy)货币中性:(monetary neutrality)货币流通速度:(velocity of money)数量方程式:(quantity equation)通货膨胀税:(inflation tax)费雪效应:(Fisher effect)皮鞋成本:(shoeleather cost)菜单成本:(menu costs)31.开放经济的宏观经济学封闭经济:(closed economy)开放经济:(open economy)出口:(exports)净出口:(net exports)贸易余额:(trade balance)贸易盈余:(trade surplus)贸易平衡:(balanced trade)贸易赤字:(trade deficit)资本净流出:(net capital outflow)名义汇率:(nominal exchange rate)升值:(appreciation)贬值:(depreciation)真实汇率:(real exchange rate)购买力平价:(purchasing-power parity)32.开放经济的宏观经济理论贸易政策:(trade policy)资本外逃:(capital flight)33.总需求与总供给衰退:(recession)萧条:(depression)总需求与总供给模型:(model of aggregate demand and aggregate supply)总需求曲线:(aggregate-demand curve)总供给曲线:(aggregate-supply curve)自然产出水平:(natural level of output)滞胀:(stagflation)34.货币政策和财政政策对总需求影响流动性偏好理论:(theory of liquidity)财政政策:(fisical policy)乘数效应:(multiplier effect)挤出效应:(crowding-out effect)自动稳定器:(automatic stabilizers)35.通胀与失业之间的短期权衡取舍菲利普斯曲线:(phillips curve)自然率假说:(natural-rate hypothesis)供给冲击:(supply shock)牺牲率:(sacrifice ratio)理性预期:(rational expectations)。
多恩布什《宏观经济学》(英文第八版)答案-第六章
Chapter 6 Solutions to the Problems in the Textbook:Conceptual Problems:1. The aggregate supply curve and the Phillips curve describe very similar relationships and bothcurves can be used to analyze the same phenomena. The AS-curve shows a relationship between the price level and the level of output. The Phillips curve shows a relationship between the rate of inflation and the unemployment rate, given certain inflationary expectations. For example, a movement along the AS-curve depicts an increase in the price level that is associated with an increase in the level of output. As output increases, the rate of unemployment decreases (see Okun’s law).Therefore, with a larger increase in the price level (a higher level of inflation) there will be a decrease in unemployment, creating a downward-sloping Phillips curve.This downward sloping Phillips curve shifts whenever inflationary expectations change. If one assumes that workers will change their wage demands whenever their inflationary expectations change, one can conclude that a shift in the Phillips curve corresponds to a shift in the upward sloping AS-curve, since higher wages mean higher cost of production.2. In the short run, when wages and prices are assumed to be fixed, there can be no inflation and thusthe Phillips curve makes no sense over this very brief time frame. But in the medium run (in this chapter also often referred to as the short run), the Phillips curve is downward sloping as inflationary expectations are assumed to be constant. In the long run, the Phillips curve is vertical at the natural rate of unemployment, which corresponds to the vertical long-run AS-curve at the full-employment level of output.3. A variety of explanations are given in this chapter for the stickiness of wages in the short orintermediate run. One is that workers have imperfect information and nobody knows the actual price level. People don’t know whether a change in their nominal wage is the result of an increase in prices or in the real wage they receive for the work they provide. Due to this uncertainty, labor markets will not clear immediately. Another argument relies on coordination problems, that is, different firms within an economy cannot coordinate price changes in response to monetary policy changes.Individual firms change their prices only reluctantly, since they are afraid of losing market share. The efficiency wage theory argues that employers pay above market-clearing wages to motivate their workers to work harder. Firms are also reluctant to change wages because of the perceived menu costs involved. There are long-term relations between firms and workers and wages are usually set in nominal terms by wage contracts, which are renegotiated only periodically. Thus real wages fluctuate over time as the price level changes. Finally, the insider-outsider model argues that firms negotiate only with their own employees but not with unemployed workers. Since a turnover in the labor force is costly to firms, they are willing to offer above market-clearing wages to the currently employed rather than hiring the unemployed who may be willing to work for lower wages.These different views are not necessarily mutually exclusive and it is up to students to decide which of the arguments presented here they find most plausible. The explanations differ mainly in their assumption of how fast markets clear and whether employment variations are voluntary.4.a. Stagflation is defined as a period of high unemployment accompanied by high inflation.4.b. Stagflation can occur in time periods when people have high inflationary expectations. If theeconomy goes into a recession, the actual rate of inflation will fall below the expected rate of inflation.However, the actual inflation rate may still be very high while the rate of unemployment is increasing.For example, the Fed may have let money supply grow much too fast in the past, so everyone expectsa high inflation rate. If a supply shock occurs, we will see an increase in the rate of unemploymentwhile inflationary expectations and actual inflation remain very high. This scenario occurred during the 1970s. Once we have reached such a situation, it becomes necessary to design policies that will reduce inflationary expectations to shift the Phillips curve back to the left.5. Assume a disturbance occurs and the AD-curve shifts to the right. Unemployment decreases andinflation increases, and we move along the downward sloping Phillips curve to the left. However, as soon as people realize that actual inflation is higher than their inflationary expectations, they adjust their inflationary expectations upward and the downward-sloping Phillips curve shifts to the right, eventually returning unemployment back to its natural rate. In other words, the economy adjusts back at the full-employment level of income.If an adverse supply shock occurs (the upward-sloping AS-curve shifts to the left), unemployment and inflation increase simultaneously. This will correspond to a shift of the downward-sloping Phillips curve to the right. However, when people realize that actual inflation is less than expected inflation, then the downward-sloping Phillips curve starts to shift back and the economy adjusts back to the natural rate of unemployment in the long run.6.The expectations-augmented Phillips curve predicts that inflation will rise above the expected levelwhen unemployment drops below its natural rate. However, if people know that this is going to happen, why don’t they immediately adjust to it? And if people immediately adjusted to it, wouldn’t this imply that anticipated monetary policy would be ineffective to cause any deviation from the full-employment level of output? In reality, however, even if people have rational expectations, they may not be able to adjust immediately. One reason is that wage contracts often set wages for an extended time period. Similarly, prices cannot always be changed right away and the costs of changing prices may outweigh the benefits. A further argument is that even rational people make forecasting mistakes and learn only slowly.In other words, the location of the expectations-augmented Phillips curve is determined by the level of expected inflation, which is set by recent historical experience. A shift in this curve caused by changing inflationary expectations occurs only gradually. The rational expectations model, on the other hand, assumes that the Phillips curve shifts almost instantaneously as new information about the near future becomes available.Technical Problems:1. A reduction in the supply of money leads to excess demand for money and increased interest rates,reducing the level of private spending (especially investment). Therefore the AD-curve shifts to the left. This causes an excess supply of goods and services at the original price level so the price level starts to decrease. Since the AS-curve is upward sloping, a new short-run macro-equilibrium is reached at a lower level of output (and thus a higher level of unemployment) and a lower price level.PP1However, the higher level of unemployment eventually puts downward pressure on wages, reducing the cost of production and shifting the upward-sloping AS-curve to the right. Alternatively, since this equilibrium output level is below the full-employment level, prices will continue to fall, and the upward-sloping AS-curve will shift to the right. As long as output is below the full-employment level Y*, the upward-sloping AS-curve will continue to shift to the right, which means that the price level will continue to decline. Eventually a new long-run equilibrium will be reached at the full-employment level of output (Y*) and a lower price level.2. According to the rational expectations theory, an announced change in monetary policy wouldimmediately change people’s perception in regard to the expected inflation rate. If people could adjust immediately to this change in inflationary expectations, then the rate of unemployment or the output level would remain the same. In other words, we would immediately move from point 1 to point 3 in the diagram used to explain the previous question and the Fed would be unable to affect the unemployment rate. In reality, however, even if people have rational expectations and can anticipate the effects of a policy change correctly, they may not be able to immediately adjust due to wage contracts, etc. Thus, there will always be some deviation from the full-employment output level Y*.3.a. A favorable supply shock, such as a decline in material prices, shifts the upward-sloping AS-curve tothe right, leading to excess supply at the existing price level. A new short-run equilibrium is reached at a higher level of output and a lower price level. But since output is now above the full-employment level Y*, there is upward pressure on wages and prices and the upward-sloping AS-curve shifts back to the right. A new long-run equilibrium is reached back at the original position (Y*), and the original price level (assuming that the change in material prices did not affect the full-employment level of output). Since nominal wages (W) will have risen but the price level (P) will not have changed, real wages (W/P) will have increased.PP1P20 13.b. Lower material prices lower the cost of production, shifting the upward-sloping AS-curve shiftsto the right, and leading to an increase in output and a lower price level. Since unemployment is now below its natural rate, there is a shortage of labor, providing upward pressure on wages. This will increase the cost of production again, eventually shifting the upward-sloping AS-curve back to the original long-run equilibrium (assuming that potential GDP has not been affected).Additional Problems:1. Explain the long-run effect of an increase in nominal money supply on the amount of realmoney balances available in the economy.In the very short run, the price level is fixed, so if nominal money supply (M) increases, a higher level of real money balances is available, causing interest rates to fall and the level of investment spending to increase. This leads to an increase in aggregate demand. The shift to the right of the AD-curve causes the price level (P) to increase, leading to a reduction in real money balances (M/P). In the medium run (an upward-sloping AS-curve), we reach a new equilibrium at a higher output level and a higher price level. Since prices have gone up proportionally less than nominal money supply, real money balances have increased. However, to reach a new long-run equilibrium, prices have to increase further, and as a result, the level of real money balances will decrease further. When the new long-run equilibrium at Y* is finally reached, the price level will have risen proportionally to nominal money supply and the level of real money balances will be back at its original level.2. Assume the economy is in a recession. Describe an adjustment process that will ensure that theeconomy eventually will return to full employment. How can the government speed up this process?If the economy is in a recession, there will be downward pressure on wages and prices, which will bring the economy back to the full-employment output level. The upward-sloping AS-curve will shift to the right due to lower production costs. However, this process may take a fairly long time. The government can shorten this adjustment process with the help of expansionary fiscal or monetary policies to stimulate aggregate demand. The resulting shift to the right of the AD-curve implies that the final long-run equilibrium will be at a higher price level. In other words, the reduction in unemployment can only be achieved at the cost of higher inflation.3. "The stickiness of wages implies that policy makers can achieve low unemployment only if theyare willing to put up with high inflation." Comment on this statement.There are several explanations of why wages and prices adjust only slowly. One is that workers have imperfect information, so they do not realize that lower prices mean higher real wages. Another is that firms are reluctant to change prices and wages since they are unsure about the behavior of their competitors and want to avoid the perceived cost of making these changes. Finally, wage contracts tend to be long-term and staggered, so it takes time to adjust wages to price changes. Some firms may pay their workers above market-clearing wages to keep them happy and productive. For these reasons, wages and prices tend to be rigid in the short run. Thus it takes time for the economy to adjust back to full-employment.If there were a stable Phillips-curve relationship, a low rate of unemployment could only be achieved by allowing inflation to increase. However, such a stable relationship does not exist. Wages tend to be rigid in the short run, so expansionary policies lower unemployment and increase inflation in the short run. In the long run, however, the economy will adjust back to the natural rate of unemployment, so expansionary policies simply lead to a higher price level.4. "If we assume that people have rational expectations, then fiscal policy is always irrelevant.But monetary policy can still be used to affect the rate of inflation and unemployment."Comment on this statement.Individuals and firms with rational expectations consistently make optimal decisions based on all information available. As long as a policy change is anticipated, people are able to assess its long-run outcome and will try to immediately adjust. Since fiscal policy doesn't affect inflation or unemployment in the long run, it is also ineffective in the short run if wages and prices are assumed to be flexible. An anticipated change in monetary growth, on the other hand, will be reflected in a change in the inflation rate. If wages are flexible, workers will adjust their wage demands immediately and no significant change in the unemployment rate will occur. However, even if people have rational expectations, wages tend to be fairly rigid in the short run due to wage contracts. Therefore, it will take time for the economy to adjust back to a long-run equilibrium. This implies that both fiscal and monetary policy can affect the rate of inflation and unemployment to some degree in the short run.5. "Inflation cannot accelerate in a recession, when the rate of unemployment is above its naturalrate." Comment on this statement.Inflation can accelerate even in a recession, that is, when the unemployment is high, if a supply shock occurs. An oil price increase will increase the cost of production, so the upward-sloping AS-curve will shift to the left. This will increase the inflation rate and the rate of unemployment simultaneously, as firms increase their product prices and cut their production. If the Fed tries to accommodate the supply shock with expansionary monetary policy in an effort to stimulate the economy, then inflation will accelerate even more, as the AD-curve shifts to the right.6. Comment on the following statement:"The coordination approach to the Phillips curve focuses on the problems that the administration has in coordinating its fiscal policies with the monetary policies of the Fed." The coordination approach has nothing to do with fiscal or monetary policy but is simply one explanation of why wages adjust slowly. This view asserts that firms generally are unable to coordinate wage and price changes in response to a monetary policy change. For example, any firm that cuts workers' wages in response to monetary contraction while other firms don't, will anger its employees who may then choose to leave. Firms are also reluctant to change their prices since they are unsure about their competitors' behavior. Thus wages and prices change only slowly in response to a change in aggregate demand. This implies an upward-sloping (short-run) AS-curve.7. Comment on the following statement:"The unemployment rate is zero at the full-employment level of output."With a higher price level real wages decline, increasing the quantity of labor demanded. Therefore the nominal wage rate is bid up until the real wage rate is restored to its unique equilibrium level. Similarly, if prices fall, real wages increase, leading to unemployment. The nominal wage rate falls to bring the real wage rate back to its equilibrium level. So the nominal wage rate changes in proportion to the price level to maintain a real wage rate that clears the labor market. At this wage rate, the full-employment level of output is produced. However, at the full-employment output level the unemployment rate is not zero. Due to frictions in the labor market, there is always a positive unemployment rate, as workers switch between jobs. This is called the natural rate of unemployment.8. Briefly state the reason for the slow adjustment of wages to changes in aggregate demand. The reasons for the slow adjustment of nominal wages can be explained in several ways. One explanation is that workers have imperfect information, that is, they do not immediately realize whether a change in their nominal wage is the result of an increase in prices or in the real wage they receive for the work they provide. Another explanation is that coordination problems exist, that is, different firms within an economy are unsure about the behavior of their competitors and thus they only reluctantly change wages or prices. The efficiency wage theory, on the other hand, argues that firms pay above market-clearing wages to motivate their workers to work harder. Firms are also reluctant to change wages due to the perceived cost of doing so. Another argument is that wage contracts tend to be long-term, so real wages tend to fluctuate over the length of the contract and output adjusts only slowly to price changes. Finally, the insider-outsider model argues that firms negotiate only with their employees but not the unemployed. Since a turnover of the labor force is costly to firms, they are willing to offer above market-clearing wages to the currently employed rather than hiring the unemployed who may be willing to work for less. These various explanations are not mutually exclusive, and they all imply that the AS-curve is positively sloped, that is, that a change in aggregate demand will affect both output and prices in the short run.9. True or false? Why?"There is no frictional unemployment at the natural rate of unemployment."False. The natural rate of unemployment is the rate at which the labor market is in equilibrium. But there is always some unemployment due to new entrants into the labor force, people between jobs, and the like.This rate of unemployment is considered normal, due to frictions in the labor market, and is often called frictional unemployment.10. "If everyone in this economy had rational expectations, then wages would be flexible andunemployment could not occur." Comment on this statement.The new Keynesian models argue that even if people have rational expectations, socially undesirable outcomes may still occur due to imperfect competition and the existence of wage contracts. Prices may not change freely, since firms in imperfectly competitive markets are reluctant to change them, due to the menu costs involved. Nominal wages are set by contracts over a period of time, so the economy may adjust only slowly to a decrease in aggregate demand. Thus a rate of unemployment higher than the natural rate can exist over an extended period of time.11. True or false? Why?"If nominal wages were more flexible, expansionary policies would be more effective in reducing the rate of unemployment."False. In Chapter 5 we learned that in the classical case (where nominal wages are completely flexible) the AS-curve is vertical, whereas in the Keynesian case (where wages do not change, even if unemployment persists) the AS-curve is horizontal. From this we can conclude that more flexible nominal wages imply a steeper upward-sloping AS-curve. Any type of expansionary demand-side policy will shift the AD-curve to the right and this will cause the level of output and prices to increase (at least in the short-run). A steeper upward-sloping AS-curve results in a larger price increase and a smaller increase in output. But a smaller increase in the level of output results in a smaller reduction in unemployment. In either case, the economy will settle back at the full-employment level of output in the long run. In the long run, the rate of unemployment always goes back to its natural level.12. Explain the short-run and long-run effects of an increase in the level of government spendingon output, unemployment, interest rates, prices, and real money balances.An increase in government spending increases aggregate demand, shifting the AD-curve to the right. Because there is excess demand, the price level increases, which reduces the level of real money balances. Therefore interest rates increase, leading to some crowding out of investment. Due to this real balance effect, the increase in output is less than the shift in the AD-curve. Assuming an upward-sloping AS-curve, a new equilibrium is reached at a higher price level, a higher level of output, a lower unemployment rate and a higher interest rate. Since output is now above the full-employment level, wages and prices will continue to rise and the upward-sloping AS-curve will start shifting to the left. This process will continue until a new long-run equilibrium is reached at the full-employment level of income Y*, that is, until unemployment is back at its natural rate. At this point the price level, nominal wages, and interest rates will be higher than previously and real money balances will be lower.13. Briefly explain why there seems to be so much interest in finding ways to shift theupward-sloping aggregate supply curve to the right.Shifting the upward-sloping AS-curve to the right seems to be the only way to offset the effects of an adverse supply shock without any negative side effects. An adverse supply shock, such as an increase in oil prices, causes a simultaneous increase in unemployment and inflation, and policy makers have only two options for demand-management policies. Expansionary fiscal or monetary policy will help to achieve full employment faster but will raise the price level, while restrictive fiscal or monetary policy will reduce inflationary pressure but increase unemployment. Therefore, any policy that would shift the upward sloping AS-curve back to the right seems preferable, since it might bring the economy back to the original equilibrium by simultaneously lowering inflation and unemployment.14. Use an AD-AS framework to show the effect of monetary restriction on the level of output,prices and the interest rate in the medium and the long run.A decrease in nominal money supply will increase interest rates, leading to a decrease in investment spending. This will shift the AD-curve to the left, creating an excess supply of goods and services. Therefore price level will decrease and real money balances will increase. A new equilibrium will be achieved at the intersection of the new AD-curve and the upward-sloping AS-curve at an output level that is below the full-employment level.In the long run, higher unemployment will cause downward pressure on wages. As the cost of production decreases, the upward-sloping AS-curve will keep shifting to the right until a new long-run equilibrium is established at the full-employment level of output, that is, where the new AD-curve intersects the long-run vertical AS-curve at Y*. At this point, real output, the real interest rate, real money balances, and the real wage rate will be back at their original level. Nominal money supply, the price level and the nominal wage rate will all have decreased proportionally.A simplified adjustment can be shown as follows:1-->2: Ms down ==> i up ==> I down ==> Y down ==> the AD-curve shifts left ==>excess supply ==> P down ==> real ms up ==> i down ==> I up ==> Y up(The first line describes a policy change, that is, a shift in the AD-curve; the second line describes the price adjustment, that is, a movement along the AD-curve.)Short-run effect:Y down, i up, P down2-->3: Since Y < Y* ==> downwards pressure on nominal wages ==> cost of production down ==> the short run AS-curve shifts right ==> excess supply of goods ==> P down ==> real ms up==> i down ==> I up ==> Y up (This process continues until Y = Y*)Long-run effect:Y stays at Y*, i remains the same, P down.Note: Even though only one shift of the short-run AS-curve to the new long-run equilibrium is shown here, this shift is actually a combination of many shifts.P2P1P2P30 215. Briefly discuss the importance of Okun’s law in evaluating the cost of unemployment.Okun’s law states that a reduction in the unemployment rate of 1 percent will increase the level of output by about 2 percent. This relationship allows us to measure the cost to society (in terms of lost production) of a given rate of unemployment.16. True or false? Why?"If monetary policy accommodates an adverse supply shock, it will worsen any inflationary effects."True. An adverse supply shock shifts the upward-sloping AS-curve to the left. There is excess demand for goods and services at the original price level and prices start to rise, leading to lower real money balances, higher interest rates, and lower output. If no policy is implemented, then unemployment will force the nominal wage down to restore equilibrium at the original position. If the government views this adjustment process as too slow, it can respond by implementing expansionary policies. Accommodating the supply shock in this way shifts the AD-curve to the right and a new equilibrium can be reached at full-employment but at a higher price level. It is unlikely, though, that the economy will remain there for long since workers will realize that their purchasing power has been diminished by higher prices and will demand a wage increase. If they are successful, the cost of production will increase and the upward-sloping AS-curve will shift to the left again. In other words, we will enter a wage-price spiral.PP3P2P1217. Assume oil prices decline. What kind of monetary policy should the Fed undertake if its goal isto stabilize the level of output while keeping inflation low? Show with the help of an AD-AS diagram and briefly explain the adjustment process.1-->2: As oil prices decline, the cost of production decreases and the upward-sloping AS-curve shifts to the right, causing excess supply of goods. Thus the price level decreases, real money balances increase, and the interest rate declines.2-->3: A decrease in money supply will increase the interest rate, decrease private spending, and shift the AD-curve to the left. This means that prices will decrease even further and the level of output will decline. (We assume, for simplicity, that it goes back to the full-employment level Y*, so no long-run adjustment is needed.) Overall, the level of output has remained at its full-employment level but the level of prices and the interest rate have decreased.PP1P2218. Comment on the following statement:"A favorable oil shock causes lower inflation and lower unemployment."A decrease in material prices (or any other favorable supply shock) shifts theupward-sloping AS-curve to the right, and prices begin to decrease. The new equilibrium is at a lower price level and a higher level of output (a lower level of unemployment).Since output is now above the full-employment level, there will be upward pressure on nominal wages and prices, and the upward-sloping AS-curve will start shifting back to its original position (assuming that potential output was not affected). In the long run, unemployment will be back at its natural rate but the price level will have decreased (and thus real wages increased).19. “Falling oil prices will lead to increased employment, higher wage rates an dincreased real money balances.” Comment on this statement with the help of an AD-AS diagram and explain the short-run and long-run adjustment processes.A decline in material prices shifts the upward-sloping AS-curve to the right, leading to excess supply at the existing price level. A new equilibrium is reached at a higher level of output and a lower price level. But since output is now above the full-employment level Y*, there is upward pressure on wages and prices and the upward-sloping AS-curve starts shifting back to the right. A new long-run equilibrium is reached back at the original position (Y*), and the original price level (assuming that the change in material prices did not affect the full-employment level of output). Since nominal wages (W) will have risen but the price level (P) will not have changed, real wages (W/P) will have increased.PP1P2Y*Y2Y。
西方经济学名词解释 英文版
西方经济学名词解释英文版第一章Macroeconomics 宏观经济学The study of the overall aspects and workings of a national economy, such as income, output, and the interrelationship among diverse economic sectors. 研究国民收入的各方面。
Microeconomics 微观经济学The study of the operations of the components of a national economy, such as individual firms, households, and consumers.研究经济中单个因素行为的分析。
GDP 国内生产总值 (Gross Domestic Product)The total market value of all final goods and services producedwithin the borders of a nation during a specified period.一国国民在各行业中一年内生产的最终产品和最终服务价值总和。
It isoften seen as an indicator of the standard of living ina country.Gross Domestic Product,consumption + investment goods + government purchases + net exportsEconomic Growth 经济增长steady growth in the productive capacity of the economy (and so a growth of national income)Real Economic Growth Rate 实际经济增长率A measure of economic growth from one period to another expressed as a percentage and adjusted for inflation (i.e. expressed inreal as opposed to nominal terms). The real economic growth rate isa measure of the rate of change that a nation's gross domestic product (GDP) experiences from one year to another. Gross national product (GNP) can also be used if a nation's economy is heavily dependent on foreign earnings. The real economic growth rate builds onto the economic growth rate by taking into account the effect that inflation has on the economy. The real economic growth rate is a "constant dollar" and therefore a more accurate look at the rate of economic growth because the real rate is not distorted by the effects of extreme inflation or deflation.GDP deflator GDP指数In economics the GDP deflator (implicit price deflator for GDP) is a measure of the change in prices of all new, domestically produced, final goods and services in an economy. GDP stands for gross domestic product the total value of all goods and services produced within that economy during a specified period.Nominal GDP 名义GDPA gross domestic product (GDP) figure that has not been adjusted for inflation.Real GDP 实际GDPThis inflation-adjusted measure that reflects the value of all goods and services produced in a given year, expressed in base-year prices. Often referred to as "constant-price", "inflation-corrected" GDP or "constant dollar GDP". Unlike nominal GDP, real GDP can accountfor changes in the price level, and provide a more accurate figure.Potential output 潜在产量/潜在GDPIn economics, potential output (also refered to as "natural real gross domestic product") refers to the highest level of real Gross Domestic Product output that can be sustained over the long term.GDP Gap GDP缺口The forfeited output of an country's economy resulting from the failure to create sufficient jobs for all those willing to work. A GDP gap denotes the amount of production that is irretrievably lost. The potential for higher production levels is wasted because therearen't enough jobs supplied.(与书异)Net Exports 净出口The value of a country's total exports minus the value of its total imports. It is used to calculate a country's aggregate expenditures, or GDP, in an open economy. In other words, net exports is the amount by which foreign spending on a home country's goods and services exceeds the home country's spending on foreign goods and services.Recession 经济衰退A significant decline in activity spread across the economy, lasting longer than a few months. It is visible in industrial production, employment, real income, and wholesale-retail trade. The technical indicator of a recession is two consecutive quarters of negative economic growth as measured by a country's GDP.Notes: Recession is a normal (albeit unpleasant) part of the business cycle. A recession generally lasts from six to eighteen months.Interest rates usually fall in recessionary times to stimulate the economy by offering cheap rates at which to borrow1money.Depression 经济萧条A severe and prolonged recession characterized by inefficient economic productivity, high unemployment, and falling price levels. In times of depression, consumer's confidence and investments decrease, causing the economy to shutdown. Value Added 附加值The enhancement a company gives its product or service beforeoffering the product to customers. This can either increase the products price or value.(与书异)Gross National Product – GNP 国民生产总值An economic statistic that includes GDP, plus any income earned by residents from overseas investments, minus income earned within the domestic economy by overseas residents. GNP is a measure of a country's economic performance, or what its citizens produced (i.e. goods and services) and whether they produced these items within its borders.Disposable Income 可支配收入The amount of after-tax income that is available to divide between spending and personal savings. This also known as your take home pay.Unemployment Rate 失业率The percentage of the total labor force that is unemployed but actively seeking employment and willing to work.Labor force 劳动力the group of people who have a potential for being employed.Frictional Unemployment 摩擦性事业Unemployment that is always present in the economy, resulting from temporary transitions made by workers and employers or from workers and employers having inconsistent or incomplete information.Structural Unemployment 结构性失业Unemployment resulting from changes in the basic composition of the economy. These changes simultaneously open new positions for trained workers.Cyclical Unemployment 周期性失业Unemployment resulting from changes in the business cycle.Natural Unemployment 自然失业率(与书异)The lowest rate of unemployment that an economy can sustain over the long run. Keynesians believe that a government can lower the rate of unemployment (i.e. employ more people) if it were willing to accept a higher level of inflation (the idea behindthe Phillips Curve). However, critics of this say that the effect is temporary and that unemployment would bounce back up but inflation would stay high. Thus, the natural, or equilibrium, rate is the lowest level of unemployment at which inflation remainsstable. Also known as the "non-accelerating inflation rate of unemployment" (NAIRU).Notes: When the economy is said to be at full employment, it is atits natural rate of unemployment. Economists debate how the natural rate might change. For example, some economists think that increasing labor-market flexibility will reduce the natural rate. Other economists dispute the existence of a natural rate altogether!Frictional unemployment — This reflects the fact that it takes time for people to find and settle into new jobs. If 12 individuals each take one month before they start a new job, the aggregate unemployment statistics will record this as a single unemployed worker. Technological change often reduces frictional unemployment, for example: the internet made job searches cheaper and more comprehensive.Structural unemployment — This reflects a mismatch between theskills and other attributes of the labour force and those demanded by employers. If 4 workers each take six months off to re-train before they start a new job, the aggregate unemployment statistics will record this as two unemployed workers. Technological change often increases structural unemployment, for example: technological change might require workers to re-train.Natural rate of unemployment — This is the summation of frictional and structural unemployment. It is the lowest rate of unemployment that a stable economy can expect to achieve, seeing as some frictional and structural unemployment is inevitable. Economists do not agree on the natural rate, with estimates ranging from 1% to 5%, or on its meaning —some associate it with"non-accelerating inflation.The estimated rate varies from countryto country and from time to time. Demand deficient unemployment — In Keynesian economics, any level of unemployment beyond the natural rateis most likely2due to insufficient demand in the overall economy. During a recession, aggregate expenditure is deficient causing theunderutilization of inputs (including labour). Aggregate expenditure (AE) can be increased, according to Keynes, by increasing consumption spending (C), increasing investment spending (I), increasing government spending (G), or increasing the net of exports minus imports (X?M).{AE = C + I + G + (X?M)}Okun's Law 奥昆法则A relationship between an economy's GDP gap and the actual unemployment rate. The relationship is represented by a ratio of 1 to2.5. Thus, for every 1% excess of the natural unemployment rate, a 2.5% GDP gap is predicted.Inflation 通货膨胀The rate at which the general level of prices for goods and services is rising, and, subsequently, purchasing power is falling.Deflation 通货紧缩 steadily falling pricesA general decline in prices, often caused by a reduction in thesupply of money or credit. Deflation can be caused also by a decrease in government, personal or investment spending. The opposite of inflation,deflation has the side effect of increased unemployment since there is a lower level of demand in the economy, which can lead to an economic depression. Hyperinflation 超级通货膨胀Extremely rapid or out of control inflation.Inflation rate 通货膨胀率In economics, the inflation rate is the rate of increase of the average price level (a measure of inflation). If one likes analogies, the size of a balloon is like the price level, while the inflation rate is how quickly it grows in size. Alternatively, the inflation rate is the rate of decrease in the purchasing power of money.Consumer Price Index (CPI) 消费价格指数The CPI, as it is called, measures the prices of consumer goods and services and is a measure of the pace of US inflation. The US Department of Labor publishes the CPI every month.Demand,pull inflation 需求拉动型通货膨胀inflation due to high demand for GDP and low unemployment, also known as Phillips Curve inflation. Cost,push inflation 成本推动型通货膨胀nowadays termed "supply shock inflation", due to an event such as a sudden increase in the price of oil. Built-in inflation - induced by adaptive expectations, often linked to the "price/wage spiral" because it involves workers tryingto keep their wages up with prices and then employers passing higher costs on to consumers as higher prices as part of a "vicious circle".Built-in inflation reflects events in the past, and so might be seen as hangover inflation. It is also known as"inertial" inflation, "inflationary momentum", and even "structural inflation".Indexing 指数化The adjustment of the weights of assets in an investment portfolio so that its performance matches that of an index. Linking movements of rates to the performance of an index.Notes:1. Indexing is a passive investment strategy. An investor can achieve the same risk and return of an index also by investing in an index fund.2. Types of rates that could be linked to the performance of an index are wage or tax rates.Phillips Curve 菲利普斯曲线An economic concept developed by A. W. Phillips stating thatinflation and unemployment have a stable and inverse relationship. The theory states that with economic growth comes inflation, which in turn should lead to more jobs and less unemployment. The concept has been proven empirically and some government policies are directly influenced by it.第二章Aggregate Demand 总需求The total amount of goods and services demanded in the economy at a given overall price level and in a given time period. It is represented by the aggregate-demand curve, which describes the relationship between price levels and the quantity of output that firms are willing to provide. Normally there is a negative relationship between aggregate demand and the price level. Also3known as "total spending".Notes:Aggregate demand is the demand for the gross domestic product (GDP) of a country, and is represented by this formula: Aggregate Demand (AD) = C + I + G (X-M)C = Consumers' expenditures on goods and services.I = Investment spending by companies on capital goods.G = Government expenditures on publicly provided goods and services.X = Exports of goods and services.M = Imports of goods and services.Aggregate Supply 总供给The total supply of goods and services produced within an economy at a given overall price level in a given time period. It is represented by the aggregate-supply curve, which describes the relationship between price levels and the quantity of output thatfirms are willing to provide. Normally, there is a positive relationship between aggregate supply and the price level. Rising pricesare usually signals for businesses to expand production to meet a higher level of aggregate demand. Also known as "totaloutput".Notes:A shift in aggregate supply can be attributed to a number of variables. These include changes in the size and quality of labor, technological innovations, increase in wages, increase in production costs, changes in producer taxes and subsidies, and changes in inflation. In the short run, aggregate supply responds to higher demand (and prices) by bringing more inputs into the production process and increasing utilization of current inputs. In the long run, however, aggregate supply is not affected by theprice level and is driven only by improvements in productivity and efficiency.Exogenous Variable 外生变量A variable whose value is determined outside the model in which itis used.An economic variable that is related to other economic variables and determines their equilibrium levels. For example, rainfall is exogenous to the causal system constituting the process offarming and crop output. An exogenous variable by definition is one whose value is wholly causally independent from other variables in the system.Endogenous Variable 内生变量A value determined within the context of a model.An economic variable which is independent of the relationships determining the equilibrium levels, but nonetheless affects the equilibrium.Consumption 消费in economics, direct utilization of goods and services by consumers, not including the use of means of production, such as machinery and factories (see capital). Consumption can be divided into public and private sectors.Investment 投资An asset or item that is purchased with the hope that it will generate income or appreciate in the future. In an economic sense, an investment is the purchase of goods that are not consumed today but are used in the future to create wealth. In finance, an investment is a monetary asset purchased with the idea that the asset will provide income in the future or appreciate and be soldat a higher price. In the financial sense investments include the purchase of bonds, stocks or real estate property. Government Purchases 政府购买Expenditures made in the private sector by all levels of government, such as when a government entity contracts a construction company to build office space or pave highways. A component of Keynesian expenditures, government purchases can be used as a tool for agovernment to influence the business cycle and provide economic stimulation when it is deemed necessary. Keynesian Economics 凯恩斯经济An economic theory stating that active government intervention inthe marketplace and monetary policy is the best method of ensuring economic growth and stability. A supporter of Keynesian economics believes it is the government's job to smooth out the bumps in business cycles. Intervention would come in the form of government spending and tax breaks in order to stimulate the economy, and government spending cuts and tax hikes in good times, in order to curb inflation.Classical Economics 古典经济学4Classical Economics refers to work done by a group of economists in the 18th and 19th centuries. They developed theories about the way markets and market economies work. The study was primarily concerned with the dynamics of economic growth. It stressed economic freedom and promoted ideas such as laissez-faire and free competition. Famous economists of this thinking include Adam Smith, David Ricardo, Thomas Malthus, and John Stuart Mill.Equilibrium of AD and AS 总供给和总需求的均衡supply and demand result in an equilibrium price (the interest rate) Stagflation 滞胀A condition of slow economic growth and relatively high unemployment - a time of stagnation - accompanied by a rise in prices, or inflation.第三章Fiscal Policy 财政政策Government spending policies that influence macroeconomic conditions. These policies affect tax rates, interest rates, and government spending, in an effort to control the economy.Government spending 政府支出consists of government purchases, including transfer payments, which can be financed by seigniorage (the creation of money for government funding), taxes, or government borrowing It is considered to be one of the major components of gross domestic product.Multiplier Effect 乘数效应The expansion of a country's money supply that results from banks being able to lend. The size of the multiplier effect depends on the percentage of deposits that banks are required to hold on reserves. In other words, it is money used to create more money and calculated by dividing total bank deposits by the reserve requirement.The multiplier effect depends on the set reserve requirement. The higher the reserve requirement, the tighter the money supply, which results in a lower multiplier effect for every dollar deposited. The lower the reserve requirement, the larger the money supply, which means more money is being created for every dollar deposited.Crowding Out Effect 挤出效应An economic theory explaining an increase in interest rates due to rising government borrowing in the money market. Notes: Governments often borrow money (by issuing bonds) to fund additional spending. The problem occurs when government debt 'crowds out' private companies and individuals from the lending market. Increased government borrowing tends to increase market interest rates. The problem is that the government can always pay the market interest rate, but there comes a point when corporations and individuals can no longer afford to borrow.Marginal propensity to consume (MPC) 边际消费倾向refers to the increase in personal consumer spending (consumption) that occurs with an increase in disposable income (income after taxes and transfers). For example, if a household earns one extra dollar of disposable income, and the marginal propensityto consume is 0.65, then of that dollar, the family will spend 65 cents and save 35 cents.Mathematically, the marginal propensity to consume (MPC) function is expressed as the derivative of the consumption (C) function with respect to disposable income (Y).In other words, the marginal propensity to consume is measured asthe ratio of the change in consumption to the change in income, thus giving us a figure between 0 and 1. One minus the MPC equals the marginal propensity to save. Marginal propensity to save (MPS) 边际储蓄倾向refers to the increase in saving (non-purchase of current goods and services) that results from an increase in income. For example, if a family earns one extra dollar, and the marginal propensity to save is 0.35, then of that dollar, the family will spend65 cents and save 35 cents. It can also go the other way, referring to the decrease in saving that results from a decrease in income. It is crucial to Keynesian economics and is the key variable determining the value of the multiplier. Mathematically, the marginal propensity to save (MPS) function is expressed as the derivative of the savings (S)function with respect to disposable income (Y).5In other words, the marginal propensity to save is measured as the ratio of the change in saving to the change in income, thus giving us a figure between 0 and 1. It is the opposite of the marginal propensity to consume (MPC). In the example above, the marginal propensity to consume would be 0.65. In general MPS = 1 - MPC.Money Supply 货币供给 (与书异)The entire quantity of bills, coins, loans, credit, and other liquid instruments in a country's economy. Money supply is divided into three categories--M1, M2, and M3--according to the type andsize of account in which the instrument is kept. The money supply is important to economists trying to understand how policies will affect interest rates and growth. M1The category of the money supply that includes all physical moneylike coins and currency. It also includes demand deposits, which are checking accounts and NOW accounts. M1 is the narrowest idea of "money." This is used as a measurement for economists trying to quantify the amount of money in circulation.M2A category within the money supply that includes M1 in addition toall time-related deposits, savings deposits, and non-institutionalmoney-market funds. M2 is a broader classification of money than M1. Economists use M2 when looking to quantify the amount of money in circulation and trying to explain different economic monetary conditions. M3The category of the money supply that includes M2 as well as alllarge time deposits, institutional money-market funds, short-term repurchase agreements, along with other larger liquid assets. This isthe broadest measure of money it is used by economists to estimate the entire supply of money within an economy. (书没有)Fiat Money 【美】(根据政府法令发行的)不兑现纸币Money that a government has declared to be legal tender, despite the fact that it has no intrinsic value and is not backed by reserves. Most of the world's paper money is fiat money.Legal tender 合法货币;偿付债务时债主必须接受的货币is payment that cannot be refused in settlement of a debt by virtueof law.Transactions demand 交易性需求is the demand or foreign currency. It is used for purposes of business transactions and personal consumption. transactions demand is one of the determinants of demand for money (and credit).Speculative demand 投机性需求is the demand for financial assets, such as securities, money or foreign currency, or financing. It is one of the determinants of demand for money (and credit).Liquidity Preference Theory 流动性偏好理论The hypothesis that forward rates offer a premium over expectedfuture spot rates. Proponents of this theory believe that, according to the term structure of interest rates, investors are risk-averse and will demand a premium for securities with longermaturities. A premium is offered by way of greater forward rates in order to attract investors to longer-term securities. The premium received normally increases at a decreasing rate due to downward pressure from the decreasing volatility of interest rates as the term to maturity increases. Also known as "liquidity preference hypothesis."Interest Rate 利率The monthly effective rate paid (or received if you are a creditor) on borrowed money. Expressed as a percentage of the sum borrowed.Nominal Interest Rate/the money interest rate名义利率The interest rate unadjusted for inflation. Not taking into account inflation gives a less realistic number. Real Interest Rate 实际利率6The amount by which the nominal interest rate is higher than the inflation rate. The real rate of interest is approximated by taking the nominal interest rate and subtracting inflation. The real interest rate is the growth rate of purchasing power derivedfrom an investment.Intermediate targets 中间目标An intermediate target is a variable (such as the money supply) that is not directly under the control of the central bank, but that does respond fairly quickly to policy actions, is observable frequently and bears a predictable relationship to the ultimate goals of policy.Open Market Operations 公开市场业务The buying and selling of government securities in the open marketin order to expand or contract the amount of money in the banking system. Purchases inject money into the banking system and stimulate growthwhile sales of securities do the opposite.Notes: Open market operations are the principal tools of monetary policy. (The discount rate and reserve requirements are also used.) The U.S. Federal Reserve's goal in using this technique is to adjust the federal funds rate--the rate at which banks borrowreserves from each other.Discount Rate 贴现率The interest rate that an eligible depository institution is charged to borrow short-term funds directly from a Federal Reserve Bank. This type of borrowing from the Fed is fairly limited. Institutions will often seek other means of meeting short-term liquidity needs. The Federal funds discount rate is one of two interest rates the Fed sets, the other being the overnight lendingrate, or the Fed funds rate.Lender of Last Resort 最后的贷款者/偿付者An institution, usually a country's central bank, that offers loansto banks or other eligible institutions that are experiencing financial difficulty or are considered highly risky or near collapse. In the U.S. the Federal Reserve acts as the lender of last resort to institutions that do not have any other means of borrowing and whose failure to obtain credit would dramatically affect the economy.Notes: The lender of last resort functions both to protectindividuals who have deposited funds, and to prevent panic withdrawing from banks who have temporary limited liquidity. Commercial banksusually try not to borrow from the lender of last resort because such action indicates that the bank is experiencing financial crisis. Critics of the lender-of-last-resort methodology suspect that the safety it provides inadvertently tempts qualifying institutions to acquire morerisk than necessary -since they are more likely to perceive the potential consequences of risky actions to be less severe.Reserve Requirements 法定准备金Requirements regarding the amount of funds that banks must hold in reserve against deposits made by their customers. This money must be in the bank's vaults or at the closest Federal Reserve Bank.Notes: Set by the Fed's Board of Governors, reserve requirements are one of the three main tools of monetary policy. The other two tools are open market operations and the discount rate. Also known as required reserves.第四章Supply-side economics 供给经济学A theory of economics that reductions in tax rates will stimulate investment and in turn will benefit the entire society.Laffer Curve 拉弗尔曲线Invented by Arthur Laffer, this curve shows the relationship between tax rates and tax revenue collected by governments. The chart below shows the Laffer Curve:7The curve suggests that, as taxes increase from low levels, tax revenue collected by the government also increases. It also shows that tax rates increasing after a certain point (T*) would cause people not to work as hard or not at all, thereby reducing tax revenue. Eventually, if tax rates reached 100% (the far right of the curve), then all people would choose not to work because everything they earned would go to the government.Notes: Governments would like to be at point T*, because it is the point at which the government collects maximum amount of tax revenue while people continue to work hard.Tax revenue税收is the income that is gained by governments because of taxation of the peopleBudget deficit 联邦预算赤字The amount by which government spending exceeds government revenues.Unemployment benefits 失业救济are sums of money given to the unemployed by the government or a compulsory para-governmental insurance system. Depending on the。
宏观经济学原理曼昆-名词解释
宏观经济学原理(第七版)曼昆-名词解释(带英文)(总6页)--本页仅作为文档封面，使用时请直接删除即可----内页可以根据需求调整合适字体及大小--宏观经济学原理曼昆名词解释微观经济学（microeconomics），研究家庭和企业如何做出决策，以及它们如何在市场上相互影响。
宏观经济学（macroeconomics），研究整体经济现象，包括通货膨胀、失业和经济增长。
国内生产总值GDP（gross?domestic?product），在某一既定时期，一个国家内生产的所有最终物品与服务的市场价值。
消费（consumption），家庭除购买新住房之外，用于物品与服务的支出。
投资（investment），用于资本设备、存货和建筑物的支出，包括家庭用于购买新住房的支出。
政府购买（government?purchase），地方、州和联邦政府用于物品与服务的支出。
净出口（net?export），外国人对国内生产的物品的支出（出口），减国内居民对外国物品的支出（进口）。
名义GDP（nominal?GDP），按现期价格评价的物品与服务的生产。
真实GDP（real?GDP），按不变价格评价的物品与服务的生产。
（总之，名义GDP是用当年价格来评价经济中物品与服务生产的价值，真实GDP是用不变的基年价格来评价经济中物品与服务生产的价值。
）GDP平减指数（GDP,?deflator），用名义GDP与真实GDP的比率乘以100计算的物价水平衡量指标。
消费物价指数CPI（consumer?price?index），普通消费者所购买的物品与服务的总费用的衡量指标。
通货膨胀率（inflation?rate），从前一个时期以来，物价指数变动的百分比。
生产物价指数（producer?price?index），企业所购买的一篮子物品运服务的费用的衡量指标。
指数化（indexation），根据法律或合同按照通货膨胀的影响，对货币数量的自动调整。
aggregate demand and aggrate supply (总需求与总供给)
Aggregate Demand and Aggregate Supply
WHAT YOU WILL LEARN IN THIS CHAPTER
• How the aggregate demand curve illustrates the relationship between the aggregate price level and the quantity of aggregate output demanded in the economy • How the aggregate supply curve illustrates the relationship between the aggregate price level and the quantity of aggregate output supplied in the economy • Why the aggregate supply curve in the short run is different from the aggregate supply curve in the long run • How the AS–AD model is used to analyze economic fluctuations • How monetary policy and fiscal policy can stabilize the economy
E1
Real GDP Aggregate Price Level (b) Aggregate Demand P1
P2 AD
Y1 Y2 Real GDP
Shifts of the Aggregate Demand Curve
• The aggregate demand curve shifts because of: changes in expectations wealth the stock of physical capital government policies fiscal policy monetary policy
ch13Aggregate Demand,Aggregate Supply(宏观经济学-Karl Case, Ray Fair)
© 2004 Prentice Hall Business Publishing
• Aggregate supply is the total supply of all goods and services in the economy.
Factors That Shift the Aggregate Demand Curve
Expansionary monetary policy Ms AD curve shifts to the right Contractionary monetary policy Ms AD curve shifts to the left
© 2004 Prentice Hall Business Publishing
Principles of Economics, 7/e
Karl Case, Ray Fair
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Shifts of the Aggregate Demand Curve
CHAPTER 13: Aggregate Demand, Aggregate Supply, and Inflation
© 2004 Prentice Hall Business Publishing
Principles of Economics, 7/e
Karl Case, Ray Fair
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Deriving the Aggregate Demand Curve
国际经济学：理论与政策(第十一版)英文版课件C15_Krugman_11e
Eleventh Edition
Chapter 15 Money, Interest
Rates, and Exchange Rates
Copyright © 2018, 2015, 2012 Pearsd
Copyright © 2018, 2015, 2012 Pearson Education, Inc. All Rights Reserved
What Is Money? (3 of 3)
• Let’s group assets into monetary assets (or liquid assets) and nonmonetary assets (or illiquid assets).
15.5 Outline the relationship between the short-run and the longrun effects of monetary policy, and explain the concept of short-run exchange rate overshooting.
Copyright © 2018, 2015, 2012 Pearson Education, Inc. All Rights Reserved
Money Supply
• The central bank substantially controls the quantity of money that circulates in an economy, the money supply. – In the U.S., the central banking system is the Federal Reserve System. ▪ The Federal Reserve System directly regulates the amount of currency in circulation. ▪ It indirectly influences the amount of checking deposits, debit card accounts, and other monetary assets.
MacroTheAggregateSupplyandAggregateDemand(ASAD)Model(宏观经济学南开大学,龚刚)
II. The AS-AD Model
The Aggregate Demand (AD) Curve (continued)
II. The AS-AD Model
The Aggregate Demand (AD) Curve (continued)
The aggregate supply curve is derived from the other 6 equations.
Consider now an increase of output from Y0 to Y1.
II. The AS-AD Model
The Aggregate Supply (AS) Curves (continued)
II. The AS-AD Model
The Aggregate Demand (AD) Curve
The model can be explained by two curves, the aggregate demand (AD) curve and the aggregate supply (AS) curve.
IS curve:
Y = [C + f(i) + G]/[1－ c(1－)]
LM curve:
M = h·P·Y － k·i
the production function:
Y = F(Ld)
the wage equation:
W=W(Pe, N, z)
the price equation:
P = P(W, U, v)
Remark 1: C, G , M , L , K are all assumed to be given as exogenous variables. c, h, k, A are all the parameters.
经济学基本词汇英文对照
经济学基本词汇英文对照1. 供需关系（Supply and Demand）在经济学中，供需关系是指商品或服务的供给量与需求量之间的关系。
当供给量大于需求量时，价格往往下降；反之，当需求量大于供给量时，价格则会上升。
2. 市场均衡（Market Equilibrium）市场均衡是指在一个市场中，商品的供给量和需求量达到平衡状态，此时商品的价格稳定。
3. 边际效用（Marginal Utility）边际效用是指消费者在消费过程中，每增加一单位商品所获得的额外满足感。
随着消费量的增加，边际效用逐渐递减。
4. 机会成本（Opportunity Cost）机会成本是指为了得到某种东西而放弃的其他最有价值的机会。
在做决策时，我们需要考虑机会成本。
5. 生产要素（Factors of Production）生产要素是指在生产过程中所使用的资源，主要包括劳动力、土地、资本和企业家精神。
6. 宏观经济学（Macroeconomics）宏观经济学研究的是整个国家或地区的经济总量、经济增长、通货膨胀、失业等经济现象。
7. 微观经济学（Microeconomics）微观经济学研究的是个体经济单位（如家庭、企业）在资源有限的情况下如何进行选择，以及这些选择如何影响市场价格和资源配置。
8. 总需求（Aggregate Demand）总需求是指一个国家或地区在一定时期内，所有消费者、企业、政府和外国购买者对最终产品和服务的需求总和。
9. 总供给（Aggregate Supply）总供给是指一个国家或地区在一定时期内，所有生产者愿意提供的最终产品和服务的总量。
10. 通货膨胀（Inflation）通货膨胀是指货币供应量增加，导致物价普遍上涨，购买力下降的经济现象。
11. 失业（Unemployment）失业是指有劳动能力并愿意工作的人未能找到工作的情况。
失业率是衡量一个国家或地区经济状况的重要指标。
12. 货币政策（Monetary Policy）货币政策是指中央银行通过调整货币供应量和利率等手段，以达到控制通货膨胀、促进经济增长等目标的政策。
(完整)曼昆宏观经济学名词解释 (中英文)
宏观经济学第十五章MEASUREING A NATION’S INCOME一国收入的衡量Microeconomics the study of how households and firms make decisions and how they interact in markets。
微观经济学:研究家庭和企业如何做出决策，以及他们如何在市场上相互交易。
Macroeconomics the study of economy-wide phenomena，including inflation,unemployment,and economic growth宏观经济学：研究整体经济现象,包括通货膨胀、失业和经济增长。
GDP is the market value of final goods and services produced within a country in a given period of time.国内生产总值GDP：给定时期的一个经济体内生产的所有最终产品和服务的市场价值Consumption is spending by households on goods and services, with the exception of purchased of new housing。
消费：除了购买新住房，家庭用于物品与劳务的支出.Investment is spending on capital equipment inventories, and structures, including household purchases of new housing.投资:用于资本设备、存货和建筑物的支出，包括家庭用于购买新住房的支出。
Government purchases are spending on goods and services by local, state， and federal government.政府支出：地方、州和联邦政府用于物品和与劳务的支出.Net export is spending on domestically produced goods by foreigners （exports） minus spending on foreign goods by domestic residents （imports)净出口：外国人对国内生产的物品的支出（出口)减国内居民对外国物品的支出（进口）。
教案宏观经济学ADAS模型
总需求减少。
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教案宏观经济学ADAS模型
接上页
§这种由于本国货币贬值或升值导致 汇率变化，进而导致总需求变化的 效应，称作外贸效应，国际替代效 应，或称为Mundell—Fleming汇率 效应。
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教案宏观经济学ADAS模型
D．跨时期效应
§如果今年价格水平上升了，且预期明年 的价格会回落，消费者有可能延期消费， 从而减少本期消费，导致今年的总需求
教案宏观经济学ADAS模型
b）第二轮效应：
§但是，第一轮效应会导致货币市场的变 化，而由货币市场变化所产生的总需求 变化，称为第二轮效应。
§在IS曲线右移时，产量增加的同时， 也会使利率上升，从而导致“挤出效应”
而使投资减少；因此，
AD曲线右移的幅度不如IS曲线大。
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教案宏观经济学ADAS模型
是挤出效应为主还是挤进效应为主，
就看政府支出的项目。
§ 用于竞争性投资，那以挤出效应为主；
投资于公共项目的投资，就以挤进效应为主。
§ 前几年我国政府扩大内需的
财政政策。
2024/2/8Βιβλιοθήκη 教案宏观经济学ADAS模型
Ｂ、TX，
§税收增加，使IS曲线左移， 从而AD曲线左移。
§税收减少，使IS曲线右移， 从而AD曲线右移。
§物价上升与货币供给减少的效果 相同；
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教案宏观经济学ADAS模型
（2）The Graphic Method几何方法
r
§ 在图中：
r1
r1>r2>r3
r2
Y1<Y2<Y3
r3
LM1
LM2
微观经济学常用词汇(中英文对照)
微观经济学词汇AAbsolute Advantage，绝对优势如果某个国家在生产某种商品时，其消耗的资源比其他国家所需的少，那么这个国家就在生产这种产品上具有绝对优势。
Accelerator Effect，加速效应由产出的增加（减少）引起的投资的增加（减少）反过来刺激了产出的增加（减少）。
Actual Investment，实际投资实际发生的投资额。
其中包括诸如计划外的库存变化。
Adjustment Costs，调整费用企业在改变其产量水平时所发生的费用——比如因解雇员工或者对新雇员进行培训时所发生的管理费用。
Adverse Selection，逆向选择当一个购买者或者销售者参与到一项交易中，交易的另一方拥有更多的信息时，就会发生逆向选择。
Aggregate Behavior，总效应所有的家庭与厂商的行为的加总。
Aggregate Demand，总需求整个经济中对于产品和服务的总需求。
Aggregate Demand（AD） Curve，总需求（AD）曲线反应总产出（收入）与价格水平之间的负向关系的曲线。
AD曲线上的每一点都是商品市场与货币市场的均衡点。
Aggregate Income，总收入在某一给定时期内，参与生产的所有要素获得的总报酬。
Aggregate Output，总产出在某一给定时期内，整个经济中生产（供给）的产品与服务的总量。
Aggregate Production Function，总生产函数投入与国民产出（或者国内生产总值）之间的数学表达。
Aggregate Supply，总供给整个经济中的产品与服务的供给总量。
Aggregate Supply（AS） Curve，总供给（AS）曲线表现经济中的所有企业在全部价格水平下的总的产出的供给量的图。
Animal Spirits of Entrepreneurs，企业家的动物精神凯恩斯创造的用于描述投资者的感受的词。
Antitrust Division（of the Department of Justice），反托拉斯部门（司法部的）被授权对违反反托拉斯法的行为采取制裁的两个联邦机构之一。
《领先经济学原理》英文版课后练习参考答案
Chapter One1.Some examples of microeconomics:(1)How does the local phone company set its fee structure?(2)Does Microsoft act like a monopoly?Some examples of macroeconomics:(1)How would GDP be affected by the increasing unemployment rate?(2)What is the growth rate of the Unites States trade ’deficit?2.(1) labor(2)capital(3)land(4)capital(5)land3.Open-ended.4.If the bus has empty seats, the cost of adding one more passenger is negligible. As long as the passenger pays more than the marginal cost, selling him a ticket is profitable.5.The opportunity cost of operating his own business should include theforegone income as a civil servant ($25,000). Thus, although the profit calculated by the accountant is positive ($20,000), the profit adjusted for the opportunity cost of foregone income will be -$5,000 ($20,000 – $25,000).6.It depends on what your next best choice is. Instead of studying Economics, you could watch TV, study English, or talk to a friend on the telephone. Suppose your next best choice is to watch TV. Then the opportunity cost of studying Economics is the foregone pleasure you might obtain from watching TV.7.Open-ended.Chapter Two1.Open-ended.2.A market failure occurs when a market, left to itself, fails to allocate resources efficiently. Lack of competition, inadequate information, externalities, and public goods are examples of market failures. Generally lack of competition, inadequate information, externalities and lack of public goods are the main sources of market failure.3. (3)(4).4.Positive externality: Instead of driving, people cycle to work. Cycling can lead toless deaths in car accidents and reduce the gases that affect global warming.Negative externality: Your neighbor is blasting his stereo and the noise iscoming into your room.5.(1) rival, excludable(2)non-rival, excludable(3)non-rival, non-excludable6.(1)7.The subway becomes more rival during rush hours.8.(1) Public good.(2)A police station.(3)These services would be under provided.Chapter Three1.Many factors influence the quantity demanded other than the price. If somecircumstances change, the quantity demanded changes too. This assumption ishelpful to isolate just two variables that are being discussed— price and quantitydemanded.2.(1)Price of CDPrice of CD playersDD’DQuantity of CD Quantity of CD players(2)Price of CDPrice of CD playersD ’DDQuantity of CD playersQuantity of CD(3)Price of CDPrice of cigarettesD DD’Quantity of CD Quantity of cigarettes(4)Price of CDPrice of carinsuranceDDD ’Quantity of CD Quantity of carinsurance3.(1) Normal goods.(2)Inferior goods.(3)Inferior goods.(4)Normal goods.4.The demand curve for China Mobile will shift to the left. China Telecomwill experience movement down its demand curve.5.People would book their hotels early to guarantee they get the room. Therewould be a rush of early bookings. The demand curve would shift to the right.6.The five main factors that can shift the supply curve are changes in1)input prices, 2) prices of related goods, 3) technology, 4) expectations,and 5) the number of firms in the market.7.(1) The supply curve will shift to the left.(2) The demand curve will shift to the right.(3) The demand curve will shift to the left.(4) The supply curve will shift to the right.8.(1) The supply curve for taxi service will shift to the left. The newequilibrium price will go up. The new equilibrium quantity will decrease.(2)The demand curve for taxi service will shift to the left. The new equilibriumprice will go down. The new equilibrium quantity will decrease.(3)The demand curve for taxi service will shift to the right. The newequilibrium price will go up. The new equilibrium quantity will increase.(4)The demand curve for taxi service will shift to the left. The new equilibriumprice will go down. The new equilibrium quantity will decrease.Chapter Four(25 - 24) (2.61 - 2.32)1. E d(25 24) / 2 (2.32 2.61) / 2The demand for gasoline was inelastic.2. Because the demand for wheat is inelastic, the total revenue will decreaseif the price of wheat goes down.3. Total revenue when the price is 50: 50×1000 = 50000.If the manager reduces the price of each ticket by 10%, the quantity of tickets being sold will increase by 20% (10%×2).The new price will be 45. The new quantity of tickets will be 1200.Total revenue after the price change: 45×1200 = 54000Change in total revenue: 54000–50000 = 4000.(4- 3)/ 44. E i(2000 1800) / 20005.(2) As incomes rise the demand for fresh fruit also rises but by asmaller proportion.6. (1)7.The demand for necessities is income inelastic, while it is elastic for luxury goods.8.(1)Chapter Five1.Concerts 20 18 16 14 12 10 8 6 4 2 0 Meals 0 1 2 3 4 5 6 7 8 9 102.milk milk100 10080B 80B ’60 60 40 40 20 2040 hamburgers 040 hamburgers20 203.(1) 8.(2)1.(3)6.(4)Utils Total Utility907560UtilsMarginal Utility4530 3015 15Pieces of pizza Pieces of pizza0 1 2 3 4 5 6 7 0 1 2 3 4 5 6 7The law of diminishing marginal utility holds.4. No. As marginal utility turns negative, total utility starts falling.5. The utility derived from consumption is intangible. However, consumers revealtheir preferences through purchase decisions and thereby provide tangibleevidence of utility.6.When income increases, total utility increases as more goods can be consumed.But this doesn’tmean the law of diminishing marginal utility does not hold.7.No. He should consume more yoghurt and fewer sandwiches.8.4 novel and 5 CDs.Chapter Six1.(1) Explicit cost.(2)Implicit cost.(3)Explicit cost.(4)Explicit cost.2.(1) 40,000.(2)80,000. The implicit cost is not taken into consideration.(3)The economic profit is zero. The owner earns a normal profit.3.(1) Long-run.(2)Short-run.(3)Long-run.(4)Short-run.4.(1)Fixed input Variable input Total product Marginal product3 0 0 03 1 10 103 2 22 123 3 33 113 4 40 73 5 45 53 6 48 33 7 48 03 8 40 -8(2)Omitted.(3)As the number of units of the variable input increases, eventually the marginalproduct of the variable input will decline. The law of diminishing marginalreturns starts when the third variable input is used.(4)When marginal product curve rises, the total product increases by increasingamounts. When marginal product curve begins to fall, total product still increases but at a decreasing rate. When marginal product is negative, the total product curve begins to fall.5.When the marginal cost is below the average cost (average variable cost), theaverage cost (average variable cost) would be declining. When the marginal cost is above the average cost (average variable cost), the average cost (averagevariable cost) would be increasing. Thus, marginal cost curve must intersectaverage cost and average variable cost curves at their lowest points.6.The firm ’averages fixed cost is its total fixed cost divided by the quantity of output.Because the total fixed cost remains unchanged when the quantity of outputincreases, the average fixed cost keeps declining. So the average fixed cost curve is not U-shaped.7.(1)Output TFC TVC TC MC AFC AVC ATC0 50 0 50 - - - -1 50 25 75 25 50 25 752 50 35 85 10 253 50 45 95 10 154 50 50 1005 255 50 60 110 10 10 12 226 50 80 130 207 50 115 165 358 50 165 215 509 50 225 275 60 25(2)Omitted.(3)Omitted.rge corporate farms are more capable of obtaining new technology, usinglarge-scale machines and financing in lower cost than small family farms.Chapter Seven1.As price-takers, perfectly competitive firms can sell all they want at that price, butcannot sell anything at a higher price. Thus advertising would not increase profits at all.2.Agree. If marginal revenue exceeds marginal cost, it should increase output toincrease profit.3.If a firm earns zero economic profit, it is making just enough to cover all costs. Ifit is shut down, the fixed cost cannot be covered.4.(1) The firm should continue producing.(2) The firm should continue producing.(3)The firm should shut down.5.The monopoly firm is interested in maximizing profit, not price. It charges theprice for which its profits are the largest.6.The government has granted U.S. Postal Service the license to run the first-class mail service.7.Because the products are differentiated, the sellers have a little control overthe price of their products.8.The firm should increase the level of output because marginal revenue exceeds marginal cost.9.Oligopoly.10.Open-ended.Chapter Eight1.Open-ended.2.A final good is one that involves no further processing and is purchased for final use.An intermediate good is one that involves further processing. A loaf of bread could be either a final or intermediate good, depending on the purchaser's use of thebread. It is a final good when purchased by a household for consumption; it is an intermediate good when purchased by a restaurant which resells the bread.3.(5)(6)4.(1) Nominal GDP in 2009: 320000 yuan.Nominal GDP in 2010: 450000 yuan.(2)Real GDP in 2010: 374000 yuan.(3)GDP deflator for 2010: 120.3.5.(1) Government purchases.(2)Consumption.(3)Net exports.(4)Investment.6. These suggest that the economy is in an expansion phase of the business cycle.7.Recession and depression both means a slowdown in economic activity.Depression is an unusually severe or long recession.Chapter Nine1.The long-run aggregate supply curve shows the relationship between the aggregateprice level and the quantity of aggregate output supplied in the long run. In the long run, the level of output is determined by the amounts of economic resources and the technology available; it is independent of the price level. The long-run aggregate supply curve, therefore, is vertical.2.Higher taxes will cause higher production cost and have a negative effect onaggregate supply.3.The fall in the price level leads to more consumption, more investment, and more netexports. Therefore, the aggregate demand increases when the price level falls.4.Changes in consumption, investment, government purchases and net exports.5.(1)(2)6.Open-ended.7.Open-ended.Chapter Ten1.Open-ended.2.The Consumer Price Index (CPI), is an indicator of changes in the prices paid byconsumers. To calculate the inflation rate from CPI, the previous year’ s CPI is subtracted from the current year’ s CPI, and then divided by the previous year CPI. Finally, move the decimal over two places to the right to convert the result toa percentage.3.Open-ended.4.(1) Wealth redistribution. (2) General inconvenience. (3) Menu cost. (4)Shoe leather cost. Note: These costs may be ranked in a different may.5.Tommy gains and Lucy loses.6. Cyclical unemployment.7.(1) Frictional unemployment.(2)Seasonal unemployment.(3)Cyclical unemployment.8.Open-ended.Chapter Eleven1.(2)2.(1)3.Reserves are deposits that banks have received but have not loaned out.Required reserves are deposits that the central bank requires banks to hold and excess reserves are any additional reserves the banks choose to hold in excess of the required reserves.4.To increase the money supply, the central bank buys government securities fromthe public. To reduce the money supply, the central bank sells government securities to the public.5.Automatic stabilizers are a form of nondiscretionary fiscal policy thatautomatically offsets economic fluctuations without direct intervention by thegovernment. Examples of automatic stabilizers include the progressive taxsystem and unemployment compensation.6.Increase government purchases and transfer payments, or reduce taxes.7.(1) When the economy gets overheated, the government could take acontractionary fiscal policy.(2)When the economy is in a slowdown, the government could takean expansionary fiscal policy.8.The economy under Clinton could have boomed for other reasons, such as theincreased investor and consumer confidence, leading to increases in investment and consumption spending. These could have outweighed the contractionaryeffect of his fiscal policies. The surpluses came about not only from the taxincreases of his discretionary policies, but also from the booming economy, which brought in increases in tax revenues as the automatic stabilizers worked.Chapter Twelve1.(1) I have absolute advantages in both outlining and typing.(2)I have a comparative advantage in outlining.(3)Frank should specialize in typing; I should specialize in outlining.2.(1) 8/3 computers.(2)3/4 televisons.(3)the U.S.(4)computers.3.Open-ended.4.Open-ended.5.Steel firms in the U.S. would be happy with the new tariff. However, the exportingcountries would be hit by this policy. The tariff would also hurt U.S. firms that use steel—including producers of autos, appliances, heavy machinery, machine tools, and large buildings.6.Open-ended.7.Protect domestic jobs, infant industry, national security, environment and culture.Chapter Thirteen1.(1) Credit current account.(2)Debit current account.(3)Debit current account.(4)It doesn’taffect BOP.(5)Credit capital and financial account.2.(1) Debit current account.(2)Debit capital and financial account.(3)Debit current account.(4)Credit capital and financial account.(5)Credit capital and financial account.3.(2)4.It would reduce the size of the current account deficit, because when realincome falls, the Americans import less.5.Chinese need foreign currency to purchase goods, services, and financial assetsfrom other countries. Chinese demand curve for foreign currency shifts to the rightwhen real income in China rises; the price level in China rises relative to the price levels in foreign countries; the interest rate is relatively lower in China; and the exchange rate of RMB is expected to fall. Chinese demand curve for foreign currency shifts to the left when real income in China decreases; the price level in China falls relative to the price levels in foreign countries; the interest rate is relatively higher in China; and the exchange rate of RMB is expected to rise.6.Open-ended.7.Open-ended.8.(1) Dollar appreciates.(2)Dollar appreciates.(3)Dollar depreciates.(4)Dollar appreciates.(5)Dollar depreciates.。
总需求(Aggregate
挤出效应使AD曲线右移 的幅度不如IS曲线大。
y1 y2
y
18
（二）税收（Tax） T增加，为紧缩性财政政策，使IS曲线左移， 从而AD曲线左移
（三）货币供给（The Money-Supply）
M增加，LM曲线右移，从而，AD曲 线右移。 （四）AD曲线移动的结论 当政府采取扩张性财政政策或 扩张性货币 政策时，AD曲线向右上方移动； 反之则反是。 19
23
（2）短期生产函数
y f (N , K ,T )
dy d2y 性质： 0, 0 2 dN —需要考 察劳动市场
总产量随总就 业的增加而增 加 报酬递减规律
y yf
Nf
24
N
三、劳动市场均衡（Labor Market Equilibrium）
Continued 7
Continued
（3）税收——消费效应 P↑→名义收入↑→缴税额↑→税后净收入相 对下降→ c↓→ AD↓ （4）净出口效应 P↑→r↑→外国资本流入→本币 升值→国内产品相对变得昂贵 [美]Fleming 、Mundell（弗蒙 共同作用： 净出口 NX 下降 → AD 减少
效应）
8
（二）AD函数的数理推导方法
——总需求函数同时涉及产品市场和货 币市场，即可以从IS-LM模型推导出来。
e d r 产品市场均衡IS曲 y 1
两部门经济
线 m k M k 货币市场均衡LM r h h y h P h y 曲线
将LM表达式代入IS表达式，得到
而一旦达到充分就业状态，社会就没有多余 的生产能力，表现为产出不再增加而只会出 现价格上涨。 32
（四）总供给曲线的斜率
Chapter_05AggregateSupplyandDemand(宏观经济学,多-文档资料
equation: P t1P t[1(YY*)](1)
where
• Pt-1 is the price level next period • Pt is the price level today • Y* is potential output
• Equilibrium price level is P0 • Observed price level in the economy at particular point in time
5-5
AS, AD, and Equilibrium
• Shifts in either the AS or AD schedule results in a change in the equilibrium level of prices and output
Short run version of the AS curve
5-11
Frictional Unemployment and the Natural Rate of Unemployment
• Taken literally, the classical model implies that there is no involuntary unemployment everyone who wants to work is employed
[Insert Figure 5-2 here]
• Increase in AD increase in P and Y
• Decrease in AD decrease in P and Y
• Increase in AS decrease in P and increase in Y
Aggregate Supply
12
Capital, Investment & Saving
How is investment financed?
Y = C + S + T = C + I + G + (X – M) C + S + T = C + I + G + (X – M) I = S + (T – G) + (M – X) Investment is financed from three sources:
Potential GDP
A
affected by the productivity of labor.
The supply of labor
affected by the working-age population.
Full employment
7
Economic Growth
How does potential GDP grow?
For instance, GDP that grows at 7% a year doubles in 10 years. Investments in Six Economies Investment (percentage of GDP) 28 26 36 44 19 21
Economy
China Hong Kong Korea Singapore Taiwan United States
Improve quality of education
Technological advances
Stimulate R&D
9
Economic Growth
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At low levels of output, the AS curve is flatter. Small price increases may be associated with relatively large output responses. We may observe relatively “sticky” wages upward at this point on the AS curve.
The Equilibrium Price Level The Long-Run Aggregate Supply Curve
Potential GDP
Monetary and Fiscal Policy Effects
Long-Run Aggregate Supply and Policy Effects
Aggregate Supply and the Equilibrium Price Level
CHAPTER OUTLINE The Aggregate Supply Curve
The Aggregate Supply Curve: A Warning Aggregate Supply in the Short Run Shifts of the Short-Run Aggregate Supply Curve
aggregate supply (AS) curve A graph that shows the relationship between the aggregate quantity of output supplied by all firms in an economy and the overall price level. The aggregate supply curve is not a market supply curve, and it is not the simple sum of all the individual supply curves in the economy. Because many firms in the economy set prices as well as output, we can say an “aggregate supply curve” is really a “price/output response” curve—a curve that traces out the price decisions and output decisions of all firms in the economy under a given set of circumstances.
Causes of Inflation
Demand-Pull Inflation Cost-Push, or Supply-Side, Inflation Expectations and Inflation Money and Inflation Sustained Inflation as a Purely Monetary Phenomenon
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The Aggregate Supply Curve
Aggregate pply in the Short Run
FIGURE 13.1 The Short-Run Aggregate Supply Curve
In the short run, the aggregate supply curve (the price/output response curve) has a positive slope. At low levels of aggregate output, the curve is fairly flat. As the economy approaches capacity, the curve becomes nearly vertical. At capacity, Y*, the curve is vertical.
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The Aggregate Supply Curve
Shifts of the Short-Run Aggregate Supply Curve
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The Aggregate Supply Curve
Aggregate Supply in the Short Run Why an Upward Slope? Wages are a large fraction of total costs and wage changes lag behind price changes. This gives us an upward sloping short-run AS curve. Why the Particular Shape? At some level the overall economy is using all its capital and all the labor that wants to work at the market wage. At this level (Y*), the AS curve is vertical.
The Behavior of the Fed
Targeting the Interest Rate The Fed’s Response to the State of the Economy Fed Behavior Since 1970 Interest Rates Near Zero Inflation Targeting
Looking Ahead
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The Aggregate Supply Curve
aggregate supply The total supply of all goods and services in an economy.
The Aggregate Supply Curve: A Warning