How the Economic Machine Works(宏观经济研究框架)

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多恩布什《宏观经济学》第七版第01章绪论

〔3〕短期AS曲线：水平：乘数及IS – LM模型
短期: 阐述短期产出波动属于AD〔乘数及IS – LM模型〕研究的范围。
结论三：在短期中，产出只取决于AD，价格不受产出水平影响 35.0 30.0 25.0 20.0 15.0 10.0 5.0 0.0
11111111111111111111112222222999999999999999999999900000007788888888889999999999000000089012345678901234567890123456
8000.00 6000.00 4000.00 2000.00
0.00
19781979198019811982198319841985198619871988198919901991199219931994199519961997199819992000200120022003200420052006
通货膨胀与经济周期图1-9：通货膨胀：CPI变动率
通货膨胀与产出缺口反相关
GDP增长率 CPI
40.0 35.0 30.0 25.0 20.0 15.0 10.0
5.0 0.0 -5.0
11111111111111111111112222222999999999999999999999900000007788888888889999999999000000089012345678901234567890123456
FIGURE 1-5：AGGREGATE DEMAND AND SUPPLY
AS曲线：对于每一给定价格水平，厂商愿意提供的产量。主要取决于增长和生产要素价格。
AD曲线：商品和货币市场同时均衡时的价格和产量水平组合。取决于货币、财政政策和消费者信心等。

经济学入门必读书籍

第一步：正三观在推荐任何经济学书之前，我不推荐你读任何的” 书“ 。

在你读任何的经济学书（无论是理论还是通俗读本之前），我们需要做的是：正三观。

为什么因为经济学是一门很模糊的学科，甚至在每个学校中的分类都不一样，有的学校放在商科，有的学校叫社会科学，有的学校叫科学。

所以，在经济学中是没有绝对的对错，只有不同的派别和有些看起来还不错有一些听起来对但是非常不靠谱。

所以在读任何”书“，甚至是教科书之前，需要端正下三观，了解下真正的世界。

说一句肯定会被抽的，但是我觉得是对的话：经济学本无基础，但是有初，中，高三段。

与基础相比更重要的是三观一定要正，不要被专业名字忽悠到。

很多东西是逻辑问题，不是学术问题。

在此推荐秒杀无数经济学教科书的一篇论文，这个论文可以秒杀掉市面上99%的经济学教科书。

How the Economic machine works - By Ray Dalio From Bridgewater？英文链接：宏观经济运行的框架（英文原版）by Ray中文翻译版本链接：理解宏观经济运行的框架(Ray Dalio)_百度文库首先，我们需要用这个文章好好正下三观。

无数的经济学书和理论都太浮云和浮夸了。

经济和金融，我只相信真正Hands on的人写出来的东西。

Ray Dalio现在卸任了Bridgewater的CEO，和另外2个合伙人转做Advisors，专门专注于投资方向决策。

Bridgewater现在应该仍然是全世界最大的宏观对冲基金。

这个文章用非常好的语言，充分的说明了这个世界到底是怎样的，调整并且融合了相当多的理论并且真正的和现实结合。

不管你是否有经济学功底是否真正懂得经济学，在你读任何数之前，必须读这个。

金融炼金术- 索罗斯豆瓣链接：金融炼金术(豆瓣)不用多说什么。

这个也是一个帮助你更好了解这个世界的经济与哲学构架的书。

索罗斯是少数几个业内的真正的大师级，并且愿意说真话表达真观点的人。

我保证上面两个作者说的都是真话，其他的现在很多书作者说的不是有偏颇就是有炒作或者就是在放屁。

intermediate principles of economics -回复

intermediate principles of economics -回复主题：中级经济学原理（Intermediate Principles of Economics）导言：中级经济学原理（Intermediate Principles of Economics）是经济学学科中的重要内容，涉及到宏观经济学和微观经济学的基本原理和概念。

本文将一步一步回答有关中级经济学原理的问题，探讨经济学的核心理论和应用。

第一部分：宏观经济学原理1. 宏观经济学是什么？宏观经济学研究的是整个国家或地区的经济运行和政策制定。

通过研究宏观经济学原理，我们可以了解国内生产总值（GDP）、通货膨胀率、失业率等指标的变化规律，以及经济政策对经济运行的影响。

2. 宏观经济学原理中的需求与供给曲线是什么？根据宏观经济学原理，需求曲线表示消费者对货物和服务的购买意愿，供给曲线表示生产者愿意生产和提供的货物和服务数量。

这两条曲线的相互作用决定了市场上的价格和数量。

3. 什么是经济增长与经济波动？经济增长指的是一个国家或地区长期内国内生产总值（GDP）的增加，反映了经济活动的扩张。

而经济波动则指的是国内生产总值在短期内的波动，包括经济的繁荣、衰退、萧条等阶段。

第二部分：微观经济学原理1. 微观经济学是什么？微观经济学研究的是个体经济主体（如家庭、企业和市场）之间的经济决策和交互行为。

通过研究微观经济学原理，可以了解消费者如何做出购买决策、企业如何优化生产和定价，以及市场竞争对价格和数量的影响。

2. 供给和需求曲线如何确定价格和数量？根据微观经济学原理，供给曲线表示生产者愿意提供的货物和服务数量与价格的关系，需求曲线表示消费者愿意购买的货物和服务数量与价格的关系。

市场的价格和数量在供给和需求曲线的相互作用下，最终达到供给与需求平衡的状态。

3. 什么是边际效用和边际成本？边际效用指的是消费者从每多消费一单位产品中获得的额外满足程度，边际成本是指生产一单位产品所需要增加的额外成本。

多恩布什《宏观经济学》第七版习题答案（英文）--02

Solutions to Problems in the T extbook:Conceptual Problems:1. Government transfer payments (TR) do not arise out of any production activity and arethus not counted in the value of GDP. If the government hired the people who currently receive transfer payments, then their wages would be counted as part of government purchases (G), which is counted in GDP. Therefore GDP would rise.2.a. If the firm buys a car for an executive's use, the purchase counts as investment (I). But ifthe firm pays the executive a higher salary and she then buys a car, the purchase is counted as consumption (C).2.b. The services that a homemaker provides are not counted in GDP (regardless of theirvalue). However, if an individual officially hires his or her spouse to perform household duties at a certain wage rate, then the wages earned will be counted in GDP and GDP will increase.2.c. If you buy a German car, consumption (C) will increase but net exports (NX = X - Q) willdecrease. Overall GDP will increase by the value added at the foreign car dealership, since the import price is likely to be less than the sales price. If you buy an American car, consumption and thus GDP will increase. (Note: If the car you buy comes out of the car dealer's inventory, then the increase in C will be partially offset be a decline in I, and GDP will again only increase by the value added.)3. GDP is the market value of all final goods and services currently produced within thecountry. (The U.S. GDP includes the value of the Hondas produced by a Japanese-owned assembly plant that is located in the U.S., but it does not include the value of Nike shoes that are produced by an American-owned shoe factory located in Malaysia.) GNP is the market value of all final goods and services currently produced using assets owned by domestic residents. (Here the value of the Hondas produced by a Japanese-owned Honda plant is not counted but the value of the Nikes by the American-owned shoe plant is.)Neither is necessarily a better measure of the output of a nation. The actual value of the GDP and GNP for the U.S. is fairly close.4. The NDP (net domestic product) is defined as GDP minus depreciation. Depreciationmeasures the value of the capital that wears out during the production process and has to be replaced. Therefore NDP comes closer to measuring the net amount of goods produced in this country. If this is what you want to measure, then NDP should be used.5. Increases in real GDP do not necessarily mean increases in welfare. For example, if thepopulation of a country increases by more than real GDP, then the population of the country is on average worse off. Also some increases in output come from welfare reducing events. For example, increased pollution may cause more lung cancer, and the treatment of the lung cancer will contribute to GDP. Similarly, an increase in crime may lead to overtime work for police officers, whose increased salary will increase GDP. But the welfare of the people in the country may not have increased in either case. On the other hand, GDP does not always accurately measure quality improvements in goods or services (faster computers or improved health care) that improve people's welfare.6. The CPI (consumer price index) and the PPI (producer price index) are both measuredby looking at a certain market basket. The CPI's basket contains mostly finished goods and services that consumers tend to buy regularly in their daily lives. The PPI’s basket contains raw materials and semi-finished goods, that is, it measures costs to the producer of a product and its first user. The CPI is a concurrent economic indicator, whereas the PPI is a leading economic indicator.7. The GDP-deflator is a price index that covers the average price increase of all final goodsand services currently produced within an economy. It is defined as the ratio of current nominal GDP to current real GDP. Nominal GDP is measured in current dollars, while real GDP is measured in so-called base-year dollars. Even though early estimates of the GDP-deflator tend to be unreliable, the GDP-deflator can be a more useful price index than the CPI or PPI (both of which are fixed market baskets). This is true for two reasons: first it measures a much wider cross-section of goods and services; second, a fixed market basket cannot account for people substituting away from goods whose relative prices have changed, while the GDP-deflator, which includes all goods and services produced within the country, can.8. If nominal GDP has suddenly doubled, it is most likely due to an increase in the averageprice level. Therefore, the first thing you would want to check is by how much the GDP-deflator has changed, to calculate by how much real output (GDP) has changed. If nominal GDP and the GDP-deflator have both doubled, then real GDP should be the same.9. Assume the loan you made yields you an annual nominal return of 7%. If the rate ofinflation is 4%, then your rate of return in real terms is only 3%. If, on the other hand, if inflation rate is 10%, then you will actually get a negative real rate of return, that is, you will lose 3% of your purchasing power. One way to protect yourself against such a loss of purchasing power is to adjust the interest rate for inflation, that is, to index the loan. In other words, you can require that, in addition to the specified interest rate of the loan of,let’s say, 3%, the borrower also has to pay an inflation premium equal to the percentage change in the CPI. In this case, a real rate of return of 3% would be guaranteed.T echnical Problems:1. The text calculates the change in real GDP in 1992 prices in the following way:[RGDP01 - RGDP92]/RGDP92 = [3.50 - 1.50]/1.50 = 1.33 = 133%.To calculate the change in real GDP in 2001 prices, we first have to calculate the GDP of 1992 in 2001 prices. Thus we take the quantities consumed in 1992 and multiply them by the prices of 2001, as follows:Beer 1 at $2.00 = $2.00Skittles 1 at $0.75 = $0.75_______________________________Total$2.75The change in real GDP can now be calculated as[6.25 - 2.75]/2.75 = 1.27 = 127%.We can see that the growth rate of real GDP calculated this way is roughly the same as the growth rate calculated above.2.a. The relationship between private domestic saving, investment, the budget deficit and netexports is shown by the following identity:S - I ≡ (G + TR - TA) + NX.Therefore, if we assume that transfer payments (TR) remain constant, then an increase in taxes (TA) has to be offset either by an increase in government purchases (G), a decrease in net exports (NX), or a decrease in the difference between saving (S) and investment (I).2.b. From the equation YD ≡ C + S it follows that an increase in disposable income (YD) willbe reflected in an increase in consumption (C), saving (S), or both.2.c. From the equation YD ≡ C + S it follows that when either consumption (C) or saving (S)increases, disposable income (YD) must increase as well.3.a. Since depreciation D = I g - I n = 800 - 200 = 600 ==>NDP = GDP - D = 6,000 - 600 = 5,4003.b. From GDP = C + I + G + NX ==> NX = GDP - C - I - G ==>NX = 6,000 - 4,000 - 800 - 1,100 = 100.3.c. BS = TA - G - TR ==> (TA - TR) = BS + G ==> (TA - TR) = 30 + 1,100 = 1,1303.d. YD = Y - (TA - TR) = 5,400 - 1,130 = 4,2703.e. S = YD - C = 4,270 - 4,000 = 2704.a. S = YD - C = 5,100 - 3,800 = 1,3004.b. From S - I = (G + TR - TA) + NX ==> I = S - (G + TR - TA) - NX = 1,300 - 200 - (-100)= 1,200.4.c. From Y = C + I + G + NX ==> G = Y - C - I - NX ==>G = 6,000 - 3,800 - 1,200 - (-100) = 1,100.Also: YD = Y - TA + TR ==> T A - TR = Y - YD = 6,000 - 5,100 ==> TA - TR = 900From BS = T A - TR - G ==> G = (TA - TR) - BS = 900 - (-200) ==> G = 1,1005. According to Equation (2) in the text, the value of total output (in billions of dollars) canbe calculated as: Y = labor payments + capital payments + profits = $6 + $2 + $0 = $86.a. Since nominal GDP is defined as the market value of all final goods and servicescurrently produced in this country, we can only measure the value of the final product (bread), and therefore we get $2 million (since 1 million loaves are sold at $2 each).6.b. An alternative way of measuring total GDP would be to calculate all the value added ateach step of production. The total value of the ingredients used by the bakeries can be calculated as:1,200,000 pounds of flour ($1 per pound) = 1,200,000100,000 pounds of yeast ($1 per pound) = 100,000100,000 pounds of sugar ($1 per pound) = 100,000100,000 pounds of salt ($1 per pound) = 100,000__________________________________________________________ = 1,500,000Since $2,000,000 worth of bread is sold, the total value added at the bakeries is $500,000.7. If the CPI increases from 2.1 to 2.3, the rate of inflation can be calculated in thefollowing way:rate of inflation = (2.3 - 2.1)/2.1 = 0.095 = 9.5%The CPI often overstates inflation, since it is calculated by using a fixed market basket of goods and services. But the fixed weights in the CPI's market basket cannot capture the tendency of consumers to substitute away from goods whose relative prices have increased. Therefore, the CPI will overstate the increase in consumers' expenditures.8.The real interest rate (r) is defined as the nominal interest rate (i) minus the rate ofinflation (π). Therefore the nominal interest rate is the real interest rate plus the rate of inflation, ori = r + π = 3% + 4% = 7%.。

曼昆宏观经济学第七版英文答案第二章

c.Real GDP falls because with fewer workers on the job, firms produce less. Thisaccurately reflects a fall in economic well-being.d.Real GDP falls because the firms that lay off workers produce less. This decreaseseconomic well-being because workers’ incomes fall (the income side), and there are fewer goods for people to buy (the expenditure side).e.Real GDP is likely to fall, as firms shift toward production methods that producefewer goods but emit less pollution. Economic well-being, however, may rise. The economy now produces less measured output but more clean air; clean air is not traded in markets and, thus, does not show up in measured GDP, but is neverthe-less a good that people value.f.Real GDP rises because the high-school students go from an activity in which theyare not producing market goods and services to one in which they are. Economic well-being, however, may decrease. I n ideal national accounts, attending school would show up as investment because it presumably increases the future produc-tivity of the worker. Actual national accounts do not measure this type of invest-ment. Note also that future GDP may be lower than it would be if the students stayed in school, since the future work force will be less educated.g.Measured real GDP falls because fathers spend less time producing market goodsand services. The actual production of goods and services need not have fallen, however. Measured production (what the fathers are paid to do) falls, but unmea-sured production of child-rearing services rises.9.As Senator Robert Kennedy pointed out, GDP is an imperfect measure of economic per-formance or well-being. In addition to the left-out items that Kennedy cited, GDP also ignores the imputed rent on durable goods such as cars, refrigerators, and lawnmowers;many services and products produced as part of household activity, such as cooking and cleaning; and the value of goods produced and sold in illegal activities, such as the drug trade. These imperfections in the measurement of GDP do not necessarily reduce its usefulness. As long as these measurement problems stay constant over time, then GDP is useful in comparing economic activity from year to year. Moreover, a large GDP allows us to afford better medical care for our children, newer books for their education, and more toys for their play. Finally, countries with higher levels of GDP tend to have higher levels of life expectancy, better access to clean water and sanitation, and higher levels of education. GDP is therefore a useful measure for comparing the level of growth and development across countries.。

曼昆《经济学原理(宏观经济学分册)》(第6版)课后习题详解(第28章失业)

曼昆《经济学原理（宏观经济学分册）》（第6版）第28章失业课后习题详解跨考网独家整理最全经济学考研真题，经济学考研课后习题解析资料库，您可以在这里查阅历年经济学考研真题，经济学考研课后习题，经济学考研参考书等内容，更有跨考考研历年辅导的经济学学哥学姐的经济学考研经验，从前辈中获得的经验对初学者来说是宝贵的财富，这或许能帮你少走弯路，躲开一些陷阱。

以下内容为跨考网独家整理，如您还需更多考研资料，可选择经济学一对一在线咨询进行咨询。

一、概念题1．劳动力（labor force ）答：劳动力指一国或地区法定劳动年龄以上的，或者在工作，或者在积极寻找工作，或者因为暂时失业而等待召回的所有人。

劳动力包括失业者和就业者。

一国劳动力的规模取决于人口总量、人口结构、劳动力参工率以及移民等因素。

劳动力是既包括就业者又包括失业者的工人总量，用公式可以表示为：劳动力＝就业者人数＋失业者人数。

2．失业率（unemployment rate ）答：失业率指失业者在劳动力中所占的百分比。

失业率是劳工统计中用来反映一国或一个地区失业程度的主要指标。

计算方法是失业人数除以劳动力人数再乘以100%，即：失业率＝失业人数/劳动力人数×100%。

失业率可以分别按性别、年龄、种族、产业和职业分组进行计算。

西方各国失业者的统计标准并不相同，一般的标准是：凡是统计时没有工作，但在此以前的4周以内曾做过寻找工作的努力，却没有找到工作的人。

此外，包括在失业者统计范围的还有：①暂时被解雇，正在等待召回的人。

②正等待到新工作岗位报到，但等待时间达30天以上的人。

许多经济学家认为，失业率这一指标并不足以反映一国或地区失业的严重程度，因为还有那些因为寻找工作太难而放弃寻找工作的努力，从而退出劳动力市场成为非劳动力人口的“丧失信心的工人”，他们并没有包括在失业者范围之内。

3．劳动力参工率（labor-force participation rate ）答：劳动力参工率是指劳动力在成年人口中的百分比。

中英：宏观经济运行的框架(HowtheEconomicMachineWorks-RayDalio)

How the Economic Machine WorksA Template for Understanding What is Happening NowRay DalioCreated October 31, 2008 | Updated March, 2012一个理解经济机器如何运作以及相关反映的模型Ray Dalio2008.10.31创建/2012.03更新The economy is like a machine. At the most fundamental level it is a relatively simplemachine, yet it is not well understood. I wrote this paper to describe how I believe it works.My description is not the same as conventional economists’ descriptions so you should decide for yourself whether or not what I’m saying makes sense. I will start with the simple things and build up, so please bear with me. You will be able to understand and assess my description if we patiently go through it.经济就像一台机器。

在最基础的层面上更是一台相对简单的机器，尽管它并不是那么好理解。

我写这篇论文是用以论述我理解中的经济运作的方式。

我的描述和传统经济学家有所不同，所以你可以自己决定是否要相信我的观点。

我会从简单的事情开始讲，然后逐渐加码，所以请多加容忍。

我相信如果你耐心的看完这篇论文，你能很好的理解和评估我的观点。

中级宏观经济学(Macroeconomics)考试试题答案

2003－2004学年第二学期中级宏观经济学（Macroeconomics）考试试题答案(经济试验班021、022)Ⅰ.Choose the best answers (2＇×10)1.B2.A3.C4.B5.C6.A7.B8.C9.C 10.DⅡ. Explain the following terms. (20 points)1．Endogenous variables: 经济模型中要解释的变量。

Exogenous variables：模型给出作为既定的变量。

2. Menu costs：企业因通货膨胀改变价格的成本。

shoe-leather costs：为减少持有货币的损失而发生的成本。

3. GDP deflator ：名义GDP/实际GDP，是相对于基年商品和劳务价格的那一年的商品和劳务价格。

CPI：即消费价格指数，是相对于某个基年一篮子物品与劳务价格的同样一篮子物品与劳务的现期价格。

4. Adaptive expectation ：人们根据过去的经验或数据来预测未来。

rational expectation：人们尽可能地利用所有可以获得地信息，包括关于现在政府政策地信息预测未来。

5. Real exchange rate ：两国物品的相对价格。

nominal exchange rate：两国通货的相对价格。

Ⅲ.Answer the following questions by drawing or calculating. (10’ ×4) 1．We want to consider the effects of a tax cut when the LM* curve depends on disposable income instead of income: M/P = L[r, Y –T].A tax cut now shifts both the IS* and the LM* curves. Figure 12–22 shows the case of floating exchange rates. The IS* curve shifts to the right, from IS to IS . The LM* curve shifts to the left, however, from LM to LM .We know that real balances M/P are fixed in the short run, while the interest rate is fixed at the level of the world interest rate r*. Disposable income is the only variable that can adjust to bring the money market into equilibrium: hence, the LM* equation determines the level of disposable income. If taxes T fall, then income Y must also fall to keep disposable income fixed. In Figure 12–22, we move from an original equilibrium at point A to a new equilibrium at point B. Income falls by the amount of the tax cut, and the exchange rate appreciates. If there are fixed exchange rates, theIS* curve still shifts to the right; but the initial shift in the LM* curve no longer matters. That is, the upward pressure on the exchange rate causes the central bank to sell dollars and buy foreign exchange; this increases the money supply and shifts the LM* curve to the right, as shown in Figure 12–23. The new equilibrium, at point B, is at the intersection of the new IS* curve, IS , and the horizontal line at the level of the fixed exchange rate. There is no difference between this case and the standard case where money demand depends on income.2. a.将生产函数两边同时除以效率工人，则有：()4.04.06.04.0k L E K L E L E K L E Y y =⎪⎭⎫ ⎝⎛⨯=⨯⨯=⨯=b ．s=0.25 δ=5% n=2% g=3%; 带入经济稳定的条件：38.15.275.0)1(*84.15.2*6.45.2*1.025.0)()(3/23/24.03/54.0≈⨯=-=≈==≈==⋅++=⋅y s c k y k kk kg n k f s δc.当g 变为5%时，有： 63.11225*4.31225*12.025.0)()(3/24.03/54.0≈⎪⎭⎫ ⎝⎛==≈⎪⎭⎫ ⎝⎛==⋅++=⋅k y k kk kg n k f s δ 这种变化导致了效率工人的人均资本量减少，效率工人的人均产量下降；但总产出会增加。

2018考研英语：阅读题中的经济类文章的常识

2018考研英语：阅读题中的经济类文章的常识第一篇：2018考研英语：阅读题中的经济类文章的常识凯程考研，为学员服务，为学生引路！2018考研英语：阅读题中的经济类文章的常识1.产能利用率(Capacity Utilization)产能利用率，也叫设备利用率，是工业总产出(total industrial output)对生产设备的比率。

简单的理解，就是实际生产能力到底有多少在运转发挥生产作用。

当产能利用率超过 95% 以上，代表设备使用率接近全部，通货膨胀(inflation)的压力将随产能无法应付而急速升高，在市场预期利率(market expected interest rate)可能升高情况下，对该国货币是利多。

反之如果产能利用率在 90% 以下，且持续下降，表示设备闲置过多，经济有衰退的现象，在市场预期利率可能降低情况下，对该国货币是利空。

2.自然失业率(Natural Rate of Unemployment)自然失业率指充分就业下的失业率。

自然失业率即是一个不会造成通货膨胀的失业率(Non-accelerating Inflation Rate of Unemployment，NAIRU)，也是劳动市场处于供求稳定状态的失业率。

从整个经济看来，任何时候都会有一些正在寻找工作的人，经济学家把在这种情况下的失业称为自然失业率，所以，经济学家对自然失业率的定义，有时被称作“充分就业状态下的失业率”，有时也被称作无加速通货膨胀下的失业率。

例：America’s capacity utilization, for example, hit historically high levels earlier this year, and its jobless rate(5.6% in August)has fallen bellow most estimates of the natural rate of unemployment--the rate below which inflation has taken off in the past.(1997年T ext5)译文：例如，美国的生产力利用率在今年前段时间创下了历史高水平，而它的失业率(8月份为5.6%)已降至低于对自然失业率的大多数估测——过去当比率低于自然失业率时，通货膨胀率已急剧上升。

多恩布什＜宏观经济学＞第八版第五章英文答案

Chapter 5 Solutions to the Problems in the Textbook Conceptual Problems:1. The aggregate supply curve shows the quantity of real total output that firms arewilling to supply at each price level. The aggregate demand curve shows all combinations of real total output and the price level at which the goods and the money sectors are simultaneously in equilibrium. Along the AD-curve nominal money supply is assumed to be constant and no fiscal policy change takes place.2. The classical aggregate supply curve is vertical, since the classical model assumes thatnominal wages adjust very quickly to changes in the price level. This implies that the labor market is always in equilibrium and output is always at the full-employment level.If the AD-curve shifts to the right, firms try to increase output by hiring more workers, who they try to attract by offering higher nominal wages. But since we are already at full employment, no more workers can be hired and firms merely bid up nominal wages. The nominal wage increase is passed on in the form of higher product prices. In the end, the level of wages and prices will have increased proportionally, while the real wage rate and the levels of employment and output will remain unchanged.If there is a decrease in demand, then firms try to lay off workers. Workers, in turn, are willing to accept lower wages to stay employed. Lower wage costs enable firms to lower their product prices. In the end, nominal wages and prices will decrease proportionally but the real wage rate and the level of employment and output will remain the same.3. There is no single theory of the aggregate supply curve, which shows the relationshipbetween firms' output and the price level. A number of competing explanations exist for the fact that firms have a tendency to increase their output level as the price level increases. The Keynesian model of a horizontal aggregate supply curve supposedly describes the very short run (over a period of a few months or less), while the classical model of a vertical aggregate supply curve is supposed to hold true for the long run (a period of more than 10 years). The medium-run aggregate supply curve is most useful for periods of several quarters or a few years. This upward-sloping aggregate supply curve results from the fact that wage and price adjustments are slow and uncoordinated. Chapter6 offers several explanations for the fact that labor markets do not adjust quickly. Theseinclude the imperfect information market-clearing model, the existence of wage contracts or coordination problems, and the fact that firms pay efficiency wages and price changes tend to be costly.4. The Keynesian aggregate supply curve is horizontal since the price level is assumed to befixed. It is most appropriate for the very short run (a period of a few months or less). Theclassical aggregate supply curve is vertical and output is assumed to be fixed at its potential level. It is most appropriate for the long run (a period of more than 10 years) when prices are able to fully adjust to all shocks.5. The aggregate supply and aggregate demand model used in macroeconomics is notvery similar to the market demand and market supply model used in microeconomics.While the workings of both models (the distinction between shifts of the curves versus movement along the curves) are similar, these models are really unrelated. The "P" in the microeconomic model stands for the relative price of a good (or the ratio at which two goods are traded), whereas the "P" in the macroeconomic model stands for the average price level of all goods and services produced in this country, measured in money terms.Technical Problems:1.a. As Figure 5-9 in the text shows, a decrease in income taxes will shift both the AD-curveand the AS-curve to the right. The shift in the AD-curve tends to be fairly large and, in the short run (when prices are fixed), leads to a significant increase in output without a change in prices. In the long run, the AS-curve will also shift to the right--since lower income tax rates provide an incentive to work more--but only by a fairly small amount.Therefore we see a slightly higher real GDP with a large increase in the price level in the long run.1.b. Supply-side economics is any policy measure that will increase potential GDP by shiftingthe long-run (vertical) AS-curve to the right. In the early 1980s, supply-side economists put forth the view that a cut in income tax rates would increase the incentive to work, save and invest. This would increase aggregate supply so much that the inflation and unemployment rates would simultaneously decrease. The resulting high economic growth might then even lead to an increase in tax revenues, despite lower tax rates. However, these predictions did not become reality. As seen in the answer to 2.a., the long-run effect of a tax cut on output is not very large, although it can increase long-term output to some degree.2.a. According to the balanced budget theorem, a simultaneous and equal increase ingovernment purchases and taxes will shift the AD-curve to the right. But if the AS-curve is upward sloping, then the balanced budget multiplier will be less than one, that is, the increase in output will be less than the increase in government expenditures. This occurs, since part of the increase in government spending will be crowded out due a higher price level, lower real money balances, and a resulting rise in interest rates.P ADP oPY o Y1Y2.b. In the Keynesian case, the AS-curve is horizontal and the price level remains unchanged.There is no real balance effect and therefore income will increase more than in 3.a.However, the interest rate will still increase and therefore the balanced budget multiplier will be less than one (but greater than zero).PP o0 Y o Y1Y2.c. In the classical case, the AS-curve is vertical and the output level remains unchanged. Inthis case, a shift in the AD-curve leads to a price increase and real money balances decline. Therefore interest rates increase further than in 3.b., leading to full crowding out of investment. Hence the balanced budget multiplier is zero.PP1P0Y* YAdditional Problems1. Briefly explain why the AS-curve is upward sloping in the intermediate run?An upward-sloping AS-curve assumes that wage and price adjustments are slow and uncoordinated. This can be explained most easily by the existence of wage contracts and imperfect competition. Because of wage contracts, wages cannot be changed easily and, since the contracts tend to be staggered, they cannot be changed all at once. In an imperfectly competitive market structure, firms are reluctant to change their prices since they cannot accurately predict the reactions of their competitors. Therefore, wages and prices will adjust only slowly. (Chapter 6 provides more elaborate explanations for this.)2. Briefly discuss in words why the AD-curve is downward sloping.In the AD-AS framework, we assume that nominal money supply (M) is constant unless it is changed by the Fed's monetary policy (which would result in a shift in the AD-curve). Therefore, if the price level increases, then real money (M/P) decreases, driving interest rates (i) up and lowering the level of investment spending (I). This means that total output demanded (Y) will decrease.A more elaborate answer may include that lower real money balances (M/P) result in less real wealth, leading to a lower level of consumption (C) due to the wealth effect. This means that total output demanded (Y) will decrease. A higher domestic price level (P) also means that domestic goods will become less competitive in world markets. This will stimulate imports while reducing exports, leading to a reduction in net exports (NX), and a decrease in total output demanded (Y).3. "In the classical aggregate supply curve model, the economy is always at thefull-employment level of output and the unemployment rate is always zero."Comment on this statement.The classical aggregate supply curve model implies a vertical AS-curve at the full-employment level of output. However, this does not mean that the unemployment rate is zero. There is always some friction in the labor market, which means that there is always some (frictional) unemployment as workers switch jobs. The (positive) amount of unemployment at the full-employment level of output is called the natural rate of unemployment and is estimated to be roughly 5.5 percent for the United States; however, anexact value for this natural rate has not been established.4. Assume a technological advance leads to lower production costs. Show the effect ofsuch an event on national income, unemployment, inflation, and interest rates with the help of an AD-AS diagram, assuming completely flexible wage rates.A decrease in production costs shifts the AS-curve to the right. The price level decreases, leading to a higher level of income and lower interest rates. Since wages are completely flexible, the AS-curve is vertical and we are always at full-employment (this is the classical case). This implies that the unemployment rate stays at the natural rate, but output goes up since workers are now more productive.1.→2. Cost of prod.↑== > AS →Ex.S. == > P↓real ms ↑i ↓I↑Y↑Effect: Y↑UR ↓P ↓i↓0 Y o FE Y1FE Y5. "Monetary expansion will not change interest rates in the classical AS-curvemodel." Comment on this statement.An increase in the nominal money supply will shift the AD-curve to the right. There will be excess demand for goods and services, which will force the price level up. In the classical AS-curve model, a new equilibrium will be established at the same level of output but at a higher price level. Real money balances will be reduced to their original level and interest rates will not be affected in the long run (the classical case).6. "Expansionary fiscal policy does not affect the level of real output or real moneybalances in the classical AS-curve case." Comment on this statement.Expansionary fiscal policy will shift the AD-curve to the right, causing excess demand for goods and services at the existing price level. This forces the price level up, reducing real money balances. Interest rates increase, which results in a lower level of investment spending. In the classical case, the AS-curve is vertical, so the level of output will not change. In other words, the increase in the level of prices and interest rates continues until private spending is reduced again to the original full-employment level.7. "In the classical AS-curve case, a reduction in government spending will lowerinterest rates and the real money stock." Comment on this statement.A decrease in government spending will shift the AD-curve to the left, causing excess supply of goods and services at the original price level. As the price level decreases to restore equilibrium, real money balances increase and interest rates fall. This will increase the level of investment spending until a new equilibrium is reached at the original level of output but at lower prices and interest rates. Thus, real money balances will rise, but interest rates fall.8. "In the Keynesian aggregate supply curve model, the Fed, through restrictivemonetary policy, can easily lower inflation without creating unemployment."Comment on this statement.This statement is wrong. In the Keynesian aggregate supply curve model, the AS-curve is horizontal, since prices are assumed to be fixed. Restrictive monetary policy will shift the AD-curve to the left. This will reduce the level of output without any change in the price level. But a lower level of output implies a higher rate of unemployment.9. True or false? Why?"Monetary policy does not affect real output in the Keynesian supply curve model."False. An increase in money supply will shift the AD-curve to the right, leading to a higher level of income. In the Keynesian supply curve model, the price level is fixed, hence real balances will not fall as they would in the classical supply curve model. We will reach a new equilibrium at a higher level of output, at a lower interest rate, but at the same price level. In this case monetary policy is not neutral.10. Explain why there is so much interest in finding ways to shift the AS-curve to the right.Shifting the AS-curve to the right seems to be the only way to offset the effects of an adverse supply shock without 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 short-run 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.11. "Restrictive fiscal policy will always lower output, prices, and interest rates."Comment.This statement is true in the intermediate run when the AS-curve is upward sloping. Restrictive fiscal policy will shift the AD-curve to the left. In the Keynesian case, the AS-curve is horizontal and prices remain constant, while both output and interest rates decrease. In the classical case, the AS-curve is vertical and the decrease in the price level will increase real money balances and interest rates. Prices will fall until spending is again consistent with the full-employment level of output. Thus in the long run, prices and interest rates will decline, while output will remain the same. Only in the intermediate run (when the AS-curve is upward sloping due to slowly adjusting wages and prices) will output, prices, and the interest rate all go down.12. "The real impact of demand management policy is largely determined by theflexibility of wages and prices." Comment on this statement.If wages and prices are completely flexible, then the economy will always be at the full-employment level of output, independent of the price level. In other words, we have the classical case of a vertical (long-run) AS-curve. In this case, a shift in the AD-curve will affect only the price level but not the level of output. However, if wages and prices are completely inflexible, then we have the (horizontal) Keynesian aggregate supply curve. In this case, any shift of the AD-curve will have a large effect on the level of output but will not affect the price level. Only in the intermediate run, when we have an upward-sloping AS-curve, will the level of output and the price level both be affected by a shift in the AD-curve. More flexibility in wages and prices implies a steeper the AS-curve. Therefore the effect of a shift in the AD-curve will be smaller on output and larger on the price level.13."An increase in the income tax rate will lower the level of output and increase theprice level." Comment on this statement.Supply siders argue that a decrease in income taxes will shift both the AD-curve and the AS-curve to the right (as shown in Figure 5-10). Conversely, an increase in the income tax rate will shift the AD-curve and the AS-curve to the left. The shift in the AD-curve will be fairly large and, in the medium run, will lead to a significant decrease in output without a (significant) change in the price level. However, in the long run, the AS-curve will also shift to the left, since higher income tax rates provide a disincentive to work. Since the AS-curve will shift only by a fairly small amount, we will see a slightly lower real GDP with a large decrease in the price level.。

宏观经济学-课后思考题答案_史蒂芬威廉森004

Chapter 4Consumer and Firm Behavior: The Work-Leisure Decision and Profit MaximizationTeaching GoalsThe microeconomic approach to macroeconomics stresses the notion that economy-wide events are the result of decisions made by individuals. People work so that they may afford to buy market goods. On the other hand, people generally prefer to work less rather than working more. Although discussions in the popular press often refer to the idea that spending is what drives the economy, an economy cannot produce unless people are willing to work. Therefore, the most basic macroeconomic decision is the decision to choose whether, and how much, to work. Production and willingness to work are intrinsically interconnected.Students often believe that how much a person works is largely determined by the necessities of their circumstances. Students will report that they have to work to survive and pay tuition. Some might point out that some students need not work much or at all because their parents provide more support. However, circumstances need not dictate exactly how much they may choose to work. They may work less if they go to a less costly school. They may sometimes decide to switch to part-time student status and full-time work status if they find a high-paying job. A key message of this chapter is that choice is important and that choice is influenced by changes in circumstances.This chapter demands the mastery of a large body of structure and yet provides little in the way of immediate insights. Students may need frequent assurances that the mastery of this material eventually pays big dividends in providing hope of understanding the phenomenon of business cycles. This is particularly important as this chapter lays critical foundations for the rest of the book: the use of microfoundations in macroeconomics. Students need to be able to justify macroeconomic relationships with microeconomic arguments, like in this chapter. This requires to some extend some boring drills that they will come to appreciate only later. If for many textbooks the strategy is to teach one chapter a week, spend more time on this one, especially if students have not yet mastered intermediate microeconomics. Two key points of this chapter are the concepts of income and substitution effects. Often, students are perplexed at the amount of time spent on this material because nothing in practice is purely an income effect or a substitution effect. However, the two most basic insights of microeconomic analysis are that when we become more well-off we generally want more of everything and that we respond to price incentives at the margin.Classroom Discussion TopicsAsk the students about their work choices and the choices of their parents, friends, and relatives. Does everyone work? Does everyone work the same amount of hours? Then ask the students for examples of the kinds of factors that lead people to work more or less. Try to elicit very specific examples. Thenask the students to categorize these factors that lead to more or less work. Some of these factors are actually the by-products of more complex decision making. For example, if they say that they work more or less because they go to school, point out that going to school is a choice. They may also point to28 Williamson • Macroeconomics, Third Editioncircumstances like whether a married couple has children, and if so, their number and their ages. Point out that these events are also the results of other choices. Then ask the students to try to categorize the remaining factors as being primarily an income effect or a substitution effect. Compare also labor choices across countries, as the Macroeconomics in Action feature, new to the third edition, does.Ask the students to provide examples of factors other than more labor or capital that can allow some countries to be a lot more productive than others. What factors other than growth in capital and labor allow a given economy to produce more (or less) over time? Explain that these are the kinds of factors that we summarize by the concept of total factor productivity. Insist also on the concept of physical capital and what it measures and what it is not.OutlineI. The Representative ConsumerA. Preferences1. Goods: The Consumption Good and Leisure2. The Utility Functiona. More Preferred to Lessb. Preference for Diversityc. Normal Goods3. Indifference Curvesa Downward Slopingb. Convex to the Origin4. Marginal Rate of SubstitutionB. Budget Constraint1. Price-taking Behavior2. The Time Constraint3. Real Disposable Income4. A Graphical RepresentationC. Optimization1. Rational Behavior2. The Optimal Consumption Bundle3. Marginal Rate of Substitution = Relative Price4. A Graphical RepresentationD. Comparative Statics Experiments1. Changes in Dividends and Taxes: Pure Income Effect2. Changes in the Real Wage: Income and Substitution EffectsII. The Representative FirmA. The Production Function1. Constant Returns to Scale2. Monotonicity3. Declining MPN4. Declining MPK5. Changes in Capital and MPN6. Total Factor ProductivityChapter 4 Consumer and Firm Behavior: The Work-Leisure Decision and Profit Maximization 29B. Profit Maximization1. Profits = Total Revenue − Total Variable Costs2. Marginal Product of Labor = Real Wage3. Labor DemandTextbook Question SolutionsQuestions for Review1. Consumers consume an aggregate consumption good and leisure.2. Consumers’ preferences are summarized in a utility function.3. The first property is that more is always preferred to less. This property assures us that a consumptionbundle with more of one good and no less of the other good than any second bundle will always be preferred to the second bundle.The second property is that a consumer likes diversity in his or her consumption bundle. Thisproperty assures us that a linear combination of two consumption bundles will always be preferred to the two original bundles.The third property is that both consumption and leisure are normal goods. This property assures us that an increase in a consumer’s income will always induce the individual to consume more of both consumption and leisure.4. The first property of indifference curves is that they are downward sloping. This property is a directconsequence of the property that more is always preferred to less. The second property ofindifference curves is that they are bowed toward the origin. This property is a direct consequence of consumers’ preference for diversity.5. Consumers maximize the amount of utility they can derive from their given amount of availableresources.6. The optimal bundle has the property that it represents a point of tangency of the budget line with anindifference curve. An equivalent property is that the marginal rate of substitution of leisure forconsumption and leisure is equal to the real wage.7. In response to an increase in dividend income, the consumer will consume more goods and moreleisure.8. In response to an increase in the real value of a lump-sum tax, the consumer will consume less goodsand less leisure.9. An increase in the real wage makes the consumer more well off. As a result of this pure incomeeffect, the consumer wants more leisure. Alternatively, the increase in the real wage induces asubstitution effect in which the consumer is willing to consume less leisure in exchange for working more hours (consuming less leisure). The net effect of these two competing forces is theoretically ambiguous.10. The representative firm seeks to maximize profits.30 Williamson • Macroeconomics, Third Edition11. As the amount of labor is increased, holding the amount of capital constant, each worker gets asmaller share of the fixed amount of capital, and there is a reduction in each worker’s marginalproductivity.12. An increase in total factor productivity shifts the production function upward.13. The representative firm’s profit is equal to its production (revenue measured in units of goods) minusits variable labor costs (the real wage times the amount of labor input). A unit increase in labor input adds the marginal product of labor to revenue and adds the real wage to labor costs. The amount of labor demand is that amount of labor input that equates marginal revenue with marginal labor costs.This quantity of labor, labor demand, can simply be read off the marginal product of labor schedule.Problems1. Consider the two hypothetical indifference curves in the figure below. Point A is on both indifferencecurves, I1 and I2. By construction, the consumer is indifferent between A and B, as both points are onI 2. In like fashion, the consumer is indifferent between A and C, as both points are on I1. But atpoint C, the consumer has more consumption and more leisure than at point B. As long as the consumer prefers more to less, he or she must strictly prefer C to A. We therefore contradict the hypothesis that two indifference curves can cross.Chapter 4 Consumer and Firm Behavior: The Work-Leisure Decision and Profit Maximization 312. u al bC =+(a) To specify an indifference curve, we hold utility constant at u . Next rearrange in the form:u a C l b b=− Indifference curves are therefore linear with slope, −a /b , which represents the marginal rate ofsubstitution. There are two main cases, according to whether /a b w > or /.a b w < The top panelof the left figure below shows the case of /.a b w < In this case the indifference curves are flatterthan the budget line and the consumer picks point A, at which 0l = and .C wh T π=+− Theright figure shows the case of /.a b w > In this case the indifference curves are steeper than thebudget line, and the consumer picks point B, at which l h = and .C T π=− In the coincidentalcase in which /,a b w = the highest attainable indifference curve coincides with the indifference curve, and the consumer is indifferent among all possible amounts of leisure and hours worked.(b) The utility function in this problem does not obey the property that the consumer prefersdiversity, and is therefore not a likely possibility.(c) This utility function does have the property that more is preferred to less. However, the marginalrate of substitution is constant, and therefore this utility function does not satisfy the property ofdiminishing marginal rate of substitution.32 Williamson • Macroeconomics, Third Edition3. When the government imposes a proportional tax on wage income, the consumer’s budget constraintis now given by:(1)(),C w t h l T π=−−+−where t is the tax rate on wage income. In the figure below, the budget constraint for t = 0, is FGH.When t > 0, the budget constraint is EGH. The slope of the original budget line is –w , while the slope of the new budget line is –(1 – t )w . Initially the consumer picks the point A on the original budget line. After the tax has been imposed, the consumer picks point B. The substitution effect of theimposition of the tax is to move the consumer from point A to point D on the original indifference curve. The point D is at the tangent point of indifference curve, I 1, with a line segment that is parallel to EG. The pure substitution effect induces the consumer to reduce consumption and increase leisure (work less).The tax also makes the consumer worse off, in that he or she can no longer be on indifference curve,I 1, but must move to the less preferred indifference curve, I 2. This pure income effect moves the consumer to point B, which has less consumption and less leisure than point D, because bothconsumption and leisure are normal goods. The net effect of the tax is to reduce consumption, but the direction of the net effect on leisure is ambiguous. The figure shows the case in which the substitution effect on leisure dominates the income effect. In this case, leisure increases and hours worked fall. Although consumption must fall, hours worked may rise, fall, or remain the same.4. The increase in dividend income shifts the budget line upward. The reduction in the wage rate flattensthe budget line. One possibility is depicted in the figures below. The original budget constraint HGL shifts to HFE. There are two income effects in this case. The increase in dividend income is a positive income effect. The reduction in the wage rate is a negative income effect. The drawing in the topfigure shows the case where these two income effects exactly cancel out. In this case we are left with a pure substitution effect that moves the consumer from point A to point B. Therefore, consumption falls and leisure increases. As leisure increases, hours of work must fall. The middle figure shows a case in which the increase in dividend income, the distance GF, is larger and so the income effect is positive. The consumer winds up on a higher indifference curve, leisure unambiguously increases,Chapter 4 Consumer and Firm Behavior: The Work-Leisure Decision and Profit Maximization 33 and consumption may either increase or decrease. The bottom figure shows a case in which the increase in dividend income, the distance GF, is smaller and so the income effect is negative. The consumer winds up on a lower indifference curve, consumption unambiguously decreases, and leisure may either increase or decrease.34 Williamson • Macroeconomics, Third Edition5. This problem introduces a higher, overtime wage for hours worked above a threshold, q . Thisproblem also abstracts from any dividend income and taxes.(a) The budget constraint is now EJG in the figure below. The budget constraint is steeper for levels ofleisure less than h – q , because of the higher overtime wage. The figure depicts possible choices for two different consumers. Consumer #1 picks point A on her indifference curve, I 1. Consumer #2 picks point B on his indifference curve, I 2. Consumer #1 chooses to work overtime; consumer #2 does not.(b) The geometry of the figure above makes it clear that it would be very difficult to have anindifference curve tangent to EJG close to point J. In order for this to happen, an indifferencecurve would need to be close to right angled as in the case of pure complement. It is unlikely that consumers wish to consume goods and leisure in fixed proportions, and so points like A and Bare more typical. For any other allowable shape for the indifference curve, it is impossible forpoint J to be chosen.(c) An increase in the overtime wage steepens segment EJ of the budget constraint, but has no effecton the segment JG. For an individual like consumer #2, the increase in the overtime wage has no effect up until the point at which the increase is large enough to shift the individual to a point like point A. Consumer #2 receives no income effect because the income effect arises out of a higher wage rate on inframarginal units of work. An individual like consumer #1 has the traditionalincome and substitution effects of a wage increase. Consumer #1 increases her consumption, but may either increase or reduce hours of work according to whether the income effect outweighsthe substitution effect.Chapter 4 Consumer and Firm Behavior: The Work-Leisure Decision and Profit Maximization 356. Lump-sum Tax vs. Proportional Tax. Suppose that we start with a proportional tax. Under theproportional tax the consumer’s budget line is EFH in the figure below. The consumer choosesconsumption, *,C and leisure, *,l at point A on indifference curve I 1. A shift to a lump-sum tax steepens the budget line. The absolute value of the slope of the budget line is (1),t w − and t has fallen to zero. The imposition of the lump-sum tax shifts the budget line downward in a parallel fashion. By construction, the lump-sum tax must raise the same amount of revenue as the proportional tax. The consumer must therefore be able to continue to consume *C of the consumption good and *l ofleisure after the change in tax collection. Therefore, the new budget line must also pass through pointA. The new budget line is labeled LGH in the figure below. With the lump-sum tax, the consumer can do better by choosing point B, on the higher indifference curve, I 2. Therefore, the consumer is clearly better off. We are also assured that consumption will be greater at point B than at point A, and that leisure will be smaller at point B than at point A.7. Leisure represents all time used for nonmarket activities. If the government is now providing forsome of those, like providing free child care, households will take advantage of such a program,thereby allowing more time for other activities, including market work. Concretely, this translates in a change of preferences for households. For the same amount of consumption, they are now willing to work more, or in other words, they are willing to forego some additional leisure. On the figure below, the new indifference curve is labeled I 2. It can cross indifference curve I 1 because preferences, as we measure them here, have changed. The equilibrium basket of goods for the household now shifts from A to B. This leads to reduced leisure (from l *1 to l *2), and thus increased hours worked, and increased consumption (from C *1 to C *2) thanks to higher labor income at the fixed wage.36 Williamson • Macroeconomics, Third Edition8. The firm chooses its labor input, N d , so as to maximize profits. When there is no tax, profits for thefirm are given by(,).d d zF K N wN π=−That is, profits are the difference between revenue and costs. In the top figure on the following page,the revenue function is (,)d zF K N and the cost function is the straight line, wN d . The firm maximizes profits by choosing the quantity of labor where the slope of the revenue function equals the slope of the cost function:.N MP w =The firm’s demand for labor curve is the marginal product of labor schedule in the bottom figure on the following page.With a tax that is proportional to the firm’s output, the firm’s profits are given by:(,)(,)(1)(,),d d d d zF K N wN tzF K N t zF K N π=−−=−where the term (1)(,)d t zF K N − is the after-tax revenue function, and as before, wN d is the costfunction. In the top figure below, the tax acts to shift down the revenue function for the firm and reduces the slope of the revenue function. As before, the firm will maximize profits by choosing the quantity of labor input where the slope of the revenue function is equal to the slope of the cost function, but the slope of the revenue function is (1),N t MP − so the firm chooses the quantity of labor where(1).N t MP w −=In the bottom figure below, the labor demand curve is now (1),N t MP − and the labor demand curve has shifted down. The tax acts to reduce the after-tax marginal product of labor, and the firm will hire less labor at any given real wage.9. The firm chooses its labor input N dso as to maximize profits. When there is no subsidy, profits forthe firm are given by (,).d d zF K N wN π=−That is, profits are the difference between revenue and costs. In the top figure on the following page the revenue function is (,)d zF K N and the cost function is the straight line, wN d . The firm maximizes profits by choosing the quantity of labor where the slope of the revenue function equals the slope of the cost function:.N MP w =The firm’s demand for labor curve is the marginal product of labor schedule in the bottom figure below.With an employment subsidy, the firm’s profits are given by:(,)()d d zF K N w s N π=−−where the term (,)d zF K N is the unchanged revenue function, and (w – s )N d is the cost function. The subsidy acts to reduce the cost of each unit of labor by the amount of the subsidy, s . In the top figure below, the subsidy acts to shift down the cost function for the firm by reducing its slope. As before, the firm will maximize profits by choosing the quantity of labor input where the slope of the revenue function is equal to the slope of the cost function, (t – s ), so the firm chooses the quantity of labor where.N MP w s =−In the bottom figure below, the labor demand curve is now ,N MP s + and the labor demand curve has shifted up. The subsidy acts to reduce the marginal cost of labor, and the firm will hire more labor at any given real wage.10. Minimum Employment Requirement. Below *,N no output is produced. Thereafter, the production function has its usual properties. Such a production function is reproduced in the first two figures below. At high wages, the firm’s cost curve is entirely above the revenue curve, so the firm hires no labor, to prevent incurring losses. Only if the wage rate is less than ˆw will the firms choose to hire anyone. At ˆ,N just as it would in the absence of the constraint. Below ˆ,w w w=the firm chooses*,the labor demand curve is unaffected. The labor demand curve is reproduced in the bottom figure.11. The level of output produced by one worker who works h – l hours is given by(,).s Y zF K h l =−This equation is plotted in the figure below. The slope of this production possibilities frontier is simply .N MP −12. As the firm has to internalize the pollution, it realizes that labor is less effective than it previouslythought. It now needs to hire N (1 + x ) workers where N were previously sufficient. This is qualitatively equivalent to a reduction of z , total factor productivity. The figure below highlights the resulting outcome: the firm now hires fewer people for a given wage and thus its labor demand is reduced.13. 0.30.7Y zK n =(a) 0.7.Y n = See the top figure below. The marginal product of labor is positive and diminishing. (b) 0.72.Y n = See the figures below.(c) 0.30.70.72 1.23.Y n n =≈ See the figures below.(d) See the bottom figure below.−−−−==⇒===⇒===⇒=×≈0.30.30.30.30.31,10.72,1 1.41,220.70.86N N N z K MP n z K MP n z K MP n n。

宏观经济学-课后思考题答案_史蒂芬威廉森005

宏观经济学-课后思考题答案_史蒂芬威廉森005Chapter 5A Closed-Economy One-PeriodMacroeconomic ModelTeaching GoalsThere are three key points to be learned from this chapter. The first point is that when we allow the consumers and firms that we studied in Chapter 4 to interact with each other and with the government, the economy is able to achieve equilibrium through price adjustment. In this particular case, the “price” is the relative price of leisure, the real wage. The second important point is that the equilibrium that markets settle upon is a favorable one, in the sense of Pareto optimality. This point is in keeping with Adam Smith’s notion that the “invisible hand” of self-interested individuals, meeting in a competitive market, can work for the common good. The third point is that we can directly discover the equilibrium position of a market economy by solving an economic planner problem. Although students may find this point to be somewhat arcane, stress the point that it will be much simpler to solve problems (e.g., exam problems) by working with a planner problem as opposed to directly solving general equilibrium problems. The students, however, need to be aware when this solution method is not applicable. The new section about the Laffer curve is a good way to show when social and private optima do not coincide.Once students have mastered the mechanics of the model, the two problems for which this model is best suited are the analyses of changes in government spending and total factor productivity. In working these problems, stress the applicability of these results to historical applications and as a guide to understanding current events.A key tactic of the textbook’s approach is the critical assessment of the usefulness and credibility of competing models. Therefore, it is important to stress the extent to which models fit the facts. Does this model fit the facts of long-run growth? Does this model fit the facts of the typical business cycle? These kinds of questions come up again and again in the course of macroeconomic study. Stress again and again that scientific study needs to relate to observations, in our case the stylized facts of Chapter 2.Classroom Discussion TopicsAn alternative approach to this material is to start with the example of Robinson Crusoe (or Castaway, Gilligan’s Island, etc.). Does an isolated individual have any economic choices? What would guide these choices? Would you rather be on an island with a more plentiful food supply? A pure income effect can then be presented in the form of extra food (or a volleyball) washing up on shore, or in the form of “pirates” (government?) demanding tribute. An increase in total factor productivity can be in the form of obtaining a fishing net or a ladder to climb coconut trees. A change in capital can be the consequence of a hurricane, etc.The next step would be to ask the students about the likely consequences of additional individuals on the island. If they are all identical, and there are no economies to team production, will there be any reason for markets to exist? Could a market improve things? How and why? Typically, markets improve things only to the extent that people are different. However, these types of differences are what we are willing to ignore when we adopt the fiction of a representative consumer.Chapter 5 A Closed-Economy One-Period Macroeconomic Model 43OutlineI. Com petitive EquilibriumA. A One-Period Model1. No Borrowing or Lending2. G = TB. Equilibrium M odeling1. Endogenous Variables2. Exogenous Variables3. Hypothetical Experiments C. Properties of a Competitive Equilibrium1. Representative Consumer Maximizes Utility Subject to Budget Constraint2. Representative Firm Maximizes Profits3. M arkets Clear4. Government Budget Constraint Satisfied5. ,,l C l C N w MRS MRT MP ===II. O p timalityA. ParetoOptimality B. Welfare Theorems1. 1st Theorem: A Competitive Equilibrium Can Be Pareto Optimal2. 2nd Theorem: A Pareto Optimum Can Be a Competitive EquilibriumC. Inefficiencies1. Externalities2. Distorting Taxes3. M onopoly Power D. Using the Second Theorem1. Pareto Optima Are Easier to Identify2. Effects of Disturbances on Pareto OptimaIII. Effects of an Increase in Government SpendingA. Impact Effect1. Parallel Downward Shift in PPF2. Pure Income EffectB. Equilibrium Effects1. Reduced Consumption2. Reduced Leisure and Increased Hours of Work3. Increased Output4. Lower Real WageC. Crowding-OutD. Government Spending a Source of Business Cycles?1. Government Spending Shocks Wrongly Predict Countercyclical Consumption2. Government Spending Shocks Wrongly Predict Countercyclical Real Wages44 Williamson ? Macroeconomics, Third EditionIV. Effects of an Increase in Total Factor ProductivityA. Impact Effect1. Upward Shift in PPF2. Steeper PPF3. Income and Substitution EffectsB. Equilibrium Effects1. Increased Consumption2. Leisure and Hours Worked May Rise or Fall3. Increased Output4. Higher Real WageC. Productivity and Long-Run Growth1. Consumption Grows over Time2. Hours Worked Remain about Constant3. Output Increases over Time4. Real Wages Rise over TimeD. Productivity as Source of Business Cycles?1. Consumption Is Procyclical2. Cyclical Properties of Hours Workeda. Procyclical Hours Worked Is a Business Cycle Factb. Need Strong Substitution Effect to Predict Procyclical Hoursc. Intertemporal Substitution of Leisure3. Increased Output Defines the Cycle4. Procyclical Real Wage RateV. Income Tax Revenue and the Laffer CurveA. Tax Revenue1. The Tax Base Depends on the Proportional Tax Rate2. The Laffer Curve Measures Tax Revenue as a Function of the Tax Rate3. Unless the Tax Rate Is Optimal, Two Tax Rates Yield the Same Tax Revenue4. Supply-Side Economists Claim the U.S. Economy Is at the Bad Tax Rate5. Empirical Evidence Tends to Prove Supply-Side Economists WrongTextbook Question SolutionsQuestions for Review1. A closed economy is easier to work with. Opening the economy does not change most of theproperties of an economy. The closed economy is the correct model for the world as a whole.2. Government levies taxes and purchases consumption goods.3. In a one-period model, there can be no borrowing or lending. There is therefore no way to finance agovernment deficit.4. Endogenous variables: C, N s, N d, T, Y, and w.5. Exogenous variables: G, z, K.Chapter 5 A Closed-Economy One-Period Macroeconomic Model 456. The representative consumer chooses C and N s to maximize utility.The representative firm chooses N d to maximize profits.M arket-clearing: .s d N N N == Government budget constraint: T = G .7. The slope of the production possibilities frontier is equal to .N MP ? The slope of the productionpossibilities frontier is also identified as ,,l C MRT ? where ,l C MRT is identified as the marginal rate oftransformation between leisure and consumption.8. The competitive equilibrium is Pareto optimal because it lies at a tangency point between theproduction possibilities frontier and a representative consumer’s indifference curve.9. The first theorem: A competitive equilibrium can be Pareto optimal. This theorem assures us that thecompetitive equilibrium is a good outcome. The second theorem: A Pareto optimum is a competitive equilibrium. This theorem allows us to directly analyze Pareto optima with the assurance that these points are also competitive equilibriums. The second theorem is useful because Pareto Optima are often easier to work with than competitive equilibriums.10. Externalities, noncompetitive behavior, and distorting taxes.11. , ,, , and .G Y C N l w ↑?↑↓↑↓↓ 12. Government competes with the private sector in buying goods. An increase in government spendingimplies a negative wealth effect, which results in lower consumption.13. , , and .z Y C w ↑?↑↑↑ The sign of the effects on N and l are ambiguous.14. The substitution effect of an increase in z is that the representative consumer works more hours. Theincome effect of an increase in z is that the representative household works more hours. The sign of the net effect is ambiguous.15. A distorting tax makes that households equalize their marginal rate of substitution between leisureand consumption to the after tax wage, which is different from the before tax wage that firms equalize their marginal rate of transformation to. Thus, one cannot achieve the Pareto optimum where the same wage (before tax) is equal to both marginal rates above.16. The Laffer curve takes into account that higher proportional tax rates give incentives to households towork less. While tax revenue increases with the tax rate for a given tax base, that tax base is reduced by the tax rate.17. When the income tax rate falls, households are willing to supply additional labor more in suchquantities that the tax base increases more than what the tax rate decreases, thus increasing taxrevenue.46 Williamson ? Macroeconomics, Third EditionProblems1. Although we often think about the negative externalities of congestion and pollution in cities, theremay also be some positive externalities. A concentrated population is better able to support the arts and professional sports; cities typically have a greater variety of good restaurants, etc. Perhaps a more basic issue is that there may be some increasing returns to scale at low output levels that makeindustrial production more costly in small towns. There may also be externalities in production in being located close to other producers. One example would be the financial industry in financial centers like New York, London, Tokyo, etc. Another example would be large city medical centers that enhance coordination between primary physicians and specialists.One market test of whether productivity is higher in cities would be to look at the wages in cities versus the wages in smaller towns and rural areas. Wages are often higher in cities for individuals of comparable skills. Market efficiency suggests that the higher wages be reflective of a higher marginal product of labor, and that the higher wages compensate those choosing to live in cities for the negative externalities that they face.2. In a one period model, taxes must be exactly equal to government spending. A reduction in taxes istherefore equivalent to a reduction in government spending. The result is exactly opposite of the case of an increase in government spending that is presented in the text. A reduction in government spending induces a pure income effect that induces the consumer to consume more and work less. At lower employment, the equilibrium real wage is higher because the marginal product of labor rises when employment falls. Output falls, consumption rises, employment falls and the real wage rises.3. The only impact effect of this disturbance is to lower the capital stock. Therefore, the productionpossibility frontier shifts down and the marginal product of labor falls (PPF is flatter).(a) The reduction in the capital stock is depicted in the figure below. The economy starts at point Aon PPF1. The reduction in the capital stock shifts the production possibilities frontier to PPF2.Because PPF2 is flatter, there is a substitution effect that moves the consumer to point D. Theconsumer consumes less of the consumption good and consumes more leisure. Less leisure also means that the consumer works more. Because the production possibilities frontier shifts down, there is also an income effect. The income effect implies less consumption and less leisure (more work). On net, consumption must fall, but leisure could decrease, remain the same, or increase, depending on the relative strengths of the income and substitution effect. The real wage must also fall. To see this, we must remember that, in equilibrium, the real wage must equal the marginal rate of substitution. The substitution effect implies a lower marginal rate of substitution. The income effect is a parallel shift in the production possibilities frontier. As the income effect increases the amount of employment, marginal product of labor must fall from point D topoint B. This reinforces the reduction in the marginal rate of substitution from point A to point D.Chapter 5 A Closed-Economy One-Period Macroeconomic Model 47(b) Changes in the capital stock are not likely candidates for the source of the typical business cycle.While it is easy to construct examples of precipitous declines in capital, it is more difficult toimagine sudden increases in the capital stock. The capital stock usually trends upward, and thisupward trend is important for economic growth. However, the amount of new capital generatedby a higher level of investment over the course of a few quarters, of a few years, is very small in comparison to the existing stock of capital. On the other hand, a natural disaster that decreases the stock of capital implies lower output and consumption, and also implies lower real wages,which are all features of the typical business cycle contraction.4. Government Productivity. First consider the benchmark case in which 1,z= and there is no effect of changes in z on government activities. Now suppose that z increases. This case of an increase in z isdepicted in the figure below. The original production possibilities frontier is labeled PPF1 and thecompetitive equilibrium is at point A. If the increase in z only affects the economy through thechange in (,),zF K N then the new production possibilities frontier is PPF2. The diagram shows acase in which the income and substitution effects on leisure exactly cancel out, and the economy moves to point B. The equation for the production possibilities frontier is (,).C zF K h l T=?? In the benchmark case, T G= and so we have (,).C zF K h l G=?? For this problem, /T G z=, and so the production possibilities frontier is given by (,)/.C zF K h l G z=?? When 1,z= the two PPFs coincide. When z increases, the vertical intercept of the PPF increases by /.G zΔ Therefore, the newPPF is PPF3 in the figure below. The competitive equilibrium is at point C. There is an additionalincome effect that provides an additional increase in equilibrium consumption, and a reinforced income effect that tend to make leisure increase. Therefore, relative to the benchmark case, there is a larger increase in consumption, and either a smaller decrease in leisure or a larger increase in leisure.48 Williamson ? Macroeconomics, Third Edition5. Change in preferences.(a) At the margin, the consumer decides that leisure is more preferred to consumption. That is, theconsumer now requires a bigger increase in consumption to willingly work more (consume lessleisure). In more intuitive language, the consumer is lazier.(b) To work out the effects of this change in tastes, we refer to the figure below. The productionpossibility frontier in this example is unchanged. The consumer now picks a new point at which one of the flatter indifference curves is tangent to the production possibilities frontier. That is,equilibrium will shift from point A to point B. Consumption falls and leisure rises. Therefore, the consumer works less and produces less. Because employment has fallen, it also must be the case that the real wage increases.(c) This disturbance, which some might characterize as a contagious outbreak of laziness, wouldhave the appearance of a recession, as output and employment both fall. The consequentreduction in consumption is also consistent with a typical recession. However, in this case thereal wage would rise, which is inconsistent with the business cycle facts. Therefore, this type ofpreference change is not a cause of recessions.Chapter 5 A Closed-Economy One-Period Macroeconomic Model 496. Production-enhancing aspects of government spending.(a) The increase in government spending in this example has two separate effects on the productionpossibilities frontier. First, the increase in government spending from G1 to G2implies a paralleldownward shift in the production possibilities frontier. Second, the productive nature of government spending is equivalent to an increase in total factor productivity that shifts the production possibilities frontier upward and increases its slope. The figure below draws theoriginal production possibilities frontier as PPF1 and the new production possibilities frontier asPPF2. If the production-enhancing aspects of the increase in government spending are largeenough, representative consumer utility could rise, as in this figure.(b) There are three effects at work in this example. First, there is a negative income effect from theincrease in taxes needed to pay for the increased government spending. This effect tends to lower both consumption and leisure. Second, there is a substitution effect due to the productive effect of the increase in G, which is drawn as the movement from point A to point D. This effect tends to increase both consumption and leisure. Third, there is a positive income effect from theincrease in G on productivity. This effect tends to increase both consumption and leisure. In the figure above, the movement from point D to point B is the net effect of the two income effects. In general, consumption may rise or fall, and leisure may rise or fall. The overall effect on output is the same as in any increase in total factor productivity. Output surely rises.50 Williamson ? Macroeconomics, Third Edition7. The fact that government spending make firms more productive is similar to adding G to theproduction function. There are now two effects to an increase in government expenses: the standard crowding out of consumption, and now also an efficiency effect on production.(a) The figure below illustrates a particular situation where the welfare of the household is improved,as illustrated by a shift to the north-east of the indifference curve. The equilibrium shifts fromA toB as the PPF is lowered by the additional government expenses but is also getting steeperthanks to the same government expenses.(b) From previous results, we know that output increases with the increase in government expenses.This is now reinforced as G increases production efficiency. Regarding consumption and leisure, without this new effect, we obtained that an increase in G lead to a negative income effect andthus to decreases in both consumption and leisure. But as the real wage went down, there wasalso a substitution effect leading to an additional decrease in consumption and increase in leisure.The new effect on the production function adds opposite effects: a positive income effect and awage increase, thus possibly reversing, or not, anything that was concluded without the impact ofG on production.Chapter 5 A Closed-Economy One-Period Macroeconomic Model 51 8. We need to analyze each case separately. Start with the good equilibrium. As government expensesincrease, more tax revenue needs to be raised, and thus the tax rate needs to be increased. As shown in the figure below, this tilts down the linear PPF. The new equilibrium leads to a lower indifference curve. This leads to a negative income effect and a lower wage (remember, it is z(1 ? t)), thus a substitution effect. The income effect lowers consumption and leisure, the substitution effectdecreases consumption and increases leisure. All in all, consumption is lower and leisure is higher, as we know that the substitution effect dominates the income effect. This means that the labor supplyis reduced, and thus equilibrium labor and output.The story is different in the bad equilibrium. To increase tax revenue, one needs to reduce the tax rate. Then all the changes discussed above are exactly in the opposite direction.9. We know from previous analysis that an improvement in total factor productivity pushes up the PPF,and thus leads to an increase in consumption, a decrease in leisure, and thus an increase in thequantity of labor supplied. This increases the tax base, and thus allows to reduce the tax rate toachieve the same tax revenue, or in other words, it pushes the left portion of the Laffer curve to the left. The reduction in the tax rate has then a further impact on the variables of interest: as we saw in question 7, first part with a reversal of all signs: consumption increases even more and leisure decrease yet more, leading to an even higher quantity of labor. All in all, as both labor and total factorproductivity increase, output increases.。

中级宏观经济学(英文)11-The Macroeconomic Policy Debate

Weigh the various arguments Cannot sit back and wait till knowledge has been perfected Be cautious when making advice
20
9
The Historical Record

Still cannot settle the debate, because it is not easy to identify the sources of economic fluctuations. Multiple interpretations are reasonable.
①
Incompetence --- political process is erratic (reflects shifting power of special interest groups)
--- economy is complicated while politicians often do not have sufficient knowledge (charlatans propose appealing but incorrect solutions) 13
18
Rules for Fiscal Policy

Balanced-budget rule
Budget deficit or surplus can

help stabilize the economy be used to minimize the distortion of incentives caused by the tax system be used to shift tax burdens between different generations

考研英语真题阅读词汇(经济-人文)

（1）宏观经济broker经纪人，按我国《辞海》说法，是买卖双方介绍交易以获取佣金的中间商人。

1995年10月26日国家工商行政管理局颁布《经纪人管理办法》指出：“本办法所称经纪人，是指依照本办法的规定，在经济活动中，以收取佣金为目的，为促成他人交易而从事居间，行纪或者代理等经纪业务的公民，法人和其他经济组织。

一般的讲：经纪人系指为促成他人商品交易，在委托方和合同他方订立合同时充当订约居间人，为委托方提供订立合同的信息、机会、条件，或者在隐名交易中代表委托方与合同方签定合同的经纪行为而获取佣金的依法设立的经纪组织和个人。

capital资本，在经济学意义上，指的是用于生产的基本生产要素，即资金、厂房、设备、材料等物质资源。

在金融学和会计领域，资本通常用来代表金融财富，特别是用于经商、兴办企业的金融资产。

广义上，资本也可作为人类创造物质和精神财富的各种社会经济资源的总称。

commodity price物价Competitive price价格竞争是指企业运用价格手段,通过价格的提高、维持或降低,以及对竞争者定价或变价的灵活反应等,来与竞争者争夺市场份额的一种竞争方式。

“价格竞争”是市场运作中不可避免的一种经济规律，关键在于如何根据自身的资源，以及所处的环境，采取有效的措施使企业在竞争中得以生存与发展。

企业间竞争的核心在于资源实力的较量，通过资源的优化配置，可繁衍出一系列竞争方式，而价格竞争仅是其中之一，且是消耗资源最大的一种。

Credit Card信用卡, 是一种非现金交易付款的方式，是简单的信贷服务Devalue 当一国货币相对外币价格下降时，称该货币发生贬值Economic puppet经济傀儡,就是过度依赖别人的经济发展模式下发展的国家，经济的发展没有自主Economic system 经济体系,是指一群经济个体之间具有相互联系关系，个体间的通货可以互相兑换，任一个体的变动都会对总体造成影响，如欧盟即是一个经济体系。

英文版宏观经济典型例题附带答案15页

英⽂版宏观经济典型例题附带答案15页Macroeconomics 1、2、3、4、Abby consumes only apples. In year 1, red apples cost 1 dollar each, green apples cost 2 dollar each, and Abby buys 10 red apples. In year 2, red apples cost 2 dollar, green apples cost 1 dollar, and Abby buys 10 green apples./doc/bbf2dd6ea100a6c30c22590102020740bf1ecd5c.html pute a consumer price index for apples for each year. Assume that year 1isthe base year in which the consumer basket is fixed. How does your index change from year 1 to year 2/doc/bbf2dd6ea100a6c30c22590102020740bf1ecd5c.html pute Abby’s nominal spending on apples in each year. How does it change fromyear 1 to year 2/doc/bbf2dd6ea100a6c30c22590102020740bf1ecd5c.html ing year 1 as the base year, compute Abby’s real spending on apples in eachyear. How does it change from year 1 to year 2d.Defining the implicit price deflator as nominal spending divided by real spending,compute the deflator for each year. How does the deflator change from year 1 to year 2Suppose that Abby is equally happy eating red or green apples. How much has the true cost of living increased for Abby Compare this answer to your answers to parts (a)and (d). What does this example tell you about Laspeyres and Paasche price indexesa.According to the CPI(消費物價指數), prices have doubled.b. N-spending is the total value of output produced in each year. In Y1 and Y2, Abbybuys 10 apples for $1 each, so her N-spending remains constant at $10.c. R-spending is the total value of output produced in each year valued at the pricesprevailing in Y1,the base year,her R-spending equals her N-spending of $10. In year 2, she consumes 10 green apples that are each valued at their Y1 price of $2, so her real spending is $20.Hence, Abby’s real spending rises from $10 to $20.d.Thus, the implicit price deflator suggests that prices have fallen by half.e. If Abby thinks of red apples and green apples as perfect substitutes, then the cost of living in this economy has not changed.According to the CPI, however, the cost of living has doubled. In contrast to the CPI, the implicit price deflator estimates the cost of living has halved.Thus, the CPI, a Laspeyres index, overstates the increase in the cost of living and the deflator, a Paasche index, understates it.This chapter of the text discusses the difference between Laspeyres and Paasche indices in more detail.5、6、Suppose that an economy’s production function is Cobb-Douglas with parameter α=.0.3a. What fractions of income do capital and labor receiveb. Suppose that immigration increases the labor force by 10 percent. What happen to total output The rental price of capital The real wagec. Suppose that a gift of capita form abroad raises the capital stock by 10 percent. What happens to total output(in percent). The rental price of capital The real waged. Suppose that a technological advance raises the value of the parameter A by 10 percent. What happens to total output The rental price of capital The real wage7、Suppose that the money demand function takes the form(/)(,)/(5)d M P L i Y Y i ==a. If output grows at rate g, at what rate will the demand for real balances grow(assuming constant nominal interest rates)b. What is the velocity of money in this economyc. If inflation and nominal interest rates are constant, at what rate, if any, will velocity growd.How will a permanent increase in the level of interest rates affect the level of velocity How will it affect the subsequent growth rate of velocity8、Consider an economy with the following Cobb-Douglas production function:123Y K LThe economy has 1000 units of capital and a labor force of 1000 workers.a.Derive the equation describing labor demand in this economy as a function of the real wage and the capital stock.b.If the real wage can adjust to equilibrate labor supply and labor demand,what is the real wage In this equilibrium, what are employment, output, and the total amount earned by workersc.Now suppose that Congress, concerned about the welfare of the workingclass, passes a law requiring firms to pay workers a real wage of 1 unit of output. How does this wage compare to the equilibrium wage d.Congress cannot dictate how many workers firm hire at the mandated wage.Given this fact, what are the effects of this law Specifically, what happens to employment, output and the total amount earned by workerse.Will Congress succeed in its goal of helping the working class Explain.f.Do you think that this analysis provides a good way of thinking abouta minimum-wage law Why or why not9、One country , A, the capital share of GDP is 30 percent, the average growth in output is 3 percent per year, the depreciation rate is about 4 percent per year, and the capital-output rate is about . Suppose that the production function is Cobb-Douglas, so the capital share is constant, and that country A has been in a steady state ;.a. What must the saving rate be in the initialb. Compare the capital-output ratio at the Golden Rule steady state to thecapital-output ratio in the initial state.c. What must the saving rate be to reach the Golden Rule steady state Doses it needto be increased or decreased What policies might country A purse10、Two countries, Richland and Poorland, are described by the Solow growth model.They have the same Cobb-Douglas production function , 1(,)F K L AK L αα-=, but withdifferent quantities of capital and labor,. Richland save 32 percent of its income, while Poorland saves 10 percent. Richland has population growth of 1 percent per year, while Poorland has population growth of 3 percent.(The numbers in this problem are chosen to be approximately realistic descriptions of rich and poor nations.) Both nations have technological progress at rate of 2 percent per year and depreciation at a rate of 5 percent per year.a. What is the per-worker production function f(k)b. Solve for the ratio of Richland’s steady -state income per worker to Poorland’s.(Hint: The parameter αwill play a role in your answer.)c. If the Cobb-Douglas parameter α takes the conventional value of about 1/3, how much higher should income per worker in Richland compared to Poorlandd.Income per worker in Richland is actually 16 times income per worker in Poorland.Can you explain this fact by changing the value of parameter What must it be Can you think of any way of justifying such avalue for this parameter How else might you explain the larger difference in income between Richland and Poorland8、Suppose that consumption depends on the level of real money balance ( on the grounds that real money balances are part of wealth). Show that if real money balances depend on the nominal interest rate, then an increase in the rate of money growth affects consumption, investment, and the real interest rate. Does the nominal interest rate adjust more than one-for-one or less than one-for-one to expected inflationThis deviation from the classical dichotomy and the Fisher effect is called the Mundell-Tobin effect. How might you decide whether the Mundell-Tobin effect is important in practi概率⼩：3、Consider how each of the following events is likely to affect real GDP. Do you think the change in real GDP reflects a similar change in economic well-beinga. A hurricane in Florida forces Disney World to shut down for a month.b. Increased hostility between unions and management sparks a rash of strikesc. Firms throughout the economy experience falling demand, causing them to lay offworkers.d. More high-school students drop out of school to take jobs mowing lawns.4、When the government subsidizes investment, such as with an investment tax credit,the subsidy often applies to only some types of investment. This question asks you to consider the effect of such a change. Suppose there are two types of investment in the economy: business investment and residential investment. And suppose that the government institutes an investment tax credit only for business investment.a. How does this policy affect the demand curve for business investment The demandcurve for residential investmentb. Draw the economy’s supply and demand for loanable funds. How does this policyaffect the supply and demand for loanable funds What happens to the equilibrium interest ratec. Compare the old and the new equilibria. How does this policy affect the totalquantity of investment The quantity of residential investment。

出来混,迟早要还的——中国杠杆往事

出来混，迟早要还的——中国杠杆往事在接近2个小时的对话环节，先后有四位嘉宾上台跟Dalio提问。

应该说，见闻邀请的这四位，在各自的领域里都是大拿，几乎可以代表半个中国金融圈，但可惜的是，向这位全球最大对冲基金创始人提问的机会，大都被浪费在一些五花八门的问题上了。

有嘉宾问：金融圈人士养孩子都很焦虑，怎么办？Dalio回答：好像也就中国有这种问题。

有嘉宾问，哪本投资类的书对你影响最大？Dalio回答：我已经很久很久没看过投资类的书了。

焦虑和荐书，我差点儿怀疑这是罗振宇的粉丝见面会。

这些提问并非都很差劲，只不过在这种珍贵的场合，理应有更重要的问题值得去问，尤其是在当前这个微妙的时间点，一些宏观问题值得反复向Dalio请教。

而要抓住这些重点，首先需要了解下面的四个事实：1. Dalio与中国渊源深厚而且有顶级的朋友圈2. 中国经济目前最大的宏观事件就是去杠杆3. 桥水基金是全球研究去杠杆最深刻的机构4. 中国去杠杆关键决策者之一是Dalio的粉丝本文将围绕这四个事实来展开。

1Ray Dalio的传奇经历基本上已经广为人知。

他将一家在两居室里办公的小公司BridageWater(桥水基金)，发展成全球最大的对冲基金，目前管理资产规模1600亿美金。

从1975年起，直到2017年底，Dalio共给客户赚了492亿美金，比索罗斯还多60亿美金。

Hedge Fund或者Macro Research这类事物可能离生活太远，不过Ray Dalio在上世纪80年代的一笔生意却离大众很近：麦当劳想推出Chicken McNuggets（麦乐鸡块），但担心鸡肉价格波动太大会导致亏损，Dalio帮助麦当劳用玉米/豆粕期货来对冲，推动了麦乐鸡在1983年面世。

Dalio在中国声名鹊起，是近些年的事情，主要是他的一篇科普性质的文章How The Economic Machine Works（宏观经济运行的框架）在中国受到广泛追捧，甚至让一些多年研究宏观的金融人士醍醐灌顶。

How the Economic Machine Works(宏观经济研究框架)

宏观研究框架：经济运行的逻辑How the Economic Machine Works导读：这是一篇近15000字的长篇文章，需要时间和耐心才能读完。

本文作者是桥水公司创始人雷·达里奥，此文是其最著名的文章之一。

作为一篇视角比较独特的宏观经济研究论文，1万多字并不算多，文章干货很多，详细解析了桥水公司的宏观研究方法论。

经济的运行如同机器的运行，而且本质上来说是经济是相对比较简单的机器，然而并不总是非常好理解。

我写这篇文章的目的是描述经济这台机器是怎么运作的，跟传统的经济学家们描述的不一样，你需要自己加以判断并吸收利用。

下面跟跟随我描述这座简单的经济机器。

我相信如果你耐心的读完，你会更好的理解经济的运行。

经济如何运行：“基于交易的理解方法”经济是大量交易的总和，每个交易都很简单。

交易包括买方和卖方，买方支付货币（或者信贷）给卖方以换取商品、服务或者金融资产。

大量的买方和卖方交换同一种商品，构成了市场，例如：小麦的市场包含了各种持有不同目的的买方和卖方，他们进行不同的交易方式。

各种交易的市场便组成了经济。

因此，现实中难以理解看似复杂的经济，其实仅仅是大量的简单的交易组合在一起而已。

对于一个市场（或者对于经济），如果你知道了支出货币以及信贷的总额、所卖商品的数量，你就是知道了理解经济的所有的事情。

比方说，既然任何商品、服务以及金融资产的价格等于所有买方花费的支出（total $）除以卖出的总产量（Q）,因此如果要了解或者预测商品的价格，你只需要预测出总支出（$）以及总产量（Q）。

然而，每一个市场有都大量的买方和卖方，并且这些买方和卖方交易的动机不一致，但是最主要的买卖动机总是很好理解，这样考虑理解经济就变得不那么困难。

可以用下面的一个简单图表来说明。

这种解释经济的视角比传统的解释方式要更容易理解，传统的解释视角是基于商品的供给、需求以及价格弹性。

这种经济框架你需要知道的重要概念是：支出（$）来自两种方式--货币（money）或者信贷（credit）。

中级宏观经济学-英文 - 副本

中级宏观经济学英文Macroeconomics is a branch of economics that studies the behavior and performance of an economy as a whole. It focuses on factors such as national income, inflation, unemployment, and economic growth. In this article, we will explore some key concepts in intermediate macroeconomics.One of the fundamental concepts in macroeconomics is gross domestic product (GDP). GDP is the total value of all goods and services produced within a country's borders in a given period. It is used as a measure of a country's economic output and is often used to compare the economic performance of different countries. GDP can be calculated using three different approaches: the production approach, the income approach, and the expenditure approach.Another important concept in macroeconomics is unemployment. Unemployment refers to the number of people who are willing and able to work but are unable to find a job. There are different types of unemployment, including frictional, structural, and cyclical unemployment. Frictional unemployment occurs when people are between jobs, while structural unemployment is caused by mismatches between the skills of workers and the requirements of employers. Cyclical unemployment, on the other hand, is caused by fluctuations in the business cycle.Inflation is another key concept in macroeconomics. Inflation refers to the rate at which the general level of prices for goods and services is rising. It is measured by the consumer price index (CPI) and the producer price index (PPI). Inflation can have both positive and negative effects on the economy. Moderate inflation can stimulate economic growth by encouraging spending and investment, but high inflation can erode the purchasing power of consumers and reduce the competitiveness of businesses.Economic growth is also a crucial concept in macroeconomics. Economic growth refers to an increase in the production of goods and services in an economy over time. It is usually measured by the annual percentage change in real GDP. Economic growth isimportant because it allows for higher standards of living, increased employment opportunities, and a higher level of economic development.Monetary policy and fiscal policy are two tools that policymakers use to manage the economy. Monetary policy refers to the actions taken by a central bank to control the money supply and interest rates in order to achieve economic goals such as price stability and full employment. Fiscal policy, on the other hand, refers to the use of government spending and taxation to influence the economy. Both monetary and fiscal policy play a crucial role in shaping the overall performance of the economy.In conclusion, intermediate macroeconomics is a complex and dynamic field that studies the behavior and performance of economies at a national level. By understanding key concepts such as GDP, unemployment, inflation, economic growth, monetary policy, and fiscal policy, we can gain insights into how economies function and how policymakers can influence economic outcomes.。

微观经济学教学课件：Ch01-What Is Economics

Definition of Economics
All economic questions arise because we want more than we can get. Our inability to satisfy all our wants is called scarcity. Because we face scarcity, we must make choices. The choices we make depend on the incentives we face. An incentive is a reward that encourages an action or a penalty that discourages an action.
What Is Economics?
1 CHAPTER
After studying this chapter you will be able to
Define economics and distinguish between microeconomics and macroeconomics
Explain the two big questions of economics
Two Big Economic Questions
Ten issues in today’s world illustrate the importance of this question: ▪ Does public ownership and central planning do a better
job than private business and free markets? ▪ Is globalization a benefit or a problem? ▪ Do the technological advances in the “new economy”

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