布蘭查德宏觀經(jīng)濟學答案（英文版）

1、Answers to End-of-ChapterQuestions and ProblemsChapter 11. a. True. b. True. c. False. d. True. e. False. f. False.2. a.1960-981997-99US3.1%3.8%EU3.1%2.5%Japan5.8%-1.0%While the US growth rate higher than its long-run average over the period, the growth rate hasslowed relative to long-run averages i

2、n both the EU and Japan over the last few years.b. Sometimes the economy is growing quickly, other times it is growing slowly or even contracting. The last few years of rapid growth in the US do not imply that the long-run average rate of growth has increased back to its pre-1974 level.3. a. The dat

3、a in the web page are: Real Gross Domestic Product,Real Final Sales of Domestic Product, andReal Gross National Product, Quarterly, 1959-96Percent change from preceding quarterGrossFinal salesGrossdomesticof domesticnationalproductproductproduct1959: III11.27.311.1III-0.35.3-0.2IV1.7-1.31.9

4、1996: III6.05.25.7III1.00.20.6IV165suggesting that recessions typically last two-three quarters and that the most severe recessions in that period were the recessions of 1974-75 and 1981-82.b.Percentage Changes in: Output GrowthInflation1968:4.74.4I7.54.7II7.14.1III3.03.8IV1.85.519

5、69:3.04.7I6.23.8II1.05.0III2.35.8IV-2.05.11970:0.15.3I-0.76.0II0.65.7III3.73.4IV-3.95.41971:3.35.2I11.36.4II2.35.5III2.64.4IV1.13.3If history simply repeats itself, the United States might have a short recession (lasting perhaps oneyear) accompanied by an acceleration in the rate of inflation by abo

6、ut one percentage point.4. a. Banking services, business services.b. Not only has the relative demand for skilled workers increased but the industries where this effect is the strongest are making up a greater fraction of the economy.5. 1. Low unemployment might lead to an increase in inflation.2. A

7、lthough measurement error certainly contributes to the measured slowdown in growth, there are other issues to consider as well, including the productivity of new research and accumulation of new capital.3. Although labor market rigidities may be important, it is also important to consider that these

8、 rigidities may not be excessive, and that high unemployment may arise from flawed macroeconomic policies.4. Although there were serious problems with regard to the management of Asian financial systems, it is important to consider the possibility that the flight of foreign capital from these166coun

9、tries worsened the situation by causing a severe stock market crash and exchange rate depreciation.5. Although the Euro will remove obstacles to free trade between European countries, each country will be forced to give up its own monetary policy.* 6. a. From Chapter 1: US output 1997=$8b; China out

10、put 1996=$.84b. Note that Chinas outputin 1997 is $(.84)*(1.09) b. Equating output for some time t in the future:8*(1.03)t=(.84*1.09)*(1.09)t8/(.84*1.09)=(1.09/1.03)t8.737=(1.058)tt =ln(8.737)/ln(1.058) 38yrsb. From Chapter 1: US output/worker in 1997=$29,800; China output/per worker in 1996=$70029.

11、8*(1.03)t=(.7*1.09)*(1.09)tt65 years167Chapter 21. a. False.b. Uncertain: real or nominal GDP. c. True.d. True.e. False. The level of the CPI means nothing. Its rate of change tells us about inflation.f. Uncertain. Which index is better depends on what we are trying to measureinflation facedby consu

12、mers or by the economy as a whole.2. a. +$100; Personal Consumption Expenditures b. no change: intermediate goodc. +$200 million; Gross Private Domestic Fixed Investment d. +$200 million; Net Exportse. no change: the jet was already counted when it was produced, i.e., presumably when Delta(or some o

13、ther airline) bought it new as an investment.*3. a. Measured GDP increases by $10+$12=$22.b. True GDP should increase by much less than $22 because by working for an extra hour,you are no longer producing the work of cooking within the house. Since cooking within the house is a final service, it sho

14、uld count as part of GDP. Unfortunately, it is hard to measure the value of work within the home, which is why measured GDP does not include it.4. a. $1,000,000 the value of the silver necklaces.b. 1st Stage: $300,000. 2nd Stage: $1,000,00-$300,000=$700,000. GDP: $300,000+$700,000=$1,000,000.c. Wage

15、s: $200,000 + $250,000=$450,000.Profits: ($300,000-$200,000)+($1,000,000-$250,000-300,000)=$100,000+$450,000=$550,000. GDP: $450,000+$550,000=$1,000,000.5.a. 1998 GDP: 10*$2,000+4*$1,000+1000*$1=$25,0001999 GDP: 12*$3,000+6*$500+1000*$1=$40,000Nominal GDP has increased by 60%.b. 1998 real (1998) GDP

16、: $25,0001999 real (1998) GDP: 12*$2,000+6*$1,000+1000*$1=$31,000Real (1998) GDP has increased by 24%.c. 1998 real (1999) GDP: 10*$3,000+4*$500+1,000*$1=$33,0001999 real (1999) GDP: $40,000.Real (1999) GDP has increased by 21.2%. d. True.1686. a. 1998 base year:Deflator(1998)=1; Deflator(1999)=$40,0

17、00/$31,000=1.29Inflation=29%b. 1999 base year:Deflator(1998)=$25,000/$33,000=0.76; Deflator(1999)=1Inflation=(1-0.76)/0.76=.32=32%c. Yes7. a. 1998 real GDP = 10*$2,500 + 4*$750 + 1000*$1 = $29,0001999 real GDP = 12*$2,500 + 6*$750 + 1000*$1 = $35,500b. (35,500-29,000)/29,000 = .224 = 22.4%c. Deflato

18、r in 1998=$25,000/$29,000=.86Deflator in 1999=$40,000/$35,500=1.13Inflation = (1.13 -.86)/.86 = .314 = 31.4%.8. a. The quality of a routine checkup improves over time. Checkups now may include EKGs, for example. Medical services are particularly affected by this problem due to constantimprovements i

19、n medical technology.b. You need to know how the market values pregnancy checkups with and without ultra-soundsin that year.c. This information is not available since all doctors adopted the new technology simultaneously. Still, you can tell that the quality adjusted increase will be lower than 20%.

20、*9. a. approximately 2.5%b. 1992 real GDP growth: 2.7%;unemployment rate Jan 92: 7.3%; unemployment rate Jan 93: 7.3%Supports Okuns law because the unemployment rate does not change when the growth rate of real GDP is near 2.5%c. -2 percentage points change in the unemployment rate; 5 percent GDP gr

21、owthd. The growth rate of GDP must increase by 2.5 percentage points.169Chapter 31. a. True.b. False. Government spending was 18% if GDP without transfers.c. False. The propensity to consume must be less than one for our model to be well defined.d. True. e. False.f. False. The increase in output is

22、one times the multiplier.2. a. Y=160+0.6*(Y-100)+150+1500.4Y=460-60Y=1000b. YD=Y-T=1000-100=900c. C=160+0.6*(900)=7003. a. No. The goods market is not in equilibrium. From part 2a, Demand=1000=C+I+G=700+150+150b. Yes. The goods market is in equilibrium.c. No. Private saving=Y-C-T=200. Public saving

23、=T-G=-50. National saving (or in short, saving) equals private plus public saving, or 150. National saving equals investment.4. a. Roughly consistent. C/Y=700/1000=70%; I/Y=G/Y=150/1000=15%.b. Approximately -2%.c. Y needs to fall by 2%, or from 1000 to 980. The parameter c0 needs to fall by 20/multi

24、plier,or by 20*(.4)=8. So c0 needs to fall from 160 to 152.d. The change in c0 (-8) is less than the change in GDP (-20) due to the multiplier.5. a. Y increases by 1/(1-c1)b. Y decreases by c1/(1- c1)c. The answers differ because spending affects demand directly, but taxes affect demand through cons

25、umption, and the propensity to consume is less than one.d. The change in Y equals 1/(1-c1) - c1/(1- c1) = 1. Balanced budget changes in G and T are not macroeconomically neutral.e. The propensity to consume has no effect because the balanced budget tax increase aborts170the multiplier process. Y and

26、 T both increase by on unit, so disposable income, and hence consumption, do not change.*6. a. The tax rate is less than one. b. Y=c0+c1YD+I+G impliesY=1/(1-c1+c1t1)*c0-c1t0+I+Gc. The multiplier = 1/(1-c1+c1t1) b2 d1/d2.Since a decrease in G reduces output, the condition under which a decrease in G

27、increasesinvestment is b15, repeated substitution implies, t=5+(t-5)*4%.So, 10=28%; 15=48%.f. Inflation expectations will again be forever wrong. This is unlikely.4. a. t=t-1 + 0.1 - 2ut=t-1 + 2%t =2%; t+1=4%; t+2=6%; t+3=8%.b. t=0.5t + 0.5t-1 + 0.1 - 2utor, t=t-1 + 4%1804. c. t =4%; t+1=8%; t+2=12%

28、; t+3=16%d. As indexation increases, low unemployment leads to a larger increase in inflation over time.5. a. A higher cost of production means a higher markup.b. un=(0.08+0.1)/2; Thus, the natural rate of unemployment increases from 5% to 6% as increases from 20% to 40%.6. a. Yes. The average rate

29、of unemployment is down. In addition, the unemployment rate is at a historical low and inflation has not risen.b. The natural rate of unemployment has probably decreased.7. An equation that seems to fit well is: t-t-1=6-ut , which implies a natural rate of approximately6%.8. The relationships imply

30、a lower natural rate in the more recent period.181CHAPTER 91. a. False. b. True. c. True. d. False. e. False. f. True. g. True. h. True.2. a. The unemployment rate will increase by 1% per year when g=0.5%. Unemployment will increase unless the growth rate exceeds the sum of productivity growth and l

31、abor force growth.b. We need growth of 4.25% per year for each of the next four years.c. Okuns law is likely to become: ut-ut-1=-0.4*(gyt-5%)3. a. un= 5%b. gyt= 3%; gmt=gyt+t = 11%c.ugytgmtt-1:8%5%3%11%t:4%9%-7%-3%t+1:4%5%13%17%t+2:4%5%3%7%4. a. t-t-1= -(ut-.05)ut- ut-1= -.4*(gmt-t-.03)b. t=6.3%; ut

32、=8.7%t+1=1%; ut+1=10.3%c. u=5%; gy=3%; =-3%;5. a. See text for full answer. Gradualism reduces need for large policy swings, with effects that are difficult to predict, but immediate reduction may be more credible and encourage rapid, favorable changes in inflation expectations. On the other hand, t

33、he staggering of wagedecisions suggests that, if the policy is credible, a gradual disinflation is the option consistent with no change in the unemployment rate.b. Not clear, probably fast disinflation, depending on the features in c.1825. c. Some important features: the degree of indexation, the na

34、ture of the wage-setting process, and the initial rate of inflation.*6. a. un=K/2; sacrifice ratio=.5b. t=10%; t+1=8%; t+2=6%; t+3=4%; t+4=2%c. 5 years; sacrifice ratio=(5 point years of excess unemployment)/(10 percentage point reduction in inflation)=.5d. t=7.5%; t+1=4.125%; t+2=1.594%; 3 years of

35、 higher unemployment for a reduction of10%: sacrifice ratio=0.3e. t+1f. Take measures to enhance credibility.7. a. Inflation will start increasing.b. It should let unemployment increase to its new, higher, natural rate.183Chapter 101. a. True. b. True. c. True. d. False. e. False. f. False. g. True.

36、h. Uncertain.2. a. Example: France: (1.042)48*5.150=$37.1 k.Germany: $43.4 k; Japan: $76.5 k; UK: $22.5 k; U.S.: $31.7 k b. 2.4c. yes.3. a. $5,000b. 2,500 pesos c. $500d. $1,000e. Mexican standard of living relative to the U.S.exchange rate method: 1/10; PPP method: 1/54. a. Y=63b. Y doubles. c. Yes

37、.d. Y/N=(K/N)1/2e. K/N=4 implies Y/N=2. K/N=8 implies Y/N=2.83. Output less than doubles.f. No.g. No. In part f, we are looking at what happens to output when we increase capital only, not capital and labor in equal proportion. There are decreasing returns to capital.h. Yes.5. The United States was

38、making the most important technical advances. However, the other countries were able to make up much of their technological gap by importing the technologies developed in the United States, and hence, have higher technological progress.6. Convergence for the France, Belgium, and Italy; no convergenc

39、e for the second set of countries.184Chapter 111. a. Uncertain. True if saving includes public and private saving. False if saving only includes private saving.b. False.c. Uncertain. d. Uncertain. e. True.f. False. g. False.2. a. No. (1) The Japanese rate of growth is not so high anymore. (2) If the

40、 Japanese saving rate has always been high, then this cannot explain the difference between the rate of growth inJapan and the US in the last 40 or 50 years. (3) If the Japanese saving rate has been higher thanit used to be, then this can explain some of the high Japanese growth. The contribution of

41、 high saving to growth in Japan should, however, come to an end.3. After a decade: higher growth rate. After five decades: growth rate back to normal, higher levelof output per worker.4. a. Higher saving. Higher output per workerb. Same output per worker. Higher output per capita.5.* a. Yes. b. Yes.

42、 c. Yes.d. Y/N = (K/N)1/3e. In steady state, sf(K/N) = K/N, which, given the production function in part d, implies: K/N=(s/)3/2f. Y/N =(s/)1/2g. Y/N = 2h. Y/N = 21/26.* a. 1b. 1c. K/N=.35; Y/N=.71d. Using equation (11.3), the evolution of K/N is: 0.9, 0.82, 0.757. a. K/N=(s/(2)2; Y/N=s/(4)b. C/N=s(

43、1-s)/(4)c-e. Y/N increases with s; C/N increases until s=.5, then decreases.185CHAPTER 121. a. True. b. False. c. True. d. False. e. True. f. False. g. True.h. Uncertain. i. False.2. a. Lower growth in poorer countries. Higher growth in rich countries.b. Increase in R&D and in output growth.c. A dec

44、rease in the fertility of applied research; a (small) decrease in growth.d. A decrease in the appropriability of drug research. A drop in the development of new drugs. Lower technological progress and lower growth.3. See discussion in section 12.2.4. Examples will vary. Weakening patent protection w

45、ould accelerate diffusion, but might also discourage R&D.5. a. Year 1: 3000; Year 2: 3960b. Real GDP: 3300; output growth: 10%c. 20%d. Real GDP/Worker=30 in both years; productivity growth is zero.e. Real GDP: 3990; output growth: 33%. f. -0.8%g. Proper measurement implies real gdp/worker=36.3 in ye

46、ar 2. With improper measurement, productivity growth would be 21 percentage points lower and inflation 21% points higher.6. a. Both lead to an initial decrease in growthb. Only the first leads to a permanent decrease in growth7. a. (K/(AN)*=(s/(+gA+gN)2=1; (Y/(AN)*=(1)1/2; gY/(AN)=0; gY/N=4%; gY=6%b

47、. (K/(AN)=(4/5)2; (Y/(AN)*=(4/5); gY/(AN)=0; gY/N=8%; gY=10%c. (K/(AN)=(4/5)2; (Y/(AN)*=(4/5); gY/(AN)=0; gY/N=4%; gY=10%People are better off in case a. Given any set of initial values, the level of technology isthe same in cases a and c, but the level of capital per effective worker is higher atev

48、ery point in time in case a. Thus, since Y/N=A*(Y/(AN)=A*(K/(AN)1/2, output per workeris always higher in case a.1868. There is a slowdown in growth and the rate of technological progress in the modern period. Japans growth rate of technological progress is higher because it is catching up to the U.

49、S. level of technology. Not all of the difference in growth rates of output per worker isattributable to the difference in rates of technological progress. A big part is attributable to the difference in rates of growth of capital per worker.9.* a. Probably affects A. Think of climate. b. Affects H.

50、c. Affects A. Strong protection tends to encourage more R&D but also to limit diffusion of technology.d. May affect A through diffusion.e. May affect K, H, and A. Lower tax rates increase the after-tax return on investment, and thus tend to lead to more accumulation of K and H and more R&D spending.

51、f. If we interpret K as private capital, than infrastructure affects Ae.g., better transportation networks may make the economy more productive by reducing congestion time.g. Assuming no technological progress, lower population growth implies higher steady-state level of output per worker. Lower pop

52、ulation growth leads to higher capital per worker. Ifthere is technological progress, there is no steady-state level of output per worker. In this case, however, lower population growth implies that output per worker will be higher at every pointin time, for any given path of technology. See the ans

53、wer to problem 7c.187Chapter 131. a. False. b. False. c. True. d. True. e. True. f. True. g. True. h. True. i. False.2. a. u=1-(1/(1+)(A/Ae)b. u=1-(1/(1+)=4.8%c. No. Since wages adjust to expected productivity, an increase in productivity eventuallyleads to equiproportional increases in the real wag

54、e implied by wage setting and price setting, at the original natural rate of unemployment. So equilibrium can be maintained without anychange in the natural rate of unemployment.3.* a. P=Pe(1+)(Ae/A)(Y/L)(1/A)b. AS shifts down. Given Ae/A=1, an increase in A implies a fall in P, given Y. This occurs

55、 because for a given level of Y, unemployment is higher, so wages are lower and so, in turn, isthe price level.c. There is now an additional effect, a fall in Ae/A. In effect, workers do not receive as muchof an increase in wages as warranted by the increase in productivity. Compared to part b, nomi

56、nal wages are lower, leading to a lower value of P given Y.4. Discussion question.5. a. Reduce the gap, if this leads to an increase in the relative supply of skilled workers.b. Reduce the gap, since it leads to a decrease in the relative supply of unskilled workers.c. Reduce the gap, since it leads

57、 to an increase in the relative supply of skilled workers.d. Increase the gap, if U.S. firms hire unskilled workers in Central America, since it reduces the relative demand for U.S. unskilled workers.6. a. Textiles production is moving to low wage countries.b. Possibly demographic changes, increased

58、 availability of child care outside the home, declinein labor supply for these positions.188c. Technological progress.7. Discussion question.189CHAPTER 141. a. True. b. True. c. True. d. False. e. True. f. False. g. True.h. True. The nominal interest rate is always positive.i. False. The real intere

59、st rate can be negative.2. a. Real. Nominal profits are likely to move with inflation; real profits are easier to forecast.b. Nominal. The payments are nominal.c. Nominal. If lease payments are in nominal terms, as is typical.3. a. Exact: r=(1+.04)/(1+.02)-1=1.96%; Approximation: r=.04-.02=2%b. 3.60

60、%; 4%c. 5.48%; 8%4. a. No. Otherwise, nobody would hold bonds. Money would be more appealing: it pays at leasta zero nominal interest rate and can be used for transactions.b. Yes. The real interest rate will be negative if expected inflation exceeds the nominal interest rate. Even so, the real inter