英文翻译译文.docx

英文翻译译文.docx

《英文翻译译文.docx》由会员分享，可在线阅读，更多相关《英文翻译译文.docx（17页珍藏版）》请在冰点文库上搜索。

英文翻译译文

Macroeconomics

1、

2、

3、

4、Abbyconsumesonlyapples.Inyear1,redapplescost1dollareach,greenapplescost2dollareach,andAbbybuys10redapples.Inyear2,redapplescost2dollar,greenapplescost1dollar,andAbbybuys10greenapples.

a.Computeaconsumerpriceindexforapplesforeachyear.Assumethatyear1isthebaseyearinwhichtheconsumerbasketisfixed.Howdoesyourindexchangefromyear1toyear2?

b.ComputeAbby’snominalspendingonapplesineachyear.Howdoesitchangefromyear1toyear2?

c.Usingyear1asthebaseyear,computeAbby’srealspendingonapplesineachyear.Howdoesitchangefromyear1toyear2?

d.Definingtheimplicitpricedeflatorasnominalspendingdividedbyrealspending,computethedeflatorforeachyear.Howdoesthedeflatorchangefromyear1toyear2?

SupposethatAbbyisequallyhappyeatingredorgreenapples.HowmuchhasthetruecostoflivingincreasedforAbby?

Comparethisanswertoyouranswerstoparts（a）and（d）.WhatdoesthisexampletellyouaboutLaspeyresandPaaschepriceindexes?

a.

AccordingtotheCPI（消費物價指數）,priceshavedoubled.

b.N-spendingisthetotalvalueofoutputproducedineachyear.InY1andY2,Abbybuys10applesfor$1each,soherN-spendingremainsconstantat$10.

c.R-spendingisthetotalvalueofoutputproducedineachyearvaluedatthepricesprevailinginY1.InY1,thebaseyear,herR-spendingequalsherN-spendingof$10.Inyear2,sheconsumes10greenapplesthatareeachvaluedattheirY1priceof$2,soherrealspendingis$20.

Hence,Abby’srealspendingrisesfrom$10to$20.

d.

Thus,theimplicitpricedeflatorsuggeststhatpriceshavefallenbyhalf.

e.IfAbbythinksofredapplesandgreenapplesasperfectsubstitutes,thenthecostoflivinginthiseconomyhasnotchanged.

AccordingtotheCPI,however,thecostoflivinghasdoubled.IncontrasttotheCPI,theimplicitpricedeflatorestimatesthecostoflivinghashalved.

Thus,theCPI,aLaspeyresindex,overstatestheincreaseinthecostoflivingandthedeflator,aPaascheindex,understatesit.

ThischapterofthetextdiscussesthedifferencebetweenLaspeyresandPaascheindicesinmoredetail.

5、

6、Supposethataneconomy’sproductionfunctionisCobb-Douglaswithparameter

.

a.Whatfractionsofincomedocapitalandlaborreceive?

b.Supposethatimmigrationincreasesthelaborforceby10percent.Whathappentototaloutput?

Therentalpriceofcapital?

Therealwage?

c.Supposethatagiftofcapitaformabroadraisesthecapitalstockby10percent.Whathappenstototaloutput（inpercent）.Therentalpriceofcapital?

Therealwage?

d.SupposethatatechnologicaladvanceraisesthevalueoftheparameterAby10percent.Whathappenstototaloutput?

Therentalpriceofcapital?

Therealwage?

7、Supposethatthemoneydemandfunctiontakestheform

a.Ifoutputgrowsatrateg,atwhatratewillthedemandforrealbalancesgrow（assumingconstantnominalinterestrates）?

b.Whatisthevelocityofmoneyinthiseconomy?

c.Ifinflationandnominalinterestratesareconstant,atwhatrate,ifany,willvelocitygrow?

d.Howwillapermanentincreaseinthelevelofinterestratesaffectthelevelofvelocity?

Howwillitaffectthesubsequentgrowthrateofvelocity?

8、ConsideraneconomywiththefollowingCobb-Douglasproductionfunction:

Theeconomyhas1000unitsofcapitalandalaborforceof1000workers.

a.Derivetheequationdescribinglabordemandinthiseconomyasafunctionoftherealwageandthecapitalstock.

b.Iftherealwagecanadjusttoequilibratelaborsupplyandlabordemand,whatistherealwage?

Inthisequilibrium,whatareemployment,output,andthetotalamountearnedbyworkers?

c.NowsupposethatCongress,concernedaboutthewelfareoftheworkingclass,passesalawrequiringfirmstopayworkersarealwageof1unitofoutput.Howdoesthiswagecomparetotheequilibriumwage?

d.Congresscannotdictatehowmanyworkersfirmhireatthemandatedwage.Giventhisfact,whataretheeffectsofthislaw?

Specifically,whathappenstoemployment,outputandthetotalamountearnedbyworkers?

e.WillCongresssucceedinitsgoalofhelpingtheworkingclass?

Explain.

f.Doyouthinkthatthisanalysisprovidesagoodwayofthinkingaboutaminimum-wagelaw?

Whyorwhynot?

9、Onecountry,A,thecapitalshareofGDPis30percent,theaveragegrowthinoutputis3percentperyear,thedepreciationrateisabout4percentperyear,andthecapital-outputrateisabout2.5.SupposethattheproductionfunctionisCobb-Douglas,sothecapitalshareisconstant,andthatcountryAhasbeeninasteadystate;.

a.Whatmustthesavingratebeintheinitial?

b.Comparethecapital-outputratioattheGoldenRulesteadystatetothecapital-outputratiointheinitialstate.

c.WhatmustthesavingratebetoreachtheGoldenRulesteadystate?

Dosesitneedtobeincreasedordecreased?

WhatpoliciesmightcountryApurse?

10、Twocountries,RichlandandPoorland,aredescribedbytheSolowgrowthmodel.TheyhavethesameCobb-Douglasproductionfunction,

butwithdifferentquantitiesofcapitalandlabor,.Richlandsave32percentofitsincome,whilePoorlandsaves10percent.Richlandhaspopulationgrowthof1percentperyear,whilePoorlandhaspopulationgrowthof3percent.（Thenumbersinthisproblemarechosentobeapproximatelyrealisticdescriptionsofrichandpoornations.）Bothnationshavetechnologicalprogressatrateof2percentperyearanddepreciationatarateof5percentperyear.

a.Whatistheper-workerproductionfunctionf（k）?

b.SolvefortheratioofRichland’ssteady-stateincomeperworkertoPoorland’s.（Hint:

Theparameter

willplayaroleinyouranswer.）

c.IftheCobb-Douglasparameter

takestheconventionalvalueofabout1/3,howmuchhighershouldincomeperworkerinRichlandcomparedtoPoorland?

d.IncomeperworkerinRichlandisactually16timesincomeperworkerinPoorland.Canyouexplainthisfactbychangingthevalueofparameter

?

Whatmustitbe?

Canyouthinkofanywayofjustifyingsuchavalueforthisparameter?

HowelsemightyouexplainthelargerdifferenceinincomebetweenRichlandandPoorland?

8、Supposethatconsumptiondependsonthelevelofrealmoneybalance（onthegroundsthatrealmoneybalancesarepartofwealth）.Showthatifrealmoneybalancesdependonthenominalinterestrate,thenanincreaseintherateofmoneygrowthaffectsconsumption,investment,andtherealinterestrate.Doesthenominalinterestrateadjustmorethanone-for-oneorlessthanone-for-onetoexpectedinflation?

ThisdeviationfromtheclassicaldichotomyandtheFishereffectiscalledtheMundell-Tobineffect.HowmightyoudecidewhethertheMundell-Tobineffectisimportantinpracti

概率小：

3、ConsiderhoweachofthefollowingeventsislikelytoaffectrealGDP.DoyouthinkthechangeinrealGDPreflectsasimilarchangeineconomicwell-being?

a.AhurricaneinFloridaforcesDisneyWorldtoshutdownforamonth.

b.Increasedhostilitybetweenunionsandmanagementsparksarashofstrikes?

c.Firmsthroughouttheeconomyexperiencefallingdemand,causingthemtolayoffworkers.

d.Morehigh-schoolstudentsdropoutofschooltotakejobsmowinglawns.

4、Whenthegovernmentsubsidizesinvestment,suchaswithaninvestmenttaxcredit,thesubsidyoftenappliestoonlysometypesofinvestment.Thisquestionasksyoutoconsidertheeffectofsuchachange.Supposetherearetwotypesofinvestmentintheeconomy:

businessinvestmentandresidentialinvestment.Andsupposethatthegovernmentinstitutesaninvestmenttaxcreditonlyforbusinessinvestment.

a.Howdoesthispolicyaffectthedemandcurveforbusinessinvestment?

Thedemandcurveforresidentialinvestment?

b.Drawtheeconomy’ssupplyanddemandforloanablefunds.Howdoesthispolicyaffectthesupplyanddemandforloanablefunds?

Whathappenstotheequilibriuminterestrate?

c.Comparetheoldandthenewequilibria.Howdoesthispolicyaffectthetotalquantityofinvestment?

Thequantityofresidentialinvestment?