Macroeconomics th By Olivier Blanchard 课后答案.docx

Macroeconomics th By Olivier Blanchard 课后答案.docx

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MacroeconomicsthByOlivierBlanchard课后答案

Answerstoend-of-chapterproblems

Chapter1

QuickCheck

1.a.True.

b.True.

c.False.

d.False/uncertain.Therateofgrowthwashigherduringthedecadebeginningin1996thanduring

theprevioustwodecades,butitisprobablyunrealistictoexpectproductivitytocontinuetogrowatsuchafastpace.

e.False.Thereareproblemswiththestatistics,buttheconsensusisthatgrowthinChinahasbeen

high.

f.False.TheEuropean“unemploymentmiracle”referstotherelativelylowEuropean

unemploymentrateinthe1960sandtheearly1970s.

g.True.

h.True.

2.a.Moreflexiblelabormarketinstitutionsmayleadtolowerunemployment,buttherearequestions

abouthowpreciselytorestructuretheseinstitutions.TheUnitedKingdomhasrestructuredits

labormarketinstitutionstoresemblemorecloselyU.S.institutionsandnowhasalower

unemploymentratethanbeforetherestructuring.Ontheotherhand,DenmarkandtheNetherlandshaverelativelylowunemploymentrateswhilemaintainingrelativelygeneroussocialinsuranceprogramsforworkers.

Inaddition,someeconomistsarguethattightmonetarypolicyhasatleastsomethingtodowiththehighunemploymentratesinEurope.

b.AlthoughtheEurowillremoveobstaclestofreetradebetweenEuropeancountries,eachcountry

willbeforcedtogiveupitsownmonetarypolicy.

DigDeeper

3.a.TheChinesegovernmenthasencouragedforeignfirmstoproduceinChina.Sinceforeignfirms

aretypicallymoreproductivethanChinesefirms,thepresenceofforeignfirmshasleadtoanincreaseinChineseproductivity.TheChinesegovernmenthasalsoencouragedjointventuresbetweenforeignandChinesefirms.ThesejointventuresallowChinesefirmstolearnfrommoreproductiveforeignfirms.

b.TherecentincreaseinU.S.productivitygrowthhasbeenaresultofthedevelopmentand

widespreaduseofinformationtechnologies.

c.TheUnitedStatesisatechnologicalleader.MuchofU.S.productivitygrowthisrelatedtothedevelopmentofnewtechnologies.Chinaisinvolvedintechnologicalcatch-up.MuchofChineseproductivitygrowthisrelatedtoadoptingexistingtechnologiesdevelopedabroad.

d.It’snotcleartowhatextentChinaprovidesamodelforotherdevelopingcountries.Highinvestmentseemsagoodstrategyforcountrieswithlittlecapital,andencouragingforeignfirmstoproduce（andparticipateinjointventures）athomeseemsagoodstrategyforcountriestryingtoimproveproductivity.Ontheotherhand,thedegreetowhichChina’scentralizedpoliticalcontrolhasbeenimportantinmanagingthepaceofthetransitionandinprotectingpropertyrights

offoreignfirmsremainsopentoquestion.

4.a.10years:

（1.018）10=1.195or19.5%higher

20years:

42.9%higher

50years:

144%higher

b.10years:

31.8%higher

20years:

73.7%higher

50years:

297.8%higher

c.Takeoutputperworkerasameasureofthestandardofliving.

10years:

1.195/1.318=1.103,sothestandardoflivingwouldbe10.3%higher;

20years:

21.6%higher

50years:

63%higher

d.No.Laborproductivitygrowthfluctuatesalotfromyeartoyear.Thelastfewyearsmay

representgoodluck.Itistoosoontotellwhethertherehasbeenachangeinthetrendobservedsince1970.

5.a.13.2（1.034）t=2.8（1.088）t

t=ln（13.2/2.8）/[ln（1.088/1.034）]

t≈30.5yrs

Thisanswercanbeconfirmedwithaspreadsheet,forstudentsunfamiliarwiththeuseof

logarithms.

b.No.Atcurrentgrowthrates,ChineseoutputwillexceedU.S.outputwithin31years,butChinese

outputperperson（theChinesestandardofliving）willstillbelessthanU.S.outputperperson.

ExploreFurther

6.a/c.AsofFebruary2008,therehadbeen5recessions（accordingtothetraditionaldefinition）since

1960.Seasonally-adjustedannualpercentagegrowthratesofGDP（inchained2000dollars）aregivenbelow.

1969:

4-1.91981:

4-4.9

1970:

1-0.71982:

1-6.4

1974:

3-3.81990:

4-3.0

1974:

4-1.61991:

1-2.0

1975:

1-4.7

1980:

2-7.8

1980:

3-0.7

Withrespecttothenoteon2001,thegrowthratesfor2001aregivenbelow.

2001:

1-0.5%

2001:

21.2%

2001:

3-1.4%

2001:

41.6%

7.a-b.%pointincreaseintheunemploymentrateforthe5recessions

1969-700.71981-821.1

1974-753.11990-910.9

19800.6

Theunemploymentrateincreasedby1.5percentagepointsbetweenJanuary2001and

January2002.

Chapter2

QuickCheck

1.a.True.

b.True/Uncertain.RealGDPincreasedbyafactorof25;nominalGDPincreasedbya

factorof21.RealGDPperpersonincreasedbyafactorof4.

c.False.

d.True.

e.False.TheleveloftheCPImeansnothing.TherateofchangeoftheCPIisonemeasureofinflation.

f.Uncertain.Whichindexisbetterdependsonwhatwearetryingtomeasure—inflationfacedbyconsumersorbytheeconomyasawhole.

g.False.Theundergroundeconomyislarge,butbyfarthemajorityofthemeasuredunemployedinSpainarenotemployedintheundergroundeconomy.

2.a.Nochange.Thistransactionisapurchaseofintermediategoods.

b.+$100:

personalconsumptionexpenditures

c.+$200million:

grossprivatedomesticfixedinvestment

d.+$200million:

netexports

e.Nochange.Thejetwasalreadycountedwhenitwasproduced,i.e.,presumablywhenDelta（orsomeotherairline）boughtitnewasaninvestment.

3.a.Thevalueoffinalgoods=$1,000,000,thevalueofthesilvernecklaces.

b.1stStage:

$300,000.2ndStage:

$1,000,00-$300,000=$700,000.

GDP:

$300,000+$700,000=$1,000,000.

c.Wages:

$200,000+$250,000=$450,000.

Profit:

（$300,000-$200,000）+（$1,000,000-$250,000-300,000）

=$100,000+$450,000=$550,000.

GDP:

$450,000+$550,000=$1,000,000.

4.a.2006GDP:

10（$2,000）+4（$1,000）+1000（$1）=$25,000

2007GDP:

12（$3,000）+6（$500）+1000（$1）=$40,000

NominalGDPhasincreasedby60%.

b.2006real（2006）GDP:

$25,000

2007real（2006）GDP:

12（$2,000）+6（$1,000）+1000（$1）=$31,000

Real（2006）GDPhasincreasedby24%.

c.2006real（2007）GDP:

10（$3,000）+4（$500）+1,000（$1）=$33,000

2007real（2007）GDP:

$40,000.

Real（2007）GDPhasincreasedby21.2%.

d.TheanswersmeasurerealGDPgrowthindifferentunits.Neitheranswerisincorrect,justasmeasurementininchesisnotmoreorlesscorrectthanmeasurementincentimeters.

5.a.2006baseyear:

Deflator（2006）=1;Deflator（2007）=$40,000/$31,000=1.29

Inflation=29%

b.2007baseyear:

Deflator（2006）=$25,000/$33,000=0.76;Deflator（2007）=1

Inflation=（1-0.76）/0.76=.32=32%

c.Analogousto4d.

6.a.2006realGDP=10（$2,500）+4（$750）+1000（$1）=$29,000

2007realGDP=12（$2,500）+6（$750）+1000（$1）=$35,500

b.（35,500-29,000）/29,000=.224=22.4%

c.Deflatorin2006=$25,000/$29,000=.86

Deflatorin2007=$40,000/$35,500=1.13

Inflation=（1.13-.86）/.86=.31=31%.

d.Yes,seeappendixforfurtherdiscussion.

DigDeeper

7.a.Thequalityofaroutinecheckupimprovesovertime.CheckupsnowmayincludeEKGs,forexample.Medicalservicesareparticularlyaffectedbythisproblemsincetherearecontinualimprovementsinmedicaltechnology.

b.Thenewmethodrepresentsa10%qualityincrease.

c.Thereisa5%truepriceincrease.Theother10%representsaqualityincrease.Thequality-adjustedpriceofcheckupsusingthenewmethodisonly5%higherthancheckupsusingtheoldmethodlastyear.

d.Youneedtoknowtherelativevalueofpregnancycheckupswithandwithoutultra-soundsintheyearthenewmethodisintroduced.Still,sinceeveryonechoosesthenewmethod,wecansaythatthequality-adjustedpriceofcheckupshasrisenbylessthan15%.Someoftheobserved15%increaserepresentsanincreaseinquality.

8.a.MeasuredGDPincreasesby$10+$12=$22.（Strictly,thisinvolvesmixingthefinalgoodsandincomeapproachestoGDP.Assumeherethatthe$12perhourofworkcreatesafinalgoodworth$12.）

b.No.Thetruevalueofyourdecisiontoworkshouldbelessthan$22.Ifyouchoosetowork,theeconomyproducesthevalueofyourworkplusatakeoutmeal.Ifyouchoosenottowork,presumablytheeconomyproducesahome-cookedmeal.Theextraoutputarisingfromyourchoicetoworkisthevalueofyourworkplusanydifferenceinvaluebetweentakeoutandhome-cookedmeals.Infact,however,thevalueofhome-cookedmealsisnotcountedinGDP.（Ofcourse,thereareotherdetails.Forexample,thevalueofgroceriesusedtoproducehome-cookedmealswouldbecountedinGDP.Puttingsuchdetailsaside,however,thebasicpointisclear.）

ExploreFurther

9.a.Quarters2000:

III,2001:

I,and2001:

IIIhadnegativegrowth.

b.Theunemploymentrateincreasedafter2000,peakedin2003,andthenbegantofall.The

participationratefellsteadilyovertheperiod—from67.1%in2000to66%in2004.

Presumably,workersunabletofindjobsbecamediscouragedandleftthelaborforce.

c.Employmentgrowthslowedafter2000.Employmentactuallyfellin2001.The

employment-to-populationratiofellbetween2000and2004.

d.Itseveralyearsaftertherecessionforthelabormarkettorecover.

Chapter3

QuickCheck

1.a.True.

b.False.Governmentspendingexcludingtransferswas19%ofGDP.

c.False.Thepropensitytoconsumemustbelessthanoneforourmodeltomakesense.

d.True.

e.False.

f.False.Theincreaseinoutputisonetimesthemultiplier.

g.False.

2.a.Y=160+0.6（Y-100）+150+150

Y=1000

b.YD=Y-T=1000-100=900

c.C=160+0.6（900）=700

3.a.Equilibriumoutputis1000.Totaldemand=C+I+G=700+150+150=1000.Totaldemandequalsproduction.Weusedthisequilibriumconditiontosolveforoutput.

b.Outputfallsby（40tim