曼昆宏观经济学最新英文版参考答案第33章.docx

曼昆宏观经济学最新英文版参考答案第33章.docx

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曼昆宏观经济学最新英文版参考答案第33章

Chapter30

ProblemsandApplications

Figure6

1.a.ThecurrentstateoftheeconomyisshowninFigure6.Theaggregate-demandcurveandshort-runaggregate-supplycurveintersectatthesamepointonthelong-runaggregate-supplycurve.

b.Astockmarketcrashleadstoaleftwardshiftofaggregatedemand.Theequilibriumlevelofoutputandthepricelevelwillfall.Becausethequantityofoutputislessthanthenaturalrateofoutput,theunemploymentratewillriseabovethenaturalrateofunemployment.

c.Ifnominalwagesareunchangedasthepricelevelfalls,firmswillbeforcedtocutbackonemploymentandproduction.Overtimeasexpectationsadjust,theshort-runaggregate-supplycurvewillshifttotheright,movingtheeconomybacktothenaturalrateofoutput.

2.a.WhentheUnitedStatesexperiencesawaveofimmigration,thelaborforceincreases,solong-runaggregatesupplyshiftstotheright.

b.WhenCongressraisestheminimumwageto$10perhour,thenaturalrateofunemploymentrises,sothelong-runaggregate-supplycurveshiftstotheleft.

c.WhenIntelinventsanewandmorepowerfulcomputerchip,productivityincreases,solong-runaggregatesupplyincreasesbecausemoreoutputcanbeproducedwiththesameinputs.

d.WhenaseverehurricanedamagesfactoriesalongtheEastCoast,thecapitalstockissmaller,solong-runaggregatesupplydeclines.

3.a.ThecurrentstateoftheeconomyisshowninFigure7.Theaggregate-demandcurveandshort-runaggregate-supplycurveintersectatthesamepointonthelong-runaggregate-supplycurve.

Figure7

b.Ifthecentralbankincreasesthemoneysupply,aggregatedemandshiftstotheright（topointB）.Intheshortrun,thereisanincreaseinoutputandthepricelevel.

c.Overtime,nominalwages,prices,andperceptionswilladjusttothisnewpricelevel.Asaresult,theshort-runaggregate-supplycurvewillshifttotheleft.Theeconomywillreturntoitsnaturalrateofoutput（pointC）.

d.Accordingtothesticky-wagetheory,nominalwagesatpointsAandBareequal.However,nominalwagesatpointCarehigher.

e.Accordingtothesticky-wagetheory,realwagesatpointBarelowerthanrealwagesatpointA.However,realwagesatpointsAandCareequal.

f.Yes,thisanalysisisconsistentwithlong-runmonetaryneutrality.Inthelongrun,anincreaseinthemoneysupplycausesanincreaseinthenominalwage,butleavestherealwageunchanged.

4.TheideaoflengtheningtheshoppingperiodbetweenThanksgivingandChristmaswastoincreaseaggregatedemand.AsFigure8shows,thiscouldincreaseoutputbacktoitslong-runequilibriumlevel.

Figure8

5.a.Thestatementthat"theaggregate-demandcurveslopesdownwardbecauseitisthehorizontalsumofthedemandcurvesforindividualgoods"isfalse.Theaggregate-demandcurveslopesdownwardbecauseafallinthepricelevelraisestheoverallquantityofgoodsandservicesdemandedthroughthewealtheffect,theinterest-rateeffect,andtheexchange-rateeffect.

b.Thestatementthat"thelong-runaggregate-supplycurveisverticalbecauseeconomicforcesdonotaffectlong-runaggregatesupply"isfalse.Economicforcesofvariouskinds（suchaspopulationandproductivity）doaffectlong-runaggregatesupply.Thelong-runaggregate-supplycurveisverticalbecausethepriceleveldoesnotaffectlong-runaggregatesupply.

c.Thestatementthat"iffirmsadjustedtheirpriceseveryday,thentheshort-runaggregate-supplycurvewouldbehorizontal"isfalse.Iffirmsadjustedpricesquicklyandifstickypricesweretheonlypossiblecausefortheupwardslopeoftheshort-runaggregate-supplycurve,thentheshort-runaggregate-supplycurvewouldbevertical,nothorizontal.Theshort-runaggregatesupplycurvewouldbehorizontalonlyifpriceswerecompletelyfixed.

d.Thestatementthat"whenevertheeconomyentersarecession,itslong-runaggregate-supplycurveshiftstotheleft"isfalse.Aneconomycouldenterarecessionifeithertheaggregate-demandcurveortheshort-runaggregate-supplycurveshiftstotheleft.

6.a.Accordingtothesticky-wagetheory,theeconomyisinarecessionbecausethepricelevelhasdeclinedsothatrealwagesaretoohigh,thuslabordemandistoolow.Overtime,asnominalwagesareadjustedsothatrealwagesdecline,theeconomyreturnstofullemployment.

Accordingtothesticky-pricetheory,theeconomyisinarecessionbecausenotallpricesadjustquickly.Overtime,firmsareabletoadjusttheirpricesmorefully,andtheeconomyreturnstothelong-runaggregate-supplycurve.

Accordingtothemisperceptionstheory,theeconomyisinarecessionwhenthepricelevelisbelowwhatwasexpected.Overtime,aspeopleobservethelowerpricelevel,theirexpectationsadjust,andtheeconomyreturnstothelong-runaggregate-supplycurve.

b.Thespeedoftherecoveryineachtheorydependsonhowquicklypriceexpectations,wages,andpricesadjust.

Figure9

7.IftheFedincreasesthemoneysupplyandpeopleexpectahigherpricelevel,theaggregate-demandcurveshiftstotherightandtheshort-runaggregate-supplycurveshiftstotheleft,asshowninFigure9.TheeconomymovesfrompointAtopointB,withnochangeinoutputandariseinthepricelevel（toP2）.Ifthepublicdoesnotchangeitsexpectationofthepricelevel,theshort-runaggregate-supplycurvedoesnotshift,theeconomyendsupatpointC,andoutputincreasesalongwiththepricelevel（toP3）.

8.Figure10depictsaneconomyinarecession.Theshort-runaggregate-supplycurveisAS1andtheeconomyisatequilibriumatpointA,whichistotheleftofthelong-runaggregate-supplycurve.Ifpolicymakerstakenoaction,theeconomywillreturntothelong-runaggregate-supplycurveovertimeastheshort-runaggregate-supplycurveshiftstotherighttoAS2.Theeconomy'snewequilibriumisatpointB.

Figure10

9.a.Peoplewilllikelyexpectthatthenewchairmanwillnotactivelyfightinflationsotheywillexpectthepriceleveltorise.

b.Ifpeoplebelievethatthepricelevelwillbehigheroverthenextyear,workerswillwanthighernominalwages.

c.Higherlaborcostsleadtoreducedprofitability.

d.Theshort-runaggregate-supplycurvewillshifttotheleftasshowninFigure11.

Figure11

e.Adeclineinshort-runaggregatesupplyleadstoreducedoutputandahigherpricelevel.

f.No,thischoicewasprobablynotwise.Theendresultisstagflation,whichprovideslimitedchoicesintermsofpoliciestoremedythesituation.

Figure12

10.a.Ifhouseholdsdecidetosavealargershareoftheirincome,theymustspendlessonconsumergoods,sotheaggregate-demandcurveshiftstotheleft,asshowninFigure12.TheequilibriumchangesfrompointAtopointB,sothepriceleveldeclinesandoutputdeclines.

b.IfFloridaorangegrovessufferaprolongedperiodofbelow-freezingtemperatures,theorangeharvestwillbereduced.ThisdeclineinthenaturalrateofoutputisrepresentedinFigure13byashifttotheleftinboththeshort-runandlong-runaggregate-supplycurves.TheequilibriumchangesfrompointAtopointB,sothepricelevelrisesandoutputdeclines.

Figure13

Figure14

c.Ifincreasedjobopportunitiescausepeopletoleavethecountry,thelong-runandshort-runaggregate-supplycurveswillshifttotheleftbecausetherearefewerpeopleproducingoutput.Theaggregate-demandcurvewillshifttotheleftbecausetherearefewerpeopleconsuminggoodsandservices.Theresultisadeclineinthequantityofoutput,asFigure14shows.Whetherthepricelevelrisesordeclinesdependsontherelativesizesoftheshiftsintheaggregate-demandcurveandtheaggregate-supplycurves.

11.a.Whenthestockmarketdeclinessharply,wealthdeclines,sotheaggregate-demandcurveshiftstotheleft,asshowninFigure15.Intheshortrun,theeconomymovesfrompointAtopointB,asoutputdeclinesandthepriceleveldeclines.Inthelongrun,theshort-runaggregate-supplycurveshiftstotherighttorestoreequilibriumatpointC,withunchangedoutputandalowerpricelevelcomparedtopointA.

Figure15

Figure16

b.Whenthefederalgovernmentincreasesspendingonnationaldefense,theriseingovernmentpurchasesshiftstheaggregate-demandcurvetotheright,asshowninFigure16.Intheshortrun,theeconomymovesfrompointAtopointB,asoutputandthepricelevelrise.Inthelongrun,theshort-runaggregate-supplycurveshiftstothelefttorestoreequilibriumatpointC,withunchangedoutputandahigherpricelevelcomparedtopointA.

Figure17

c.Whenatechnologicalimprovementraisesproductivity,thelong-runandshort-runaggregate-supplycurvesshifttotheright,asshowninFigure17.TheeconomymovesfrompointAtopointB,asoutputrisesandthepriceleveldeclines.

Figure18

d.WhenarecessionoverseascausesforeignerstobuyfewerU.S.goods,netexportsdecline,sotheaggregate-demandcurveshiftstotheleft,asshowninFigure18.Intheshortrun,theeconomymovesfrompointAtopointB,asoutputdeclinesandthepriceleveldeclines.Inthelongrun,theshort-runaggregate-supplycurveshiftstotherighttorestoreequilibriumatpointC,withunchangedoutputandalowerpricelevelcomparedtopointA.

12.a.Iffirmsbecomeoptimisticaboutfuturebusinessconditionsandincreaseinvestment,theresultisshowninFigure19.TheeconomybeginsatpointAwithaggregate-demandcurveAD1andshort-runaggregate-supplycurveAS1.TheequilibriumhaspricelevelP1andoutputlevelY1.Increasedoptimismleadstogreaterinvestment,sotheaggregate-demandcurveshiftstoAD2.NowtheeconomyisatpointB,withpricelevelP2