曼昆 宏观经济学 第九版 答案 英文版 solution manual for macroeconWord文件下载.docx
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itfocusesonissuessuchashowtotaloutput,totalemployment,andtheoverallpricelevelaredetermined.Theseeconomy-widevariablesarebasedontheinteractionofmanyhouseholdsandmanyfirms;
therefore,microeconomicsformsthebasisformacroeconomics.
2.Economistsbuildmodelsasameansofsummarizingtherelationshipsamongeconomicvariables.Modelsareusefulbecausetheyabstractfromthemanydetailsintheeconomyandallowonetofocusonthemostimportanteconomicconnections.
3.Amarket-clearingmodelisoneinwhichpricesadjusttoequilibratesupplyanddemand.Market-clearingmodelsareusefulinsituationswherepricesareflexible.Yetinmanysituations,flexiblepricesmaynotbearealisticassumption.Forexample,laborcontractsoftensetwagesforuptothreeyears.Or,firmssuchasmagazinepublisherschangetheirpricesonlyeverythreetofouryears.Mostmacroeconomistsbelievethatpriceflexibilityisareasonableassumptionforstudyinglong-runissues.Overthelongrun,pricesrespondtochangesindemandorsupply,eventhoughintheshortruntheymaybeslowtoadjust.
ProblemsandApplications
1.MonetarypolicyintheUnitedStatesandtheEuropeanUnionhasbeenabigtopicofconversationinearly2015.TheEUembarkeduponaquantitativeeasingpolicyinMarch2015inanattempttostimulategrowthandpreventdeflation.TherehasbeensomeconcernthattheinflationrateinEuropewillturnnegative.IntheUnitedStates,thereiscontinueddiscussionandspeculationconcerningwhentheFederalReservemightchoosetoincreasethetargetfederalfundsrate.AlsointheUnitedStates,theunemploymentratehasdeclinedtoabout5.5percentandthissuggeststhatwagesmaybegintoincrease.TheFederalReservewillbewatchingforwageandpriceincreasesastheydecidewhentoincreaseinterestrates.
2.Manyphilosophersofsciencebelievethatthedefiningcharacteristicofascienceistheuseofthescientificmethodofinquirytoestablishstablerelationships.Scientistsexaminedata,oftenprovidedbycontrolledexperiments,tosupportordisproveahypothesis.Economistsaremorelimitedintheiruseofexperiments.Theycannotconductcontrolledexperimentsontheeconomy;
theymustrelyonthenaturalcourseofdevelopmentsintheeconomytocollectdata.Totheextentthateconomistsusethescientificmethodofinquiry,thatis,developinghypothesesandtestingthem,economicshasthecharacteristicsofascience.
3.Wecanuseasimplevariantofthesupply-and-demandmodelforpizzatoanswerthisquestion.Assumethatthequantityoficecreamdemandeddependsnotonlyonthepriceoficecreamandincome,butalsoonthepriceoffrozenyogurt:
Qd=D(PIC,PFY,Y).
Weexpectthatdemandforicecreamriseswhenthepriceoffrozenyogurtrises,becauseicecreamandfrozenyogurtaresubstitutes.Thatis,whenthepriceoffrozenyogurtgoesup,Iconsumelessofitand,instead,fulfillmoreofmyfrozendesserturgesthroughtheconsumptionoficecream.
Chapter1—TheScienceofMacroeconomics
2
Thenextpartofthemodelisthesupplyfunctionforicecream,Qs=S(PIC).Finally,inequilibrium,supplymustequaldemand,sothatQs=Qd.YandPFYaretheexogenousvariables,andQandPICaretheendogenousvariables.Figure1-1usesthismodeltoshowthatafallinthepriceoffrozenyogurtresultsinaninwardshiftofthedemandcurveforicecream.Thenewequilibriumhasalowerpriceandquantityoficecream.
4.Thepriceofhaircutschangesratherinfrequently.Fromcasualobservation,hairstyliststendtochargethesamepriceoveraone-ortwo-yearperiodirrespectiveofthedemandforhaircutsorthesupplyofcutters.Amarket-clearingmodelforanalyzingthemarketforhaircutshastheunrealisticassumptionofflexibleprices.Suchanassumptionisunrealisticintheshortrunwhenweobservethatpricesareinflexible.Overthelongrun,however,thepriceofhaircutsdoestendtoadjust;
amarket-clearingmodelisthereforeappropriate.
CHAPTER2TheDataofMacroeconomicsQuestionsforReview
1.GDPmeasuresthetotalincomeearnedfromtheproductionofthenewfinalgoodsandservicesintheeconomy,anditmeasuresthetotalexpendituresonthenewfinalgoodsandservicesproducedintheeconomy.GDPcanmeasuretwothingsatoncebecausethetotalexpendituresonthenewfinalgoodsandservicesbythebuyersmustbeequaltotheincomeearnedbythesellersofthenewfinalgoodsandservices.Asthecircularflowdiagraminthetextillustrates,thesearealternative,equivalentwaysofmeasuringtheflowofdollarsintheeconomy.
2.ThefourcomponentsofGDPareconsumption,investment,governmentpurchases,andnetexports.TheconsumptioncategoryofGDPconsistsofhouseholdexpendituresonnewfinalgoodsandservices,suchasthepurchaseofanewtelevision.TheinvestmentcategoryofGDPconsistsofbusinessfixedinvestment,residentialfixedinvestment,andinventoryinvestment.Whenabusinessbuysnewequipmentthiscountsasinvestment.Governmentpurchasesconsistsofpurchasesofnewfinalgoodsandservicesbyfederal,state,andlocalgovernments,suchaspaymentsfornewmilitaryequipment.Netexportsmeasuresthevalueofgoodsandservicessoldtoothercountriesminusthevalueofgoodsandservicesforeignerssellus.WhentheU.S.sellscorntoforeigncountries,itcountsinthenetexportcategoryofGDP.
3.Theconsumerpriceindex(CPI)measurestheoveralllevelofpricesintheeconomy.Ittellsusthepriceofafixedbasketofgoodsrelativetothepriceofthesamebasketinthebaseyear.TheGDPdeflatoristheratioofnominalGDPtorealGDPinagivenyear.TheGDPdeflatormeasuresthepricesofallgoodsandservicesproduced,whereastheCPIonlymeasurespricesofgoodsandservicesboughtbyconsumers.TheGDPdeflatorincludesonlydomesticallyproducedgoods,whereastheCPIincludesdomesticandforeigngoodsboughtbyconsumers.Finally,theCPIisaLaspeyresindexthatassignsfixedweightstothepricesofdifferentgoods,whereastheGDPdeflatorisaPaascheindexthatassignschangingweightstothepricesofdifferentgoods.Inpractice,thetwopriceindicestendtomovetogetheranddonotoftendiverge.
4.TheCPImeasuresthepriceofafixedbasketofgoodsrelativetothepriceofthesamebasketinthebaseyear.ThePCEdeflatoristheratioofnominalconsumerspendingtorealconsumerspending.TheCPIandthePCEdeflatoraresimilarinthattheybothonlyincludethepricesofgoodspurchasedbyconsumers,andtheybothincludethepriceofimportedgoodsaswellasdomesticallyproducedgoods.ThetwomeasuresdifferbecausetheCPImeasuresthechangeinthepriceofafixedbasketwhereasthegoodsmeasuredbythePCEdeflatorchangefromyeartoyeardependingonwhatconsumersarepurchasinginthatparticularyear.
5.TheBureauofLaborStatistics(BLS)classifieseachpersonintooneofthefollowingthreecategories:
employed,unemployed,ornotinthelaborforce.Theunemploymentrate,whichisthepercentageofthelaborforcethatisunemployed,iscomputedasfollows:
UnemploymentRate=.
Notethatthelaborforceisthenumberofpeopleemployedplusthenumberofpeopleunemployed.
6.Everymonth,theBureauofLaborStatisticsundertakestwosurveystomeasureemployment.First,theBLSsurveysabout60,000householdsandtherebyobtainsanestimateoftheshareofpeoplewhosaytheyareworking.TheBLSmultipliesthissharebyanestimateofthepopulationtoestimatethenumberofpeopleworking.Second,theBLSsurveysabout160,000businessestablishmentsandaskshowmanypeopletheyemploy.Eachsurveyisimperfect;
sothetwomeasuresofemploymentarenotidentical.
Chapter2—TheDataofMacroeconomics
8
1.Fromthemainbea.govWebpageclickontheinteractivedatatabatthetop,selectGDP,beginusingthedata,section1,andthentable1.1.1.RealGDPgrewatarateof2.2percentinquarter4of2014.Whencomparedtogrowthratesof−2.1percent,4.6percent,and5percentforthefirstthreequartersof2014,therateof2.2percentwasslightlybelowaverage.Fromthemainbls.govWebpageselectthedatatoolstab,thentoppicks.Checktheboxfortheunemploymentrateandretrievethedata.TheunemploymentrateinMarch2015was5.5percent,whichwasaboutequaltothenaturalrateofunemployment,orthelongrunaveragerate.Fromthemainbls.govpage,selecttheeconomicreleasestab,theninflationandprices.AccessthereportfortheCPI.InFebruary2015,theinflationrateforallitemswas0percent,andiffoodandenergywereexcludedtheratewas1.7percent.TheinflationratewasbelowaverageandbelowtheFederalReserve’stargetof2percent.
2.Valueaddedbyeachpersonisequaltothevalueofthegoodproducedminustheamountthepersonpaidforthematerialsneededtomakethegood.Therefore,thevalueaddedbythefarmeris$1.00($1–0=$1).Thevalueaddedbythemilleris$2:
shesellstheflourtothebakerfor