《宏观经济学》课后答案布兰查德版.docx
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《宏观经济学》课后答案布兰查德版
Chapter1
1.a.True.b.True.c.False.d.True.e.False.f.False.
2.a.1960-981997-99
----------
---------
US
3.1%
3.8%
EU
3.1%
2.5%
Japan
5.8%
-1.0%
WhiletheUSgrowthratehigherthanitslong-runaverageovertheperiod,thegrowthratehas
slowedrelativetolong-runaveragesinboththeEUandJapanoverthelastfewyears.
b.Sometimestheeconomyisgrowingquickly,othertimesitisgrowingslowlyorevencontracting.ThelastfewyearsofrapidgrowthintheUSdonotimplythatthelong-runaveragerateofgrowthhasincreasedbacktoitspre-1974level.
3.a.Thedatainthewebpageare:
RealGrossDomesticProduct,RealFinalSalesofDomesticProduct,andRealGrossNationalProduct,Quarterly,1959-96[Percentchangefromprecedingquarter]
--------------------------------------------------------
Gross
Finalsales
Gross
domestic
ofdomestic
national
product
product
product
-------------------------------------------------------
1959:
I8.69.28.6
II
11.2
7.3
11.1
III
-0.3
5.3
-0.2
IV
1.7
-1.3
1.9
1996:
I1.82.61.8
II
6.0
5.2
5.7
III
1.0
0.2
0.6
IV
4.3
4.5
4.9
--------------------------------------------------------
suggestingthatrecessionstypicallylasttwo-threequartersandthatthemostsevererecessionsinthatperiodweretherecessionsof1974-75and1981-82.
b.PercentageChangesin:
OutputGrowthInflation
1968:
4.74.4
I
7.5
4.7
II
7.1
4.1
III
3.0
3.8
IV
1.8
5.5
1969:
3.04.7
I
6.2
3.8
II
1.0
5.0
III
2.3
5.8
IV
-2.0
5.1
1970:
0.15.3
I
-0.7
6.0
II
0.6
5.7
III
3.7
3.4
IV
-3.9
5.4
1971:
3.35.2
I
11.3
6.4
II
2.3
5.5
III
2.6
4.4
IV
1.1
3.3
Ifhistorysimplyrepeatsitself,theUnitedStatesmighthaveashortrecession（lastingperhapsone
year）accompaniedbyanaccelerationintherateofinflationbyaboutonepercentagepoint.
4.a.Bankingservices,businessservices.
b.Notonlyhastherelativedemandforskilledworkersincreasedbuttheindustrieswherethiseffectisthestrongestaremakingupagreaterfractionoftheeconomy.
5.1.Lowunemploymentmightleadtoanincreaseininflation.
2.Althoughmeasurementerrorcertainlycontributestothemeasuredslowdowningrowth,thereareotherissuestoconsideraswell,includingtheproductivityofnewresearchandaccumulationofnewcapital.
3.Althoughlabormarketrigiditiesmaybeimportant,itisalsoimportanttoconsiderthattheserigiditiesmaynotbeexcessive,andthathighunemploymentmayarisefromflawedmacroeconomicpolicies.
4.AlthoughtherewereseriousproblemswithregardtothemanagementofAsianfinancialsystems,itisimportanttoconsiderthepossibilitythattheflightofforeigncapitalfromthese
countriesworsenedthesituationbycausingaseverestockmarketcrashandexchangeratedepreciation.
5.AlthoughtheEurowillremoveobstaclestofreetradebetweenEuropeancountries,eachcountrywillbeforcedtogiveupitsownmonetarypolicy.
*6.a.FromChapter1:
USoutput1997=$8b;Chinaoutput1996=$.84b.NotethatChina’soutput
in1997is$（.84）*（1.09）b.Equatingoutputforsometimetinthefuture:
8*（1.03）t=（.84*1.09）*（1.09）t8/（.84*1.09）=（1.09/1.03）t8.737=（1.058）t
t=ln（8.737）/ln（1.058）≈38yrs
b.FromChapter1:
USoutput/workerin1997=$29,800;Chinaoutput/perworkerin1996=$700
29.8*（1.03）t=（.7*1.09）*（1.09）t
t≈65years
Chapter2
1.a.False.
b.Uncertain:
realornominalGDP.c.True.
d.True.
e.False.TheleveloftheCPImeansnothing.Itsrateofchangetellsusaboutinflation.
f.Uncertain.Whichindexisbetterdependsonwhatwearetryingtomeasure—inflationfaced
byconsumersorbytheeconomyasawhole.
2.a.+$100;PersonalConsumptionExpendituresb.nochange:
intermediategood
c.+$200million;GrossPrivateDomesticFixedInvestmentd.+$200million;NetExports
e.nochange:
thejetwasalreadycountedwhenitwasproduced,i.e.,presumablywhenDelta（orsomeotherairline）boughtitnewasaninvestment.
*3.a.MeasuredGDPincreasesby$10+$12=$22.
b.TrueGDPshouldincreasebymuchlessthan$22becausebyworkingforanextrahour,
youarenolongerproducingtheworkofcookingwithinthehouse.Sincecookingwithinthehouseisafinalservice,itshouldcountaspartofGDP.Unfortunately,itishardtomeasurethevalueofworkwithinthehome,whichiswhymeasuredGDPdoesnotincludeit.
4.a.$1,000,000thevalueofthesilvernecklaces.
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.
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.1998GDP:
10*$2,000+4*$1,000+1000*$1=$25,000
1999GDP:
12*$3,000+6*$500+1000*$1=$40,000NominalGDPhasincreasedby60%.
b.1998real（1998）GDP:
$25,000
1999real（1998）GDP:
12*$2,000+6*$1,000+1000*$1=$31,000
Real（1998）GDPhasincreasedby24%.
c.1998real（1999）GDP:
10*$3,000+4*$500+1,000*$1=$33,000
1999real（1999）GDP:
$40,000.Real（1999）GDPhasincreasedby21.2%.
d.True.
6.a.1998baseyear:
Deflator（1998）=1;Deflator（1999）=$40,000/$31,000=1.29
Inflation=29%
b.1999baseyear:
Deflator（1998）=$25,000/$33,000=0.76;Deflator（1999）=1
Inflation=（1-0.76）/0.76=.32=32%c.Yes
7.a.1998realGDP=10*$2,500+4*$750+1000*$1=$29,000
1999realGDP=12*$2,500+6*$750+1000*$1=$35,500
b.（35,500-29,000）/29,000=.224=22.4%
c.Deflatorin1998=$25,000/$29,000=.86Deflatorin1999=$40,000/$35,500=1.13
Inflation=（1.13-.86）/.86=.314=31.4%.
8.a.Thequalityofaroutinecheckupimprovesovertime.CheckupsnowmayincludeEKGs,forexample.Medicalservicesareparticularlyaffectedbythisproblemduetoconstantimprovementsinmedicaltechnology.
b.Youneedtoknowhowthemarketvaluespregnancycheckupswithandwithoutultra-soundsinthatyear.
c.Thisinformationisnotavailablesincealldoctorsadoptedthenewtechnologysimultaneously.Still,youcantellthatthequalityadjustedincreasewillbelowerthan20%.
*9.a.approximately2.5%b.1992realGDPgrowth:
2.7%;
unemploymentrateJan92:
7.3%;unemploymentrateJan93:
7.3%
SupportsOkun'slawbecausetheunemploymentratedoesnotchangewhenthegrowthrateofrealGDPisnear2.5%c.-2percentagepointschangeintheunemploymentrate;5percentGDPgrowthd.ThegrowthrateofGDPmustincreaseby2.5percentagepoints.
Chapter3
1.a.True.
b.False.Governmentspendingwas18%ifGDPwithouttransfers.
c.False.Thepropensitytoconsumemustbelessthanoneforourmodeltobewelldefined.
d.True.false.
f.False.Theincreaseinoutputisonetimesthemultiplier.
2.a.Y=160+0.6*（Y-100）+150+1500.4Y=460-60Y=1000
b.YD=Y-T=1000-100=900c.C=160+0.6*（900）=700
3.a.No.Thegoodsmarketisnotinequilibrium.Frompart2a,Demand=1000=C+I+G=700+150+150
b.Yes.Thegoodsmarketisinequilibrium.
c.No.Privatesaving=Y-C-T=200.Publicsaving=T-G=-50.Nationalsaving（orinshort,saving）equalsprivatepluspublicsaving,or150.Nationalsavingequalsinvestment.
4.a.Roughlyconsistent.C/Y=700/1000=70%;I/Y=G/Y=150/1000=15%.
b.Approximately-2%.
c.Yneedstofallby2%,orfrom1000to980.Theparameterc0needstofallby20/multiplier,
orby20*（.4）=8.Soc0needstofallfrom160to152.
d.Thechangeinc0（-8）islessthanthechangeinGDP（-20）duetothemultiplier.
5.a.Yincreasesby1/（1-c1）b.Ydecreasesbyc1/（1-c1）
c.Theanswersdifferbecausespendingaffectsdemanddirectly,buttaxesaffectdemandthroughconsumption,andthepropensitytoconsumeislessthanone.
d.ThechangeinYequals1/（1-c1）-c1/（1-c1）=1.BalancedbudgetchangesinGandTarenotmacroeconomicallyneutral.
e.Thepropensitytoconsumehasnoeffectbecausethebalancedbudgettaxincreaseaborts
themultiplierprocess.YandTbothincreasebyonunit,sodisposableincome,andhenceconsumption,donotchange.
*6.a.Thetaxrateilessthanone.b.Y=c0+c1YD+I+Gimplies
Y=[1/（1-c1+c1t1）]*[c0-c1t0+I+G]
c.Themultiplier=1/（1-c1+c1t1）<1/（1-c1）,sotheeconomyrespondslesstochangesinautonomousspendingwhent1ispositive.
d.Becauseoftheautomaticeffectoftaxesontheeconomy,theeconomyrespondslesstochangesinautonomousspendingthaninthecasewheretaxesareindependentofincome.Sooutputtendstovaryless,andfiscalpolicyiscalledanautomaticstabilizer.
*7.a.Y=[1/（1-c1+c1t1）]*[c0-c1t0+I+G]b.T=c1t0+t1*[1/（1-c1+c1t1）]*[c0-c1t0+I+G]
c.BothYandTdecrease.d.IfGiscut,Ydecreasesevenmore.
Chapter4
1.a.True.b.Fals.c.True.d.True.e.False.f.False.g.True.
2.a.i=0.05:
Moneydemand=$18,000;Bonddemand=$32,000
i=.1:
Moneydemand=$15,000;Bonddemand=$35,000
b.Moneydemanddecreaseswhentheinterestrateincreases;bonddemandincreases.Thisisconsistentwiththetext.c.Thedemandformoneyfallsby50%.d.Thedemandformoneyfallsby50%.
e.A1%increase（decrease）inincomeleadstoa1%increase（decrease）inmoneydemand.Thiseffectisindependentoftheinterestrate.
3.a.i=100/$PB–1;i=33%;18%;5%when$PB=$75;$85;$95.
b.Negative.c.$PB=100/（1.08）≈$93
4.a.$20=MD=$100*（.25-i）i=5%
b.M=$100*（.25-.15）M=$10
5.a.BD=50,000-60,000（.35-i）
Anincreaseintheinterestrateof10%increasesbonddemand$6,000.
b.Anincreaseinwealthincreasesbonddemand,buthasnoeffectonmoneydemand.
c.Anincreaseinincomeincreasesmoneydemand,butdecreasesbonddemand.
d.Whenpeopleearnmoreincome,thisdoesnotchangetheirwealthrightaway.Thus,theyincreasetheirdemandformoneyanddecreasetheirdemandforbonds.
6.a
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