布兰查德课后习题答案(1-13章)(毕博)(12页).docx

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1、-布兰查德课后习题答案(1-13章)(毕博)-第 12 页第1-13章课后习题答案（布兰查德）第一章 世界之旅p14第1题a.True.b.True/Uncertain. Stock prices certainly fell around the world in the crisis. Emerging market stock prices mostly recovered as of 2010, stock prices in the United States and other advanced companies had not reached their pre-crisis

2、levels as of 2012. c. False. d.False. There are problems with the statistics, but the consensus is that growth in China has beenhigh.e.False. European unemployment rates have been higher for several decades.f.True.g.True.h.False第3题 a.14.7(1.026)t=5.8(1.105)tt = ln(14.7/5.8)/ln(1.105/1.026)t 12.53 yr

3、sThis answer can be confirmed with a spreadsheet, for students unfamiliar with the use of logarithms.b.No. At current growth rates, Chinese output will exceed U.S. output within 31 years, but Chinese output per person (the Chinese standard of living) will still be less than U.S. output per person.c.

4、 China has increased the amount of capital per person. This is possible in the United States. China has imported a lot of technology from the United States and other countries. This is more difficult to do in the United States since the number of technologies available for the United States to impor

5、t that they do not already have is fewer. d.China does provide a model for other developing countries. 第二章 本书之旅p38第1题a. True/Uncertain. Real GDP increased by a factor of 5; nominal GDP increased by a factor of 28. We usually think of GDP in real termsb. False.c. True.d. False. The level of the CPI m

6、eans nothing. The rate of change of the CPI is one measure of inflation. e. Uncertain. Which index is better depends on what we are trying to measureinflation faced by consumers or by the economy as a whole. f.Trueg.Trueh.Falsei.False. The Phillips curve is a relation between the change in inflation

7、 and the level of unemployment. 第4题 a.2005 GDP: 10($2,000)+4($1,000)+1000($1)=$25,0002006 GDP: 12($3,000)+6($500)+1000($1)=$40,000Nominal GDP has increased by 60%.b.2005 real (2005) GDP: $25,0002006 real (2005) GDP: 12($2,000)+6($1,000)+1000($1)=$31,000Real (2006) GDP has increased by 24%.c.2005 rea

8、l (2006) GDP: 10($3,000)+4($500)+1,000($1)=$33,0002006 real (2006) GDP: $40,000.Real (2006) GDP has increased by 21.2%.d.The answers measure real GDP growth in different units. Neither answer is incorrect, just as measurement in inches is not more or less correct than measurement in centimeters. 第5题

9、a. 2005 base year:b. Deflator(2005)=1; Deflator(2006)=$40,000/$31,000=1.29Inflation=29%c. 2006 base year:Deflator(2005)=$25,000/$33,000=0.76; Deflator(2006)=1Inflation=(1-0.76)/0.76=.32=32%d. Analogous to 4d.第6题a. 2005 real GDP = 10($2,500) + 4($750) + 1000($1) = $29,0002006 real GDP = 12($2,500) +

10、6($750) + 1000($1) = $35,500b.(35,500-29,000)/29,000 = .224 = 22.4%c.Deflator in 2005=$25,000/$29,000=.86Deflator in 2006=$40,000/$35,500=1.13Inflation = (1.13 -.86)/.86 = .31 = 31%.a. Yes, see appendix for further discussion.第三章 商品市场p64第1题a.True.b.False. Government spending excluding transfers was

11、20.4% of GDP.c.False. The propensity to consume must be less than one for our model to make sense.d.True.e.False.f.False. The increase in equilibrium output is one times the multiplier.g.False.第9题a.Output will fall.b.Since output falls, investment will also fall. Public saving will not change. Priva

12、tesaving will fall, since investment falls, and investment equals saving. Since output and consumer confidence fall, consumption will also fall.c.Output, investment, and private saving would have risen.d.Clearly this logic is faulty. When output is low, what is needed is an attempt by consumers to s

13、pend more. This will lead to an increase in output, and thereforesomewhat paradoxicallyto an increase in private saving. Note, however, that with a linear consumption function, the private saving rate (private saving divided by output) will fall when c0 rises. 第四章 金融市场p86第1题a.False.b.False.c.False.

14、Money demand describes the portfolio decision to hold wealth in the form of money rather than in the form of bonds. The interest rate on bonds is relevant to this decision. d.True.e.False.f.False.g.True.h.True.第5题a.BD = 50,000 - 60,000 (.35-i)If the interest rate increases by 10 percentage points, b

15、ond demand increases by $6,000.b.An increase in wealth increases bond demand, but has no effect on money demand, which depends on income (a proxy for transactions demand).c.An increase in income increases money demand, but decreases bond demand, since we implicitly hold wealth constant.d.First of al

16、l, the use of “money” in this statement is colloquial. “Income” should be substituted for “money.” Second, when people earn more income, their wealth does not change right away. Thus, they increase their demand for money and decrease their demand for bonds. 第8题a.All money is in checking accounts, so

17、 demand for central bank money equals demand for reserves. Therefore, demand for central bank money=0.1($Y)(.8-4i).b.$1000 = 0.1($5,000B)(.8-4i)i=15%c.Since the public holds no currency, money multiplier = 1/reserve ratio = 1/.1=10.M=(10)$1000=$1,0000M= Md at the interest derived in part (b). d.If H

18、 increases to $300B the interest rate falls to 5%.e.The interest rate falls to 5%, since when H equals $3000, M=(10)$300B=$3,0000. 第五章 商品市场和金融市场p107第1题a.True.b.True.c.False.d.False. The balanced budget multiplier is positive (it equals one), so the IS curve shifts right.e.False.f.Uncertain. An incre

19、ase in government spending leads to an increase in output (which tends to increase investment), but also to an increase in the interest rate (which tends to reduce investment).g.True.第4题a.Y=C+I+G=200+.25(Y-200)+150+.25Y-1000i+250Y=1100-2000ib.M/P=1600=2Y-8000ii=Y/4000-1/5c.Substituting from part (b)

20、 into part (a) gives Y=1000.d. Substituting from part (c) into part (b) gives i=5%.e.C=400; I=350; G=250; C+I+G=1000f.Y=1040; i=3%; C=410; I=380. A monetary expansion reduces the interest rate and increases output. Consumption increases because output increases. Investment increases because output i

21、ncreases and the interest rate decreases. g.Y=1200; i=10%; C=450; I=350. A fiscal expansion increases output and the interest rate. Consumption increases because output increases. Investment is affected in two ways: the increase in output tends to increase investment, and the increase in the interes

22、t rate tends to reduce investment. In this example, these two effects exactly offset one another, and investment does not change. 第六章 劳动力市场p132第1题a.False. The participation rate has increased over time.b.False.c.False.d.True.e.False.f.Uncertain/False. The degree of bargaining power depends on the na

23、ture of the job and the employees skills.g.True.h.False.第3题a.W/P=1/(1+m)=1/1.05=0.952b.Wage setting: u=1-W/P=1-0.952=4.8%c.W/P=1/1.1=.91; u=1-.91=9%. The increase in the markup lowers the real wage. Algebraically, from the wage-setting equation, the unemployment rate must rise for the real wage to f

24、all. So the natural rate increases. Intuitively, an increase in the markup implies more market power for firms, and therefore less production, since firms will use their market power to increase the price of goods by reducing supply. Less production implies less demand for labor, so the natural rate

25、 rises.第七章 所有市场集中：ASAD曲线p160第1题a.True.b.True. In the AS relation, if P=Pe, Y=Yn. Note that Pe must be known to graph the AS curve.c.False. The AD curve slopes down because an increase in P leads to a fall in M/P, so the nominal interest rate increases, and I and Y fall.d.False. There are changes in

26、autonomous expenditure and supply shocks, both of which cause output to deviate from the natural level in the short run.e.True.f.False. Fiscal policy affects the interest rate in the medium run and therefore affects investment.g.False. The natural level of output changes in response to a permanent s

27、upply shock (other than a change in Pe). The price level changes in the medium run in response to either a demand or a supply shock.第4题a.Money is neutral in the sense that the nominal money supply has no effect on output or the interest rate in the medium run. Output returns to its natural level. Th

28、e interest rate is determined by the position of the IS curve and the natural level of output. Despite the neutrality of money in the medium run, an increase in the money supply will increase output and reduce the interest rate in the short run. Therefore, expansionary monetary policy can be used to

29、 speed up the economys return to the natural level of output when output is low. b.In the medium run, fiscal policy affects the interest rate and investment, so fiscal policy is not considered neutral. c.False. Labor market policies, such as the degree of unemployment insurance, can affect the natur

30、al level of output. 第5题a.SR:short runMR: medium runISLMADASSRleftdown leftno changeMRsame as SR down furthersameas SRdown b-c.YiPSRfallsfalls fallsMRback tooriginal Ynfalls furtherfalls furtherCIPrivate SSRfallsambiguousambiguousMRIncreasesfrom SR but still lower than original level rises (aboveorig

31、inal level)rises (above original level)In the medium run, consumption must lower than its original level because disposable income is unchanged, but consumer confidence is lower.The short-run change in investment is ambiguous, because the interest rate falls, which tends to increase investment, but

32、output also falls, which tends to reduce investment. Inthe medium run, investment must rise (as compared to its short-run and original levels),because the interest rate falls but output returns to its original level.Since the budget deficit does not change in this problem, the change in private savi

33、ng equals the change in investment. It is possible that private saving will fall in the short run, but private saving must rise (above its short-run and original levels) in the medium run.第八章 菲利普斯曲线、自然失业率和通货膨胀p182第1题a.True.b.False.c.False.d.True.e.False.f.True.g. Falseh.Falsei.Truej.True第4题. The neu

34、trality of money revisiteda. Fill in the empty spaces in the chart below:YearM - Nominal MoneySupply(billons)gM growth rate of nominal money supplyPPrice level (index)Year 2=100Inflation1380.95NA95.2NA24005100534205105.0544415110.255b. 5% per yearc. 5% per yeard. 0% per yeare. Output growth is zero

35、( the economy is at a constant natural level of output). 第九章 次贷危机（略）第十章 增长的事实第1题，快速测试a.True.b.False.c.Uncertain earlier evidence suggested this was false but more recent evidence suggests it may be true.d.False.e.True.f. False.g.True.第3题 a.Y=63b.Y doubles.c.Yes.d.Y/N=(K/N)1/2e.K/N=4 implies Y/N=2. K

36、/N=8 implies Y/N=2.83. Output less than doubles.f.No.g.No. In part (f), we are essentially looking at what happens to output when we increase capital only, not capital and labor in equal proportion. There are decreasing returns to capital.h.Yes.第十一章 储蓄、资本积累和产出P248第1题，快速测试a.True, in a closed economy,

37、 and if saving includes public and private saving. b.False.c.True. In the model without depreciation, there is no steady state. A constant saving rate produces a positive but declining rate of growth. In the infinite-time limit, the growth rate equals zero. Output per worker rises forever without bo

38、und. In the model with depreciation, if the economy begins with a level of capital per worker below the steady-state level, a constant saving rate also produces a positive but declining rate of growth, with a limit of zero. In this case, however, output per worker approaches a fixed number, defined

39、by the steady-state condition of the Solow model. Note that depreciation is not needed to define a steady state if the model includes labor force growth or technological progress. d.Uncertain. See the discussion of the golden-rule saving rate.e.Uncertain/False. It is likely that the U.S. rate is bel

40、ow the golden rule rate and that transforming Social Security to a pay-as-you-go system would ultimately increase the U.S. saving rate. These premises imply that such a transformation would increase U.S. consumption in the future, but not necessarily in the present. Indeed, if the only effect of suc

41、h a transformation is to increase the saving rate, we know that consumption per worker will fall in the short run. Moreover, moving to a pay-as-you-go system requires transition costs. If these costs are borrowed, then the reduction in public saving will offset the increase in private saving during

42、the transition. If these costs are not borrowed, then transitional generations must suffer either a reduction in promised benefits or an increase in taxes to finance their own retirement in addition to the retirement of a previous generation. Thus, whether the U.S. “should” move to a pay-as-you-go s

43、ystem depends on the likely resolution of intergenerational distributional issues and your view about the equity of such a resolution. f. Uncertain. The U.S. capital stock is below the golden rule, but that does not necessarily imply that there should be tax breaks for saving. Even if the tax breaks

44、 were effective in stimulating saving, the increase in future consumption would come at the cost of current consumption. g False. Even if you accept the premise that educational investment increases output, it does not necessarily follow that countries should increase educational saving, since futur

45、e increases in output will come at the expense of current consumption. Of course, there are other arguments for subsidizing education, particularly for low-income households.第9题 b.K/N = (0.15/.075)2 = 4Y/N= (4)1/2=2c.K/N=(0.2/0.075)2 =7.11Y/N=(7.11)1/2=2.67Capital per worker and output per worker in

46、crease.第十二章 技术进步与增长P266第1题， 快速测试a.True.b.True.c.False. In steady state, there is no growth of output per effective worker.d.True.e.False. The steady-state rate of growth of output per effective worker is zero. A higher saving rate leads to higher steady-state level of capital per effective worker, but has no effect on the steady-state rate of