布兰查德中级宏观经济学第七版课后答案全英文.docx
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1、ANSWERS TO END-OF-CHAPTER PROBLEMSCHAPTER 1Quick Checka. True.b. False. Although output growth returned to a positive value, the level of output growth was lower after the 2009 recession.c. True/Uncertain. Most stock markets have recovered to their pre-recession levels but have since retreated as of
2、 June 2016.d. True. The unemployment rate in the United Kingdom has been lower than in much of the rest of Europe.e. False. There are problems with the statistics, but the consensus is that growth in China has been high.f. False. European unemployment rates have been higher for several decades.g. Tr
3、ue.h. Mostly true although the gap between output per person in the United States and the richer European countries is not wide as the same gap between the United States and China.i. Truea. More flexible labor market institutions may lead to lower unemployment, but there are questions about how prec
4、isely to restructure these institutions. The United Kingdom has restructured its labor market institutions to resemble more closely U.S. institutions and now has a lower unemployment rate than before the restructuring. On the other hand, Denmark and the Netherlands have relatively low unemployment r
5、ates while maintaining relatively generous social insurance programs for workers.l. Although the Euro will remove obstacles to free trade between European countries, each country will be forced to give up its own monetary policy.Dig Deeper3 a.17.4( 1.022/= 10.4( 1.065)zt = Zn( 17.4/10.4)/n( 1.065/1.
6、022)t h 12.49 yrsThis answer can be confirmed with a spreadsheet, for students unfamiliar with the use of logarithms.m. No. At current growth rates, total Chinese output will exceed U.S. output within 9 years, but Chinese output per person (the Chinese standard of living) will still be less than U.S
7、 output per person.n. 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
8、United States to import that they do not already have is fewer.o. The demand for money falls by 50%.p. A 1% increase (decrease) in income leads to a 1% increase (decrease) in money demand. This effect is independent of the interest rate.3. a. i=lQQ/$PB-U i=33%; 18%; 5% when $PB =$75; $85; $95.b. Whe
9、n the bond price rises, the interest rate falls.c. $Pb =100/(1.08) = $93a. $20=MD=$ 100(.25-0 i=5%b. M=$100(25-15)M=$10Dig Deepera. BP = 50,000 - 60,000 (.35-i)If the interest rate increases by 10 percentage points, bond demand increases by $6,000.b. An increase in wealth increases bond demand, but
10、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 all, the use of money in this statement is colloquial. Income“ should be substitut
11、ed 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.4. Essentially, the reduction in the price of the bond makes it more attractive. A bond promises fixed nominal payments. The op
12、portunity to receive these fixed payments at a lower price makes a bond more attractive.5. a. $16 is withdrawn on each trip to the bank.Money holdings are $16 on day one; $12 on day two; $8 on day three; and $4 on day four.b. Average money holdings are ($ 16+$ 12+$8+$4)/4=$ 10.c. $8 is withdrawn on
13、each trip to the bank.Money holdings are $8, $4, $8, and $4.d. Average money holdings are $6.e. $16 is withdrawn on each trip to the bank. Money holdings are $0, $0, $0, and $16.f. Average money holdings are $4.g. Based on these answers, ATMs and credit cards have reduced money demand.6. a. All mone
14、y is in checking accounts, so demand for central bank money equals demand for reserves. Therefore, demand for central bank money=0.1 ($Y)(.8-4z).b. $100B = 0.1($5,000B)(.8-40i=15%c. Since the public holds no currency,money multiplier = 1 /reserve ratio 二 l/.l=10.M=(10)$100B=$l,000BM- Md at the inter
15、est derived in part (b).d. If H increases to $300B the interest rate falls to 5%.e. The interest rate falls to 5%, since when H equals $300B, M=(10)$300B=$3,000B.7. Choosing the quantity of money or choosing the interest rateM= 100 (.25 -.05) = 20 Ba. M= 100 (.25-. 10)= 15 BBoth assets (bonds) and l
16、iabilities (money) will fall by the same amount. To reduce the money supply and raise interest rates, the Federal Reserve must sell bonds.8. Monetary policy in a liquidity trap.a. $20 B$20 Bb. Yes, the central bank can continue to increase the money supply. But interest rates will not fall any furth
17、er.c. Figure 1 in the Focus Box “The Liquidity Trap in Action“ shows many years where the interest rate remained at zero while the money supply continuously expanded.Explore Further11.Answers will vary depending on when students visit the FOMC website.CHAPTER 5Quick Check1.a.b. c. d. e. f.True.True.
18、False.False. The balanced budget multiplier is positive (it equals one), so the IS curve shifts right. TrueFalse. As you move along the horizontal LM curve, as output rises, the demand for real money rises and the central bank must increase the supply of real money to keep the interest rate constant
19、gFalse. The real money supply falls when the nominal money supply is constant and the price level risesh.True. The nominal money supply rose by 10%. The price level rose by 2%. The ratio M/P increased.*1.False. The level of output will rise and at the same interest rate along the horizontal LM curv
20、e, investment will rise2.a.r=l/(l-ei)c0-ciT+/+Gl The multiplier is l/(l-ci).b.Y=l /(1) co-ci T+如岳 i+GThe multiplier is l/(l-ci-Z?i). Since the multiplier is larger than the multiplier in part (a), the effect of a change in autonomous spending is bigger than in part (a). An increase in autonomous spe
21、nding now leads to an increase in investment as well as consumption.c. You simply replace the interest rate from the expression in (b) with its policy value i bar., r=l/(l- c-b) co - ci T+ bq-bzi bar+ G.3.a.The IS curve shifts left. Output falls at the same interest rate. Investment, which depends p
22、ositively on the level of output and negatively on the interest rate, also falls. The interest rate remains the same. Output falls. So investment falls.b.From the answer to 2(b), y=l/(l-ci-/?i) co- c T+ b-bii bar + Gc.I- bu+b、Y-b2i=bo+ bi 1/(1-Ci-Z?i) co- c T+ bbii bar + G - bi I barThis is obtained
23、 by substitution of the equilibrium level of income into the equation forinvestment.d.From part (b), the equilibrium level of income is y=l/(l-ci-/7i) (?o- c T+ bo-b2i bar + G.This value is substituted into the LM relation so thatM/P = di l/(l-ci-Z?i) co - ci T+ b-b2i bar + G - d2 i bar4.a.The real
24、money supply is on the left hand side of the equationb.The demand for real money is on the right hand side of the equationc. The function L(i) is a downward sloping line . Its value increases as the interest rate falls.d. The horizontal axis needs to be relabeled at the real money supply. The variab
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