Blanchard宏观经济学4e习题答案.docx
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Blanchard宏观经济学4e习题答案
Answerstoend-of-chapterproblems
Chapter1
QuickCheck
1.a.True.
b.True.
c.True.
d.Uncertain.Itistruethatthegrowthofoutputperworkerincreasedinthemid-1990s,but
economistsdisagreeaboutthedegreetowhichthisincreaseingrowthwillpersist.The
growthofoutputperworkerfluctuatesagreatdealfromyeartoyear,whichmakesitdifficulttodrawinferencesfromthedata.
e.True.
f.False.TheEuropean“unemploymentmiracle”referstothelowrateofunemployment
inEuropeinthe1960s.
g.False.TheslumpwastriggeredbythecollapseoftheJapanesestockmarket.
h.False.
2.a.1960-20001994-20002001-2004
US3.2%3.9%2.45%
EU3.1%2.3%2.3%
Japan4.7%1.4%2.3%
Growthratesinallthreeregionsarelowerinthemostrecentperiodthanovertheperiod
1960-2004.However,comparedtotheperiod1994-2000,U.S.growthislowerinthemostrecentperiod,Japanesegrowthishigher,andEuropeangrowthisunchanged.
b.Answerswillvary.
3.a.Lowunemploymentmightleadtoanincreaseininflation.
b.TaxcutsmayhavebeenusefultostimulatetheU.S.economyduringthe2001recession.However,thetaxcutswerepermanent.Therecessionisoverandthedeficitremainshigh.
c.Althoughlabormarketrigiditiesmaybeimportant,itisalsoimportanttoconsiderthattheserigiditiesmaynotbeexcessive,andthathighunemploymentmayarisefromflawedmacroeconomicpolicies.
d.AlthoughpoorregulationofthefinancialsystemmaybecontributingtothelengthofJapan'sslump,mosteconomistsbelievethatthecollapseinJapaneseassetpricestriggeredtheeconomicdownturn.Moreover,tighteningregulationwouldlikelyinvolvemorepainintheshortrunsincesomebanksandfirmswouldbeforcedtoclose.
e.AlthoughtheEurowillremoveobstaclestofreetradebetweenEuropeancountries,eachcountrywillbeforcedtogiveupitsownmonetarypolicy.
DigDeeper
4.Thisisadiscussionquestion,soanswerswillvary.Basedonthediscussioninthetext,thereare
clearsimilaritiesinthepolicyresponsesoftheU.S.andJapanesegovernments.Centralbanksinbothcountriesreducedinterestrates,andgovernmentsinbothcountriestriedtostimulatetheeconomywithlowertaxes.Governmentspendingalsoincreasedinbothcountries;explicitlyforeconomicstimulusinJapan,andaspartofforeignandsecuritypolicyintheUnitedStates.Asforthedifferences,thetextleavestheimplicationthatJapanesebankingsystemislessefficientthantheU.S.bankingsystem,whichperhapsallowsforeasierrecoveryintheUnitedStates.ThereisalsoanallusiontotheliquiditytrapinJapan,sinceinterestratesarezero.However,themechanicsoftheliquiditytraparenotdiscussedindetailuntilChapter22.
5.a.10years:
(1.01)10≈1.10or10%higher;20years:
22%higher;
50years:
64%higher
b.22%;49%;169%higher
c.Takeoutputperworkerasameasureofthestandardofliving.
10years:
1.22/1.1≈1.11,sothestandardoflivingwouldbeabout11%higher;
20years:
22%higher;50years:
64%higher
d.No.Laborproductivitygrowthfluctuatesalotfromyeartoyear.Thelastfewyearsmayrepresentgoodluck.SomeeconomistsbelievetherehasbeenalastingchangeintheU.S.economythatwillleadtocontinuedhighproductivitygrowthinthefuture,butwecannotbecertain.
6.ChinaovertakestheUnitedStatesin2044,or41yearsfrom2003..Theproblemasksstudentsto
findtheanswerbyusingaspreadsheet.Algebraically,
11(1.03)t=1.6(1.08)t
11/1.6=(1.08/1.03)t
t=ln(11/1.6)/ln(1.08/1.03)≈40.7yrs
ExploreFurther
7.a-c.AsofJune2005,therehavebeen5recessionssince1960.Thenumbersareseasonally-
adjustedannualpercentagegrowthratesofGDPinchained2000dollars.
1969:
4-1.91980:
2-7.8
1970:
1-0.71980:
3-0.7
1974:
3-3.81981:
4-4.9
1974:
4-1.61982:
1-6.4
1975:
1-4.8
1990.4-3.0
1991:
1-2.0
8.a-b.%pointincreaseinunemploymentrateforthe5recessions
1969-700.71981-821.1
1974-753.11990-910.9
19800.9Jan.2001–Jan.20021.5
Chapter2
QuickCheck
1.a.False.
b.Uncertain.TruefornominalGDP,falseforrealGDP.
c.True.
d.True.
e.False.TheleveloftheCPImeansnothing.Itsrateofchangetellsusaboutinflation.
f.Uncertain.Whichindexisbetterdependsonwhatwearetryingtomeasure—inflationfacedbyconsumersorbytheeconomyasawhole.
2.a.nochange:
intermediategood
b.+$100;PersonalConsumptionExpenditures
c.+$200million;GrossPrivateDomesticFixedInvestment
d.+$200million;NetExports
e.nochange:
thejetwasalreadycountedwhenitwasproduced,i.e.,presumablywhenDelta(orsomeotherairline)boughtitnewasaninvestment.
3.a.$1,000,000,thevalueofthesilvernecklaces.
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.
4.a.2003GDP:
10*$2,000+4*$1,000+1000*$1=$25,000
2004GDP:
12*$3,000+6*$500+1000*$1=$40,000
NominalGDPhasincreasedby60%.
b.2003real(2003)GDP:
$25,000
2004real(2003)GDP:
12*$2,000+6*$1,000+1000*$1=$31,000
Real(2003)GDPhasincreasedby24%.
c.2003real(2004)GDP:
10*$3,000+4*$500+1,000*$1=$33,000
2004real(2004)GDP:
$40,000.
Real(2004)GDPhasincreasedby21.2%.
d.TheanswersmeasurerealGDPgrowthindifferentunits.Neitheranswerisincorrect,justasmeasurementininchesisnotmoreorlesscorrectthanmeasurementincentimeters.
5.a.2003baseyear:
Deflator(2003)=1;Deflator(2004)=$40,000/$31,000=1.29
Inflation=29%
b.2004baseyear:
Deflator(2003)=$25,000/$33,000=0.76;Deflator(2004)=1
Inflation=(1-0.76)/0.76=.32=32%
c.Analogousto4d.
6.a.2003realGDP=10*$2,500+4*$750+1000*$1=$29,000
2004realGDP=12*$2,500+6*$750+1000*$1=$35,500
b.(35,500-29,000)/29,000=.224=22.4%
c.Deflatorin2003=$25,000/$29,000=.862
Deflatorin2004=$40,000/$35,500=1.127
Inflation=(1.13-.86)/.86=.307=30.7%.
d.Yes,seeappendixforfurtherdiscussion.
DigDeeper
7.a.Thequalityofaroutinecheckupimprovesovertime.CheckupsnowmayincludeEKGs,forexample.Medicalservicesareparticularlyaffectedbythisproblemduetoconstantimprovementsinmedicaltechnology.
b.10%.
c.Thequality-adjustedpriceofcheckupsis5%higher.Theremaining10%ofthepriceincreasereflectsaqualityimprovement.
d.Weneedtoknowthepriceofcheckupsusingtheoldmethodintheyearthenewultrasoundinformationisintroduced.Evenwithoutthisinformation,wecansaythatthequality-adjustedpriceincreaseofcheckupsislessthan15%,sincetherehasbeensomequalityimprovement.
8.a.MeasuredGDPincreasesby$10+$12=$22.(Strictly,thisinvolvesmixingthefinalgoodsandincomeapproachestoGDP.Assumeherethatthe$12perhourofworkcreatesafinalgoodworth$12.)
b.TrueGDPshouldincreasebylessthan$22becausebyworkingforanextrahour,youarenolongerproducingtheworkofcookingwithinthehouse.Sincecookingwithinthehouseisafinalservice,itshouldcountaspartofGDP.Unfortunately,itishardtomeasurethevalueofworkwithinthehome,whichiswhymeasuredGDPdoesnotincludeit.Ifweassume,forthisproblem,thatthevalueofhomecookingisequaltothevalueofrestaurantcooking,andthateatingoutsimplyreplaceshomecooking,thenworkinglateincreasestrueGDPbyonlythevalueofthework,inthiscase$12.
9.a.AsofrevisionsthroughJune2005,therewere3quartersofnegativegrowthduringthe
period1999-2002.Thenumbersareseasonally-adjustedannualpercentagegrowthratesofGDPinchained2000dollars.
2000:
3-0.5
2001:
1-0.5
2001:
3-1.4
b.Theunemploymentrosein2001andcontinuedtoriseuntilmid-2003,whenitbeganto
fall.Unemploymentisnotthewholestorybecausediscouragedworkersmayleavethe
laborforceandthusnotbecountedasunemployed.Theparticipationratefellover2001,andcontinuedtoall(albeitmoreslowlyandwithsubstantialmonthlyvariation)overtheperiod.
c.Althoughwegraphemploymentagainsttimeinthisproblem(sincethebookdoesnotuselogarithms),theresultwouldbesimilarifweusedalogarithmicscale.Fromthegraph,employmentgrowthwasnegativeover2001.Then,employmentgrowthcontinuedatroughlythesamerate(perhapslower,aswouldbeclearwithalogarithmicscale)asbeforetherecession.Inotherwords,employmentdidnotrapidlycatchuptoitsprevioustrajectory.Indeed,asofJune2005,thegraphisconsistentwithapermanent,negativeeffectonemployment.Theemploymenttopopulationratiofellbyabout1.5percentagepointsover2001andcontinuedtofalluntilAugust,2003,whenitleveledoffandthenroseslightly.
d.Clearly,thelabormarketrecoveredmuchmoreslowlythanGDP.
Chapter3
QuickCheck
1.a.True.
b.False.Governmentspendingwithouttransferswas19%ofGDP.
c.False.Thepropensitytoconsumemustbelessthanoneforourmodeltobewelldefined.
d.True.
e.False.
f.False.Theincreaseinoutputisonetimesthemultiplier.
g.False.
2.a.Y=160+0.6*(Y-100)+150+150
Y=1000
b.YD=Y-T=1000-100=900
c.C=160+0.6*(900)=700
3.a.Equilibriumoutputis1000.Totaldemand=C+I+G=700+150+150=1000.Totaldemandequalsproduction.Thisistheequilibriumconditionusedtosolveforoutput.
b.Outputfallsby:
40*multiplier=40/.4=100.Soequilibriumoutputisnow900.
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