曼昆宏观经济经济学第九版英文原版答案9资料Word文件下载.docx
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曼昆宏观经济经济学第九版英文原版答案9资料Word文件下载.docx
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CHAPTER9 EconomicGrowthII:
Technology,Empirics,andPolicy
QuestionsforReview
1.IntheSolowmodel,wefindthatonlytechnologicalprogresscanaffectthesteady-staterateofgrowthinincomeperworker.Growthinthecapitalstock(throughhighsaving)hasnoeffectonthesteady-stategrowthrateofincomeperworker;
neitherdoespopulationgrowth.Buttechnologicalprogresscanleadtosustainedgrowth.
2.Inthesteadystate,outputperpersonintheSolowmodelgrowsattherateoftechnologicalprogressg.Capitalperpersonalsogrowsatrateg.Notethatthisimpliesthatoutputandcapitalpereffectiveworkerareconstantinsteadystate.IntheU.S.data,outputandcapitalperworkerhavebothgrownatabout2percentperyearforthepasthalf-century.
3.TodecidewhetheraneconomyhasmoreorlesscapitalthantheGoldenRule,weneedtocomparethemarginalproductofcapitalnetofdepreciation(MPK–δ)withthegrowthrateoftotaloutput(n+g).ThegrowthrateofGDPisreadilyavailable.Estimatingthenetmarginalproductofcapitalrequiresalittlemoreworkbut,asshowninthetext,canbebackedoutofavailabledataonthecapitalstockrelativetoGDP,thetotalamountofdepreciationrelativetoGDP,andcapital’sshareinGDP.
4.Economicpolicycaninfluencethesavingratebyeitherincreasingpublicsavingorprovidingincentivestostimulateprivatesaving.Publicsavingisthedifferencebetweengovernmentrevenueandgovernmentspending.Ifspendingexceedsrevenue,thegovernmentrunsabudgetdeficit,whichisnegativesaving.Policiesthatdecreasethedeficit(suchasreductionsingovernmentpurchasesorincreasesintaxes)increasepublicsaving,whereaspoliciesthatincreasethedeficitdecreasesaving.Avarietyofgovernmentpoliciesaffectprivatesaving.Thedecisionbyahouseholdtosavemaydependontherateofreturn;
thegreaterthereturntosaving,themoreattractivesavingbecomes.Taxincentivessuchastax-exemptretirementaccountsforindividualsandinvestmenttaxcreditsforcorporationsincreasetherateofreturnandencourageprivatesaving.
5.Thelegalsystemisanexampleofaninstitutionaldifferencebetweencountriesthatmightexplaindifferencesinincomeperperson.CountriesthathaveadoptedtheEnglishstylecommonlawsystemtendtohavebetterdevelopedcapitalmarkets,andthisleadstomorerapidgrowthbecauseitiseasierforbusinessestoobtainfinancing.Thequalityofgovernmentisalsoimportant.Countrieswithmoregovernmentcorruptiontendtohavelowerlevelsofincomeperperson.
6.Endogenousgrowththeoriesattempttoexplaintherateoftechnologicalprogressbyexplainingthedecisionsthatdeterminethecreationofknowledgethroughresearchanddevelopment.Bycontrast,theSolowmodelsimplytookthisrateasexogenous.IntheSolowmodel,thesavingrateaffectsgrowthtemporarily,butdiminishingreturnstocapitaleventuallyforcetheeconomytoapproachasteadystateinwhichgrowthdependsonlyonexogenoustechnologicalprogress.Bycontrast,manyendogenousgrowthmodelsinessenceassumethatthereareconstant(ratherthandiminishing)returnstocapital,interpretedtoincludeknowledge.Hence,changesinthesavingratecanleadtopersistentgrowth.
ProblemsandApplications
1.a.IntheSolowmodelwithtechnologicalprogress,yisdefinedasoutputpereffectiveworker,andkisdefinedascapitalpereffectiveworker.ThenumberofeffectiveworkersisdefinedasL´
E(orLE),whereListhenumberofworkers,andEmeasurestheefficiencyofeachworker.Tofindoutputpereffectiveworkery,dividetotaloutputbythenumberofeffectiveworkers:
b.Tosolveforthesteady-statevalueofyasafunctionofs,n,g,andδ,webeginwiththeequationforthechangeinthecapitalstockinthesteadystate:
Δk=sf(k)–(δ+n+g)k=0.
Theproductionfunctioncanalsoberewrittenasy2=k.Pluggingthisproductionfunctionintotheequationforthechangeinthecapitalstock,wefindthatinthesteadystate:
sy–(δ+n+g)y2=0.
Solvingthis,wefindthesteady-statevalueofy:
y*=s/(δ+n+g).
c.Thequestionprovidesuswiththefollowinginformationabouteachcountry:
Atlantis:
s=0.28Xanadu:
s=0.10
n=0.01n=0.04
g=0.02g=0.02
δ=0.04δ=0.04
Usingtheequationfory*thatwederivedinpart(a),wecancalculatethesteady-statevaluesofyforeachcountry.
Developedcountry:
y*=0.28/(0.04+0.01+0.02)=4
Less-developedcountry:
y*=0.10/(0.04+0.04+0.02)=1
2.a.Inthesteadystate,capitalpereffectiveworkerisconstant,andthisleadstoaconstantlevelofoutputpereffectiveworker.Giventhatthegrowthrateofoutputpereffectiveworkeriszero,thismeansthegrowthrateofoutputisequaltothe
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