布兰查德《宏观经济学》第五版课后题答案Word格式.docx

布兰查德《宏观经济学》第五版课后题答案Word格式.docx

《布兰查德《宏观经济学》第五版课后题答案Word格式.docx》由会员分享，可在线阅读，更多相关《布兰查德《宏观经济学》第五版课后题答案Word格式.docx（70页珍藏版）》请在冰豆网上搜索。

e.False.Thereareproblemswiththestatistics,buttheconsensusisthatgrowthinChinahasbeen

high.

f.False.TheEuropean“unemploymentmiracle”referstotherelativelylowEuropean

unemploymentrateinthe1960sandtheearly1970s.

g.True.

h.True.

2.a.Moreflexiblelabormarketinstitutionsmayleadtolowerunemployment,buttherearequestions

abouthowpreciselytorestructuretheseinstitutions.TheUnitedKingdomhasrestructuredits

labormarketinstitutionstoresemblemorecloselyU.S.institutionsandnowhasalower

unemploymentratethanbeforetherestructuring.Ontheotherhand,DenmarkandtheNetherlandshaverelativelylowunemploymentrateswhilemaintainingrelativelygeneroussocialinsuranceprogramsforworkers.

Inaddition,someeconomistsarguethattightmonetarypolicyhasatleastsomethingtodowiththehighunemploymentratesinEurope.

b.AlthoughtheEurowillremoveobstaclestofreetradebetweenEuropeancountries,eachcountry

willbeforcedtogiveupitsownmonetarypolicy.

DigDeeper

3.a.TheChinesegovernmenthasencouragedforeignfirmstoproduceinChina.Sinceforeignfirms

aretypicallymoreproductivethanChinesefirms,thepresenceofforeignfirmshasleadtoanincreaseinChineseproductivity.TheChinesegovernmenthasalsoencouragedjointventuresbetweenforeignandChinesefirms.ThesejointventuresallowChinesefirmstolearnfrommoreproductiveforeignfirms.

b.TherecentincreaseinU.S.productivitygrowthhasbeenaresultofthedevelopmentand

widespreaduseofinformationtechnologies.

c.TheUnitedStatesisatechnologicalleader.MuchofU.S.productivitygrowthisrelatedtothedevelopmentofnewtechnologies.Chinaisinvolvedintechnologicalcatch-up.MuchofChineseproductivitygrowthisrelatedtoadoptingexistingtechnologiesdevelopedabroad.

d.It’snotcleartowhatextentChinaprovidesamodelforotherdevelopingcountries.Highinvestmentseemsagoodstrategyforcountrieswithlittlecapital,andencouragingforeignfirmstoproduce（andparticipateinjointventures）athomeseemsagoodstrategyforcountriestryingtoimproveproductivity.Ontheotherhand,thedegreetowhichChina’scentralizedpoliticalcontrolhasbeenimportantinmanagingthepaceofthetransitionandinprotectingpropertyrights

offoreignfirmsremainsopentoquestion.

4.a.10years:

（1.018）10=1.195or19.5%higher

20years:

42.9%higher

50years:

144%higher

b.10years:

31.8%higher

73.7%higher

297.8%higher

c.Takeoutputperworkerasameasureofthestandardofliving.

10years:

1.195/1.318=1.103,sothestandardoflivingwouldbe10.3%higher;

21.6%higher

63%higher

d.No.Laborproductivitygrowthfluctuatesalotfromyeartoyear.Thelastfewyearsmay

representgoodluck.Itistoosoontotellwhethertherehasbeenachangeinthetrendobservedsince1970.

5.a.13.2（1.034）t=2.8（1.088）t

t=ln（13.2/2.8）/[ln（1.088/1.034）]

t≈30.5yrs

Thisanswercanbeconfirmedwithaspreadsheet,forstudentsunfamiliarwiththeuseof

logarithms.

b.No.Atcurrentgrowthrates,ChineseoutputwillexceedU.S.outputwithin31years,butChinese

outputperperson（theChinesestandardofliving）willstillbelessthanU.S.outputperperson.

ExploreFurther

6.a/c.AsofFebruary2008,therehadbeen5recessions（accordingtothetraditionaldefinition）since

1960.Seasonally-adjustedannualpercentagegrowthratesofGDP（inchained2000dollars）aregivenbelow.

1969:

4-1.91981:

4-4.9

1970:

1-0.71982:

1-6.4

1974:

3-3.81990:

4-3.0

4-1.61991:

1-2.0

1975:

1-4.7

1980:

2-7.8

1980:

3-0.7

Withrespecttothenoteon2001,thegrowthratesfor2001aregivenbelow.

2001:

1-0.5%

21.2%

3-1.4%

41.6%

7.a-b.%pointincreaseintheunemploymentrateforthe5recessions

1969-700.71981-821.1

1974-753.11990-910.9

19800.6

Theunemploymentrateincreasedby1.5percentagepointsbetweenJanuary2001and

January2002.

Chapter2

1.a.True.

b.True/Uncertain.RealGDPincreasedbyafactorof25;

nominalGDPincreasedbya

factorof21.RealGDPperpersonincreasedbyafactorof4.

c.False.

d.True.

e.False.TheleveloftheCPImeansnothing.TherateofchangeoftheCPIisonemeasureofinflation.

f.Uncertain.Whichindexisbetterdependsonwhatweare