多恩布什宏观经济学第十版课后习题答案08.doc
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多恩布什宏观经济学第十版课后习题答案08.doc
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·CHAPTER8
SolutionstotheProblemsintheTextbook:
ConceptualProblems:
1. Thefirstquestionyoushouldaskyourselfasapolicymakeriswhetheradisturbanceistransitoryorpersistent.Youshouldthenaskyourselfhowlongitwouldtaketoputasuggestedpolicymeasureintoeffectandhowlongitwilltakeforthepolicytohavethedesiredeffectontheeconomy.Inaddition,youneedtoknowhowreliabletheestimatesofyouradvisorsareabouttheeffectsofthepolicy.Ifadisturbanceissmallandprobablytransitory,youmaybebestadvisedtodonothing,becauseanymeasureyoutakeislikelytohaveitseffectaftertheeconomyhasrecovered.Thereforeyouractionmightonlyfurtheraggravatetheproblem.
2.a. Theinsidelagisthetimeittakesafteraneconomicdisturbancehasoccurredtorecognizeandimplementapolicyactionthatwilladdressthedisturbance.
2.b. Theinsidelagisdividedintothreeparts.First,thereistherecognitionlag,thatis,thetimeittakesforpolicymakerstorealizethatadisturbancehasoccurredandthatapolicyresponseiswarranted.Second,thereisthedecisionlag,thatis,thetimeittakestodecideonthemostdesirablepolicyresponseafteradisturbanceisrecognized.Finally,thereistheactionlag,thatis,thetimeittakestoactuallyimplementthepolicymeasure.
2.c. InsidelagsareshorterformonetarypolicythanforfiscalpolicysincetheFOMCmeetsonaregularbasistodiscussandimplementmonetarypolicy.Fiscalpolicy,ontheotherhand,hastobeinitiatedandpassedbybothhousesoftheU.S.Congressandthiscanbealengthyprocess.Theexceptionsaretheso-calledautomaticstabilizers;however,theyonlyworkwellforsmallandtransitorydisturbances
2.d Automaticstabilizershavenoinsidelag;theyareendogenousandfunctionwithoutspecificgovernmentintervention.Examplesaretheincometaxsystem,thewelfaresystem,unemploymentinsurance,andtheSocialSecuritysystem.Theyallreducetheamountbywhichoutputchangesinresponsetoaneconomicdisturbance.
3.a. Theoutsidelagisthetimeittakesforapolicyaction,onceimplemented,tohaveitsfulleffectontheeconomy.
3.b. Generally,theoutsidelagisadistributedlagwithasmallimmediateeffectandalargeroveralleffectoveralongertimeperiod.Theeffectisspreadovertime,sinceaggregatedemandrespondstoanypolicychangeonlyslowlyandwithalag.
3.c. Outsidelagsarelongerformonetarypolicysincemonetarypolicyactionsaffectshort-terminterestratesmostdirectly,whileaggregatedemanddependsheavilyonlaggedvaluesofincome,interestrates,andothereconomicvariables.Achangeingovernmentspending,however,immediatelyaffectsaggregatedemand.
4. Fiscalpolicyhassmalleroutsidelags,butsignificantinsidelags.Monetarypolicy,ontheotherhandhassmallerinsidelagsandlongeroutsidelags.Thereforelargeopenmarketoperationsshouldbeundertakentogetanimmediateeffect,buttheyshouldbepartiallyreversedovertimetoavoidalargelong-runeffect.Iftheshockissufficientlytransitoryandsmall,policymakersmaybebestadvisednottoundertakeanypolicychangeatall.
5.a. Aneconometricmodelisastatisticaldescriptionofallorpartoftheeconomy.Itconsistsofasetofequationsthatarebasedonpasteconomicbehavior.
5.b. Econometricmodelsaregenerallyusedtoforecastthebehavioroftheeconomyandtheeffectsofalternativepolicymeasures.
5.c. Thereisconsiderableuncertaintyabouthowwelleconometricmodelsactuallyrepresenttheworkingsoftheeconomy.Thereisalsogreatuncertaintyabouttheexpectationsoffirmsandconsumersandtheirreactionstopolicychanges.Anypolicyisboundtofailiftheinformationonwhichitwasbasedispoor.
6.Theanswertothisquestionisstudentspecific.Themaindifficultiesofstabilizationpolicyarisefromthreesources.First,policyalwaysworkswithlags.Second,theoutcomeofanypolicydependsonthewaytheprivatesectorformsexpectationsandhowthoseexpectationsaffectthepublic'sbehavior.Third,thereisconsiderableuncertaintyaboutthestructureoftheeconomyandtheshocksthathitit.
ItcanbearguedthatamonetarypolicyrulewouldgreatlyreduceuncertaintyabouttheFed'spolicyresponses.Ifthegovernmentbehavedinaconsistentway,thentheprivatesectorwouldalsobehavemoreconsistentlyandeconomicfluctuationscouldbegreatlyreduced.AmonetarygrowthrulewouldalsoreduceanypoliticalpressuretheadministrationmightexertontheFed.Itisofteninitiallyunclearwhetheradisturbanceistemporaryorpersistentandamonetarypolicyrulewouldpreventpolicymistakesincaseswherethedisturbanceis,infact,temporary.Ifactivemonetarypolicyisappliedtoatemporarydisturbance,thenthelagsinvolvedwillguaranteeth
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