多恩布什宏观经济学第十版课后习题答案06.docx
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多恩布什宏观经济学第十版课后习题答案06.docx
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多恩布什宏观经济学第十版课后习题答案06
Chapter6
SolutionstotheProblemsintheTextbook:
ConceptualProblems:
1.TheaggregatesupplycurveandthePhillipscurvedescribeverysimilarrelationshipsandbothcurvescanbeusedtoanalyzethesamephenomena.TheAS-curveshowsarelationshipbetweenthepricelevelandthelevelofoutput.ThePhillipscurveshowsarelationshipbetweentherateofinflationandtheunemploymentrate,givencertaininflationaryexpectations.Forexample,amovementalongtheAS-curvedepictsanincreaseinthepricelevelthatisassociatedwithanincreaseinthelevelofoutput.Asoutputincreases,therateofunemploymentdecreases(seeOkun’slaw).Therefore,withalargerincreaseinthepricelevel(ahigherlevelofinflation)therewillbeadecreaseinunemployment,creatingadownward-slopingPhillipscurve.ThisdownwardslopingPhillipscurveshiftswheneverinflationaryexpectationschange.Ifoneassumesthatworkerswillchangetheirwagedemandswhenevertheirinflationaryexpectationschange,onecanconcludethatashiftinthePhillipscurvecorrespondstoashiftintheupwardslopingAS-curve,sincehigherwagesmeanhighercostofproduction.
2.Intheshortrun,whenwagesandpricesareassumedtobefixed,therecanbenoinflationandthusthePhillipscurvemakesnosenseoverthisverybrieftimeframe.Butinthemediumrun(inthischapteralsooftenreferredtoastheshortrun),thePhillipscurveisdownwardslopingasinflationaryexpectationsareassumedtobeconstant.Inthelongrun,thePhillipscurveisverticalatthenaturalrateofunemployment,whichcorrespondstotheverticallong-runAS-curveatthefull-employmentlevelofoutput.
3.Avarietyofexplanationsaregiveninthischapterforthestickinessofwagesintheshortorintermediaterun.Oneisthatworkershaveimperfectinformationandnobodyknowstheactualpricelevel.Peopledon’tknowwhetherachangeintheirnominalwageistheresultofanincreaseinpricesorintherealwagetheyreceivefortheworktheyprovide.Duetothisuncertainty,labormarketswillnotclearimmediately.Anotherargumentreliesoncoordinationproblems,thatis,differentfirmswithinaneconomycannotcoordinatepricechangesinresponsetomonetarypolicychanges.Individualfirmschangetheirpricesonlyreluctantly,sincetheyareafraidoflosingmarketshare.Theefficiencywagetheoryarguesthatemployerspayabovemarket-clearingwagestomotivatetheirworkerstoworkharder.Firmsarealsoreluctanttochangewagesbecauseoftheperceivedmenucostsinvolved.Therearelong-termrelationsbetweenfirmsandworkersandwagesareusuallysetinnominaltermsbywagecontracts,whicharerenegotiatedonlyperiodically.Thusrealwagesfluctuateovertimeasthepricelevelchanges.Finally,theinsider-outsidermodelarguesthatfirmsnegotiateonlywiththeirownemployeesbutnotwithunemployedworkers.Sinceaturnoverinthelaborforceiscostlytofirms,theyarewillingtoofferabovemarket-clearingwagestothecurrentlyemployedratherthanhiringtheunemployedwhomaybewillingtoworkforlowerwages.
Thesedifferentviewsarenotnecessarilymutuallyexclusiveanditisuptostudentstodecidewhichoftheargumentspresentedheretheyfindmostplausible.Theexplanationsdiffermainlyintheirassumptionofhowfastmarketsclearandwhetheremploymentvariationsarevoluntary.
4.a.Stagflationisdefinedasaperiodofhighunemploymentaccompaniedbyhighinflation.
4.b.Stagflationcanoccurintimeperiodswhenpeoplehavehighinflationaryexpectations.Iftheeconomygoesintoarecession,theactualrateofinflationwillfallbelowtheexpectedrateofinflation.However,theactualinflationratemaystillbeveryhighwhiletherateofunemploymentisincreasing.Forexample,theFedmayhaveletmoneysupplygrowmuchtoofastinthepast,soeveryoneexpectsahighinflationrate.Ifasupplyshockoccurs,wewillseeanincreaseintherateofunemploymentwhileinflationaryexpectationsandactualinflationremainveryhigh.Thisscenariooccurredduringthe1970s.Oncewehavereachedsuchasituation,itbecomesnecessarytodesignpoliciesthatwillreduceinflationaryexpectationstoshiftthePhillipscurvebacktotheleft.
5.AssumeadisturbanceoccursandtheAD-curveshiftstotheright.Unemploymentdecreasesandinflationincreases,andwemovealongthedownwardslopingPhillipscurvetotheleft.However,assoonaspeoplerealizethatactualinflationishigherthantheirinflationaryexpectations,theyadjusttheirinflationaryexpectationsupwardandthedownward-slopingPhillipscurveshiftstotheright,eventuallyreturningunemploymentbacktoitsnaturalrate.Inotherwords,theeconomyadjustsbackatthefull-employmentlevelofincome.
Ifanadversesupplyshockoccurs(theupward-slopingAS-curveshiftstothele
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