第十四章 深圳大学 宏观经济 学 期末考试复习资料.docx
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第十四章 深圳大学 宏观经济 学 期末考试复习资料.docx
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第十四章深圳大学宏观经济学期末考试复习资料
Chapter14SolutionstotheProblemsintheTextbook:
ConceptualProblems:
1.Eveniftheeconomyhasachievedthedesiredcapitalstocksome(gross)investmentstillmusttakeplacetokeepthecapitalstockatthislevel.Thelevelofinvestmenthastobesufficienttocoverdepreciation(duetowearandtearorbecausecapitalbecomesobsolete).
2.High-techcapital(suchascomputers)becomesobsoleteataveryfastrateandthereforeneedstobereplacedmuchearlieriffirmswanttostaycompetitive.Thereforetherateofdepreciationwillincreaseifmoreisinvestedinhigh-techmachines.
Humancapitalalsodepreciatessinceknowledgetendstobecomeoutdated(newtheoriesareadvancedandnewdiscoveriesaremadecontinuously).Thusknowledgeneedstobeupdated.Whoforexample,wantstobetreatedbyaphysicianwhohasn'tkeptupwithnewadvancesinmedicaltechnology?
Similarly,sinceonecanalsothinkofhealthashumancapital,wecanseethat,aswegrowolder,ourstockofhealthtendstodepreciate.Butthemoreweinvestinhealth,thatis,thehealthierweliveandthemorepreventivemeasureswetake,theslowerthisstockofhumancapitalwilldepreciate.
3.Theinterestratecannotsimplybeconsideredastherentalcostofcapitalbutisalsoanopportunitycost.Retainedearningscanbeusedtoinvestinnewmachinerybutalsotomakealoantosomeoneelse.Inotherwords,atanytimeretainedearningscanbe"financiallyinvested,"thatis,giventosomeoneinneedoffunds(thegovernment,forexample),inwhichcasethesefundswouldearninterest.Forexample,iftheyieldonagovernmentbondoracommercialpaperismuchhigherthantheexpectedrateofreturnonaninvestmentinrealcapital,afirmmaynotwanttoundertakethisinvestmentand"invest"inagovernmentbond.
4.Thepriceofashareofstockinacompanyshould,inanefficientstockmarket,beequaltothepriceofaclaimonthecapitalinthecompany.Tobin’sqisanestimateofthevaluethestockmarketplacesonafirm’sassetsrelativetothecostofproducingthoseassets.Inotherwords,itcanbethoughtofastheratioofthemarketvalueofafirmtothereplacementcostofcapital.Thereplacementcostofcapitalisameasureforthemarginalcostofcapital.Ifqisgreaterthan1,thenafirmshouldaddphysicalcapital,sinceforeachdollar’sworthofnewmachinerythefirmcansellstockforq>1dollars.Butthismeansthatthemarginalproductofcapitalexceedsitsmarginalcosts.
5.Asuddenincreaseinthedemandforafirm'sproductwillincreaseexpectationsoffuturesalesandinduceafirmtoincreaseitsdesiredcapitalstock.Thiswillrequireanincreaseinnetinvestment.Thespeedwithwhichthecapitalstockisincreasedtoitsnewdesiredleveldependsonwhetherthefirmbelievesthattheincreaseinsalesispermanentortemporaryandonthecosttothefirmofadjustingthecapitalstocktoitsnewdesiredlevelquickly.
6.Largefirmshaveeasieraccesstocreditthansmallfirms,sincelargefirmstendtohaveanestablishedandgoodcreditrating.Therefore,smallfirmsareoftenlimitedintheirinvestmentopportunitiesbytheirretainedearnings.Butifwehavemanymoresmallfirmsthanlargefirms,wemayobservelargeroutputfluctuationsoverthebusinesscycle.Thisisduetothefactthatsmallfirmswillinvestlessinarecessionthantheyotherwisemighthavebecausecreditisnotavailabletothemandprofitsaredown.Ontheotherhand,inaboomthesesmallfirmsarelikelytoinvestmorethantheywouldotherwise,sinceprofitsarehighandtheywanttocompensateforthelackofinvestmentduringthepastdownturn.
7.a.Whenprofitsarehigh,moreinternalfundsareavailableforfirms.Firmsgenerallywillusethesefundsforfinancingnewcapitalinvestments,evenattimeswhenoutsidefundingisnoteasilyobtainable.Higherprofitsmaycomefromincreasedsales.Thismaymakeentrepreneursmoreoptimisticaboutfuturesalesandencouragethemtoincreaseinvestmentspending.Higherprofitsalsomeanhigherdividendsandthushigherstockvalues.Butifstockvaluesarehigh,firmsaremoreinclinedtoraisenewfundsforadditionalinvestment.Itshouldbenoted,however,thathigherprofitsandtheavailabilityofinternalfundsshouldnotdistractfromthefactthatthecostofcapitalstillisanimportantfactorininvestmentdecisions.Anyinterestthatcouldbeearnedonsuchfundshastobeseenasanopportunitycost.
7.b.Creditrationingbybanksoccurssincebanksrealizethatwhileacautiousentrepreneurmaybedeterredfrominvestingwheninterestratesarehigh,amorerecklessentrepreneurmaystillinvestinspiteofhighrates.Entrepreneurswhoaremorerecklessarealsomorelikelytofailanddefaultontheirloans.Thereforeintimesoftightfunds,rationingcreditmaybeamoreeffectivewayforbankstoensureprofitsthanincreasingtheinterestrateonloans.Creditrationingmayalsooccurforotherreasons.Forexample,theFederalReservecanimposecreditlimitsonfinancialinstitutions.
8.a.Mortgageinterestpaymentsareanimportantconsiderationinbuyingahouse.Evenasmallchangeinmortgageinterestratescansignificantlyaffecthomebuyers'monthlymortgagepayments.Thereforemostpeoplewillwaittobuyahomeuntilinterestratesarefairlylow.Thepurchaseofahomeisdifferentfromthepurchaseofaconsumptiongood,sincemostpeoplecandelaypurchasingahomeforsometimeifmarketconditionsareunfavorable.Ifinterestratesareverylow,manymoreprospectivehomebuyerswillqualifyforamortgage.Onthesupplyside,housingdeveloperswithlargefinancingneedsaremorelikelytoundertakenewconstructionifthecostofcreditdeclines.Butasthesupplyofnewhousingincreases,thepriceforhousesmaydrop,inducingmorepeopletobuy.
8.b.Astateusurylawprohibitsbanksorthriftsfromchargingmortgageratesaboveacertainmaximum.Thisineffectprovidesapriceceilingonmortgagerates.Butwhenmarketinterestratesgoabovethisinterestrateceiling,themortgagemarketcannotadjusttoanequilibriumandtherewillbeexcessdemandformortgagefunds.Atsuchhighinterestratesbanksmaychanneltheirfundsawayfrommortgagesandintoother,higheryieldingventures.Thusthesupplyofmortgagecreditmaydecrease.Iftheinflationrateishigh,therealinterestratethathomebuyersactuallypaymaybequitelow.Thereforehomebuyersmaydemandmoremortgagefunds,creatingexcessdemandformortgageswhilethereisnoopportunityforthemarkettoclearduetothepriceceiling.Thisexplainswhyalowlevelofhousinginvestmentmayexistevenatlowrealinterestrates.
9.Theflexibleacceleratormodeltriestoexplainthespeedatwhichfirmsadjusttheircapitalstockovertime.Thelargerthegapbetweenthedesiredandactualcapitalstockis,thehigherthelevelofthefirm’sinvestmentspendingonmachinery.Much,butnotall,inventoryinvestmentcanbeexplainedwiththehelpofthisacceleratormodel.Thelevelofinventoryinvestmentisbasedonchangesinoutputandthereforesalesexpectations.
10.Unanticipatedinventoryaccumulationoccurswhenthedemandforaproductislowerthanwasexpected.Firmsgenerallyrespondbydecreasingtheirlevelofproductionandarecessionmaybeimminent.However,aplannedinventoryincreasegenerallyoccurswhenfirmsexpectaneconomicupturnandwanttobereadyfortheanticipatedincreaseinthedemandfortheirproduct.
11.Theinventory-to-salesratiodidnotincreaseinthe1990-91recession,probablybecauseofnewandbettermethodsofmanagementandfirmskeepingmuchtightercontrolovertheirinventories.Advancedcomputertechnologyandthesynchronizationofshipmentsofmaterialallowfirmstooperatewithleaner,lesscostlyinventories.Thereforetheinventory-to-salesratioisnotonlylesslikelytoincreaseduetoanundesiredinventoryincreaseatthebeginningofarecession,butitisalsolesslikelytoincreaseduetoadesiredinventoryincreaseatthebeginningofanewboom.Itappearsthattheroleofinventoryspendinginabusinesscyclemayhavechanged.
12.Thelevelofnetinvestmentistheadditiontothecapitalstock,thatis,IN=K.Alowlevelofnetinvestmentimpliesslowgrowthinthecapitalstockandhencefutureproductivecapacity.Alowrateofcapitalaccumulationgenerallyimplieslowerfuturelivingstandards.
13.Inthelongrun(whentheAS-curveisvertical),monetarypolicywillnotaffecttherealinterestrate.However,itwillaffectinflationandthereforethenominalinterestrate.Thenominalinterestrate(in)isdeterminedbytherealinterestrate(ir)plustheinflationrate(),thatis,
in=ir+
Butifthenominalinterestrateincreases,thenominalcostofborrowingfundsforinvestmentsrisesandsomeborrowersmaynolongerqualifyforloansbecauseofperceivedcashflowproblems.Banksmayactuallylimitcreditwhennominalinterestratesincrease,becausetheyfeelthatborrowersstillinterestedinloansmaybehighcreditrisks.Thisisparticularlytrueforresidentialinvestment,sincehousingisverysensitivetorealandnominalinterestrates.OnereasonisthatintheU.S.taxsystemnominalinterestpaymentsaretax-deductible,whilenominalcapitalgainsduetoinflationremainuntaxed.Ahigherrateofinflationmayalsohaveanegativeimpactonstockmarketvaluesduetoincreaseduncertaintyaboutthefuture.Butadecreaseinstockvaluesmaymakeitmoredifficultforfirmsthatwanttoraisefundsforinvestmentprojectsthroughissuingnewstocks.Expectationsaboutinflationalsomayaffectthetimingofinvestments.Asaresult,the
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