布兰查德宏观经济学第七版第7版英文版chapter16.docx
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布兰查德宏观经济学第七版第7版英文版chapter16.docx
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布兰查德宏观经济学第七版第7版英文版chapter16
Macroeconomics,7e(Blanchard)
Chapter16:
Expectations,Output,andPolicy
16.1ExpectationsandDecisions:
TakingStock
1)Changesinfutureexpectedinterestratescanaffectcurrentconsumption.Supposeindividualsexpectfutureinterestratestodecrease.Consumptionwillchangeasaresultofthislowerexpectedfutureinterestratebecauseofitseffectsonwhichofthefollowing?
A)humanwealth
B)thevalueofstocks
C)thevalueofbonds
D)alloftheabove
E)noneoftheabove
Answer:
D
Diff:
2
2)Whichofthefollowingwillnotcauseaggregateprivatespendingtoincrease?
A)anincreaseinexpectedfuturerealinterestrates
B)anincreaseingovernmentspending
C)areductioninfuturetaxes
D)alloftheabove
E)noneoftheabove
Answer:
A
Diff:
1
3)Whichofthefollowingwillcauseaggregateprivatespendingtodecrease?
A)areductioningovernmentspending
B)anincreaseinexpectedfutureinterestrates
C)anincreaseinexpectedfuturetaxes
D)alloftheabove
E)noneoftheabove
Answer:
D
Diff:
1
4)TheIScurveshiftstotheleftwherethereis
A)areductionincurrenttaxes.
B)anincreaseinexpectedfuturetaxes.
C)anincreaseinexpectedfutureoutput.
D)alloftheabove
E)noneoftheabove
Answer:
B
Diff:
1
5)Supposeindividualsnowbelievethattherewillbeafuturetaxcut.Thisreductioninexpectedfuturetaxeswillcausewhichofthefollowingtooccurinthecurrentperiod?
A)theLMcurvetoshiftdown
B)theLMcurvetoshiftup
C)theIScurvetoshiftrightward
D)theIScurvetoshiftleftward
E)noneoftheabove
Answer:
C
Diff:
1
6)Supposeindividualsnowbelievethattherewillbeanincreaseinthefutureexpectedinterestrate.Thisincreaseintheexpectedfutureinterestratewillcausewhichofthefollowingtooccurinthecurrentperiod?
A)anupwardshiftoftheLMcurve
B)aleftwardshiftoftheIScurve
C)theIScurvetobecomeflatter
D)theLMcurvetobecomesteeper
E)noneoftheabove
Answer:
B
Diff:
1
7)Supposethereisafiscalexpansioninthecurrentperiod.Thisfiscalexpansionwilltendtocauseasmallerincreaseincurrentoutputwhen
A)anincreaseincurrentoutputcausesanincreaseinexpectedfutureoutput.
B)anincreaseinthecurrentinterestratecausesexpectationsofexpansionarymonetarypolicyinthefuture.
C)anincreaseinthecurrentinterestratecausesanincreaseinexpectedfutureinterestrates.
D)bothAandB
E)alloftheabove
Answer:
C
Diff:
2
8)Whichofthefollowingwillnotcauseaggregateprivatespendingtodecrease?
A)areductioninexpectedfuturerealinterestrates
B)areductioningovernmentspending
C)anincreaseinfuturetaxes
D)alloftheabove
E)noneoftheabove
Answer:
A
Diff:
1
9)Whichofthefollowingwillcauseaggregateprivatespendingtoincrease?
A)anincreaseingovernmentspending
B)areductioninexpectedfutureinterestrates
C)areductioninexpectedfuturetaxes
D)alloftheabove
E)noneoftheabove
Answer:
D
Diff:
1
10)TheIScurveshiftstotherightwherethereis
A)anincreaseincurrenttaxes.
B)areductioninexpectedfuturetaxes.
C)areductioninexpectedfutureoutput.
D)alloftheabove
E)noneoftheabove
Answer:
B
Diff:
1
11)Supposeindividualsnowbelievethattherewillbeafuturetaxincrease.Thisincreaseinexpectedfuturetaxeswillcausewhichofthefollowingtooccurinthecurrentperiod?
A)theLMcurvetoshiftdown
B)theLMcurvetoshiftup
C)theIScurvetoshiftrightward
D)theIScurvetoshiftleftward
E)noneoftheabove
Answer:
D
Diff:
1
12)Supposethereisareductioninexpectedfutureoutput.Thiswillcausewhichofthefollowingtooccur?
A)theIScurvetoshiftleftinthecurrentperiod
B)theIScurvetoshiftrightinthecurrentperiod
C)theLMcurvetoshiftupinthecurrentperiod
D)theLMcurvetoshiftdowninthecurrentperiod
Answer:
A
Diff:
2
13)Supposethereisareductionintheexpectedfutureinterestrate.Thiswillcausewhichofthefollowingtooccur?
A)theIScurvetoshiftleftinthecurrentperiod
B)theIScurvetoshiftrightinthecurrentperiod
C)theLMcurvetoshiftupinthecurrentperiod
D)theLMcurvetoshiftdowninthecurrentperiod
Answer:
B
Diff:
2
14)ExplainwhythenewIScurvethattakesintoaccountexpectationsislikelysteeperthantheoriginalIScurvethatignoredexpectations.
Answer:
ThereareseveralfactorsthatdeterminethesizeoftheslopeoftheIScurve:
themultiplierandtheinterestratesensitivityofinvestment.ThemultiplierisnowsmallerbecausechangesincurrentYdonothaveaslargeaneffectoncurrentC.So,thempcissmaller,themultipliersmaller,andtheIScurvesteeper.Also,adropintheinterestratethatisnowtemporarywillnotcauseItoincreaseasmuchsotheIScurvewillbesteeper.IntheoriginalIS-LMmodel,changesinYandtheinterestratewereimplicitlyassumedpermanent.
Diff:
2
15)Explainthedeterminantsofaggregateprivatespending.
Answer:
Aggregateprivatespending,A,equalsCplusI.So,Aisafunctionofcurrentincome,futureexpectedincome,currenttaxes,futureexpectedtaxes,currentinterestrates,andfutureexpectedinterestrates.
Diff:
2
16)ExplainwhateffectanincreaseinfutureexpectedoutputwillhaveontheIScurveandLMcurveinthecurrentperiod.
Answer:
AnincreaseinYewillcausehumanwealthtobehigher.IndividualswillincreasetheircurrentconsumptionandtheIScurvewillshiftright.AnincreaseinYewillalsocausefirmstoincreasetheirexpectationsoffutureexpectedprofits.Whenthisoccurs,thediscountedpresentvalueoffutureprofitsishighercausingItoincrease.AsIincreases,theIScurveshiftsright.ThiswillhavenoeffectontheLMcurve.
Diff:
2
17)ExplainwhateffectareductioninthefutureexpectedinterestratewillhaveontheIScurveandLMcurveinthecurrentperiod.
Answer:
Areductioninthefutureexpectedinterestratewillcauseanincreaseinthepresentvalueoffuturedisposableincomeand,therefore,humanwealth.ThiscausescurrentCtoincreaseandtheIScurvetoshiftright.Thereductioninthefutureexpectedratewillalsocauseanincreaseinthepresentvalueoffutureprofits.ThiswillcauseanincreaseininvestmentandanotherrightwardshiftintheIScurve.TheLMcurvewillnotbeaffected.
Diff:
2
18)Comparethefollowingthreewaystomodelexpectations:
animalspirits,adaptiveexpectations,andrationalexpectations.
Answer:
Animalspiritsassumedthatexpectationsweresimplyrandom.Adaptiveexpectationsassumedthatindividualsformedexpectationsbylookingatpastchangesinavariable.Rationalexpectationsassumedthatindividualsformexpectationsbyusingallcurrentlyavailableinformationandanunderstandingofthemodelandpolicy.
Diff:
2
19)ExplainwhateffectareductioninfutureexpectedoutputwillhaveontheIScurveandLMcurveinthecurrentperiod.
Answer:
AreductioninYewillcausehumanwealthtobehigher.IndividualswillreducetheircurrentconsumptionandtheIScurvewillshiftleft.AreductioninYewillalsocausefirmstodecreasetheirexpectationsoffutureexpectedprofits.Whenthisoccurs,thediscountedpresentvalueoffutureprofitsislowercausingItodecrease.AsIdecreases,theIScurveshiftsleft.ThiswillhavenoeffectontheLMcurve.
Diff:
2
20)ExplainwhateffectanincreaseinthefutureexpectedinterestratewillhaveontheIScurveandLMcurveinthecurrentperiod.
Answer:
Anincreaseinthefutureexpectedinterestratewillcauseareductioninthepresentvalueoffuturedisposableincomeand,therefore,humanwealth.ThiscausescurrentCtodecreaseandtheIScurvetoshiftleft.Theincreaseinthefutureexpectedratewillalsocauseareductioninthepresentvalueoffutureprofits.ThiswillcauseareductionininvestmentandanotherleftwardshiftintheIScurve.TheLMcurvewillnotbeaffected.
Diff:
2
16.2MonetaryPolicy,Expectations,andOutput
1)WhichofthefollowingwillcausetheLMcurvetoshiftup?
A)anincreaseintheexpectedfutureinterestrate
B)anincreaseincurrentincome
C)anincreaseinexpectedfuturetaxes
D)alloftheabove
E)noneoftheabove
Answer:
E
Diff:
1
2)Achangeinwhichofthefollowingwillhaveadirecteffectontheamountofmoneyindividualswishtoholdinthecurrentperiod?
A)thecurrentnominalinterestrate
B)thecurrentrealinterestrate
C)theexpectedfuturenominalinterestrate
D)theexpectedfuturerealinterestrate
E)alloftheabove
Answer:
A
Diff:
2
3)Areductioninwhichofthefollowingvariableswillcauseanincreaseintheamountofmoneyindividualswishtoholdinthecurrentperiod?
A)currentincome
B)thecurrentnominalinterestrate
C)thecurrentrealinterestrate
D)expectedfutureincome
E)alloftheabove
Answer:
B
Diff:
2
4)Supposeindividualsexpectthatinterestrateswillincreaseinthefuture.AlsoassumethattheFedwantstopreventanychangeincurrentoutput.GiventhisgoaloftheFed,theFedshouldimplementapolicyinthecurrentperiodthat
A)shiftstheIScurverightward.
B)shiftstheIScurveleftward.
C)shiftstheIScurveleftwardandtheLMcurveupward.
D)shiftstheLMcurveupward.
E)shiftstheLMcurvedownward.
Answer:
E
Diff:
2
5)AchangeinwhichofthefollowingvariableswillcauseashiftoftheIScurveinthecurrentperiod?
A)thecurrentinterestrate
B)currentoutput
C)currenttaxes
D)alloftheabove
E)noneoftheabove
Answer:
D
Diff:
1
6)TheIScurvebecomessteeperwhen
A)governmentspendingisrelativelysmall.
B)theincometaxrateinthecurrentperiodisrelativ
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