财政学 第七版 英文版 哈维S罗森 Harvey SRosen 著 课后习题答案详解.docx
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财政学 第七版 英文版 哈维S罗森 Harvey SRosen 著 课后习题答案详解.docx
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财政学第七版英文版哈维S罗森HarveySRosen著课后习题答案详解
Instructor’sManualtoaccompany
PublicFinance,SeventhEdition,byHarveyS.Rosen
SuggestedAnswerstoEnd-of-ChapterDiscussionQuestions
Someofthequestionshavenosingle“correct”answer–reasonablepeoplecangooffindifferentdirections.Insuchcases,theanswersprovidedheresketchonlyafewpossibilities.
Chapter1-Introduction
1.a.Putin’sstatementisconsistentwithanorganicconceptionofgovernment.Individualsandtheirgoalsarelessimportantthanthestate.
b.Rehnquistmakesaclearstatementofthemechanisticviewofthestate.
2.a.Apersonwithanorganicconceptionofthestatemightreactfavorably,arguingthatevenifanindividualownerisworseoffbecausehemustshowonlyFrenchmovies,thenationisbetteroffbecauseitachievesmoreunity.
b.Alibertarianwouldcertainlyrejectthispolicyandthereasoningbehindit--thereisno“nationalinterest”independentoftheinterestsofindividuals,andpeopleshouldhavetherighttoruntheirlivesinthewaythattheyprefer--includingseeingwhatevermoviestheywant.
c.Asocialdemocratwouldtrytobalancethesetwoaims,anditishardtopredicthowheorshewouldcomeout.
3.Themechanisticviewofgovernmentsaysthatthegovernmentisacontrivancecreatedbyindividualstobetterachievetheirindividualgoals.Withinthemechanistictradition,peoplecoulddisagreeontheobesitytax.Libertarianswouldsaythatpeoplecandecidewhatisbestforthemselves-whethertoconsumehighcaloriefood-anddonotneedproddingfromthegovernment.Incontrast,socialdemocratsmightarguethatpeoplearetooshortsightedtoknowwhatisgoodforthem,sothatgovernment-providedinducementsareappropriate.
4.a.Ifthesizeofgovernmentismeasuredbydirectexpenditures,themandatedoesnotdirectlyincreaseit.Costsofcompliance,however,maybehighandwouldappearasanincreaseina“regulatorybudget.”
b.It’shardtosaywhetherthisrepresentsanincreaseordecreaseinthesizeofgovernment.OnepossibilityisthatGDPstayedthesame,andgovernmentpurchasesofgoodsandservicesfell.Anotheristhatgovernmentpurchasesofgoodsandservicesgrew,butataslowerratethantheGDP.Onemustalsoconsidercoincidentfederalcreditandregulatoryactivitiesandstateandlocalbudgets.
c.Thefederalbudgetwoulddecreaseifgrants-in-aidwerereduced.However,ifstateandlocalgovernmentsoffsetthisbyincreasingtaxes,thesizeofthegovernmentsectorasawholewouldnotgodownasmuchasonewouldhaveguessed.
5.Theinflationerodestherealvalueofthedebtby0.021x£311billionor£6.5billion.Thefactthatinflationreducestherealdebtobligationmeansthatthisfigureshouldbeincludedasrevenuetothegovernment.
6.Thefederalgovernmentgrewby$450billion.However,becausethepricelevelwentupby16percent,intermsof2001dollarsthisamountedtoarealincreaseof$224billion(=$1.86trillion-1.16*$1.41trillion=$1.86trillion-$1.64trillion).Notethattheincreaseinpricesof16percentintheRosentext(p.18)differsfromofficialsources.Accordingtothe2004EconomicReportofthePresident(TableB-60),theCPI-Uwas177.1in2001andwas144.5in1993,anincreaseof22.5percent,not16percent.Ifoneusesthesenumbers,governmentspendingincreasedinconstant2001dollarsfrom$1.72trillionin1993to$1.86trillion,or$140billion.AsaproportionofGDP,federalspendingin1993was21.2percentandin2001itwas18.2percent.Hence,byonemeasure,thesizeofgovernmentfellandbytheothermeasure,itgrew.Togetamorecompleteanswer,onewouldwantdataonthepopulation(tocomputerealspendingpercapita).Also,itwouldbeusefultoaddinexpendituresbystateandlocalgovernments,toseeifthetotalsizeofgovernmentfell.Also,althoughitwouldbehardertomeasure,onewouldwanttotrytogainsomesenseofhowtheregulatoryburdenontheeconomygrewduringthistimeperiod.
Chapter2–ToolsofPositiveAnalysis
1.Therealitythatastronomersaretryingtounderstandisnotinfluencedbyany“policies”thatastronomersmightimplement.Thatis,planetsandstarsdoactanydifferentlywhentheyarebeinganalyzed,whereaspeoplecanchangetheirbehavior.Moreover,theparameterswithwhichastronomersmustdealareconstantovertime(atleastinthe“short-run”ofhundredsofyears),whiletheparametersineconomicscanquicklychangeovertimeandacrossgeography.
2.Achangeinthemarginaltaxratechangestheindividual’snetwage.Thisgeneratesbothanincomeeffectandasubstitutioneffect.Aslongasleisureisanormalgood,theseeffectsworkinoppositedirections.Hence,onecannottellaprioriwhetherlaborsupplyincreasesordecreases.Onecouldasktaxpayerstodescribehowtheywouldchangetheirbehaviorundertheproposal,butitishardtoimaginethatthiswouldyieldusefulresults.Inasocialexperiment,acontrolgroupwouldconfrontthestatusquo,andanexperimentalgroupwouldfacethenewtaxregime.Thisisclearlyinfeasible.Econometricinvestigationoflaborsupplyseemsthebestapproach,particularlyifdataassociatedwithpastchangesintaxratescanbebroughttobearontheproblem.
3.Generally,economicoutcomesareaffectedbyanumberofvariablessomeofwhichareobservedandothersofwhichareunobserved.Economistsoftencannotperformcontrolled,randomizedexperiments,whichmakesitdifficulttoassesshowanysinglevariableaffectsagivenoutcome.Moreover,eveninthecaseswhenexperimentsarerun(e.g.,theNegativeIncomeTaxexperimentortheRANDHealthInsuranceExperiment),anumberofunintendedbehaviorscanarisebecausepeopleknowtheyareintheexperimentforashortamountoftimeandbecauseoflackofgeneralizability.Inthemedicalexamplehere,brainimpairmentmaybeduetoanumberoffactorsthatareeitherobservedareunobserved.Ecstasyusersclearlyarenotarandomsampleofthepopulation,butarelikelytodifferintermsoftheirattitudestowardsrisk,theirdiscountrates,andpotentiallymanyotherways.Hence,onecannotdefinitivelyconcludewhetherbrainimpairmentisduetoEcstasyorsomevariablethatiscorrelatedwithEcstasyuse.Therearenumerousnon-experimentalmethodsthatmaybehelpfulininferringthecausaleffectofEcstasy.Forexample,iftherewereaplausible“instrumentalvariable”(perhapsthepunitivenessofthedruglawsinastate)thatwascorrelatedwiththesupplyofEcstasybutnototherwisecorrelatedwiththeoutcomesofinterest,onemaybeabletoestimatethecausaleffectofEcstasyonlong-rundevelopmentalproblems.
4.Thetextpointsoutthepitfallsofsocialexperiments:
theproblemofobtainingarandomsampleandtheproblemsofextendingresultsbeyondthescopeoftheexperiment.Participantsinthestudyhadfoundittotheiradvantagetobeapartoftheexperiment,whichmayhaveresultedinaself-selectedpopulationunrepresentativeofthewidergroupofhealthcareconsumers.Inaddition,theRANDHealthInsuranceExperimentwasoflimitedduration,afterwhichtheparticipantswouldmovetosomeotherhealthplan.Thisdesigncouldinducecertainbehaviorintheshort-runthatwouldnotnecessarilybepresentifthehealthinsurancecoveragewerepermanentratherthantransitory.Further,physicians’“standardpractices”arelargelydeterminedbythecircumstancesofthepopulationasawhole,nottherelativelysmallexperimentalgroup.
5.First,itisimportanttonotethatthenumbersonpage 32ofRosen’stextactuallyshowthesurplus,notthedeficit.Thatis,thenegativesurplusof$221.2in1990isactuallyadeficit,whilethepositivesurplusof$236.4isasurplus.Thereisaveryweak,negativerelationshipbetweensurplusesandinterestrates(thecorrelationcoefficientis-.043),orputdifferently,aweak,positiverelationshipbetweendeficitsandinterestrates.Howeveritisexpressed,itisweak--by“eyeballing”thedata,itmightappearthatlargerdeficitsleadtolowerinterestrates(forexample,bycomparingthedatafrom1980withthedatafrom2000).Oneclearlywouldneedmoredatatoinvestigatethisquestion.Onewouldwanttolookatdeficitsrelativetosomebenchmark,suchasGDP.Onewouldwanttoexpressbothinterestratesanddeficitsinrealterms,ratherthannominalterms.Onewouldliketocontrolforotherfactorsthatcanaffectinterestrates,suchasmonetarypolicyandthelevelofeconomicactivity.Finally,onewouldwanttodeterminewhichwaythecausalityruns–dolargerdeficitscausehigherinterestrates,ordohigherinterestratescauselargerdeficits(since,byconstruction,oneofthelargestitemsinthefederalbudgetisinterestonthedebt).
Chapter3–ToolsofNormativeAnalysis
1.a.Inthisparticularinsurancemarket,onewouldnotexpectasymmetricinformationtobemuchofaproblem–theprobabilityofafloodiscommonknowledge.Moralhazardcouldbeanissue–peoplearemorelikelytobuildnearabeachiftheyhavefloodinsurance.Still,onewouldexpectthemarketforfloodinsurancetooperatefairlyefficiently.
b.Thereissubstantialasymmetricinformationinthemarketsformedicalinsuranceforconsumersandalsomalpracticeinsuranceforphysicians.Forefficientconsumption,thepricemustbeequaltothemarginalcost,andtheeffectofinsurancemaybetoreducetheperceivedpriceofmedicalcareconsumption.Thatwouldleadtoconsumptionabovetheefficientlevel.Becauseoftherolesofregulation,insurance,taxes,andtheshiftingofcostsfromtheuninsuredtotheinsured,thereislittlereasontoexpectthemarkettobeefficient.
c.Inthestockmarket,thereisgoodinformationandthou
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