英文翻译译文.docx
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英文翻译译文.docx
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英文翻译译文
Macroeconomics
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2、
3、
4、Abbyconsumesonlyapples.Inyear1,redapplescost1dollareach,greenapplescost2dollareach,andAbbybuys10redapples.Inyear2,redapplescost2dollar,greenapplescost1dollar,andAbbybuys10greenapples.
a.Computeaconsumerpriceindexforapplesforeachyear.Assumethatyear1isthebaseyearinwhichtheconsumerbasketisfixed.Howdoesyourindexchangefromyear1toyear2?
b.ComputeAbby’snominalspendingonapplesineachyear.Howdoesitchangefromyear1toyear2?
c.Usingyear1asthebaseyear,computeAbby’srealspendingonapplesineachyear.Howdoesitchangefromyear1toyear2?
d.Definingtheimplicitpricedeflatorasnominalspendingdividedbyrealspending,computethedeflatorforeachyear.Howdoesthedeflatorchangefromyear1toyear2?
SupposethatAbbyisequallyhappyeatingredorgreenapples.HowmuchhasthetruecostoflivingincreasedforAbby?
Comparethisanswertoyouranswerstoparts(a)and(d).WhatdoesthisexampletellyouaboutLaspeyresandPaaschepriceindexes?
a.
AccordingtotheCPI(消費物價指數),priceshavedoubled.
b.N-spendingisthetotalvalueofoutputproducedineachyear.InY1andY2,Abbybuys10applesfor$1each,soherN-spendingremainsconstantat$10.
c.R-spendingisthetotalvalueofoutputproducedineachyearvaluedatthepricesprevailinginY1.InY1,thebaseyear,herR-spendingequalsherN-spendingof$10.Inyear2,sheconsumes10greenapplesthatareeachvaluedattheirY1priceof$2,soherrealspendingis$20.
Hence,Abby’srealspendingrisesfrom$10to$20.
d.
Thus,theimplicitpricedeflatorsuggeststhatpriceshavefallenbyhalf.
e.IfAbbythinksofredapplesandgreenapplesasperfectsubstitutes,thenthecostoflivinginthiseconomyhasnotchanged.
AccordingtotheCPI,however,thecostoflivinghasdoubled.IncontrasttotheCPI,theimplicitpricedeflatorestimatesthecostoflivinghashalved.
Thus,theCPI,aLaspeyresindex,overstatestheincreaseinthecostoflivingandthedeflator,aPaascheindex,understatesit.
ThischapterofthetextdiscussesthedifferencebetweenLaspeyresandPaascheindicesinmoredetail.
5、
6、Supposethataneconomy’sproductionfunctionisCobb-Douglaswithparameter
.
a.Whatfractionsofincomedocapitalandlaborreceive?
b.Supposethatimmigrationincreasesthelaborforceby10percent.Whathappentototaloutput?
Therentalpriceofcapital?
Therealwage?
c.Supposethatagiftofcapitaformabroadraisesthecapitalstockby10percent.Whathappenstototaloutput(inpercent).Therentalpriceofcapital?
Therealwage?
d.SupposethatatechnologicaladvanceraisesthevalueoftheparameterAby10percent.Whathappenstototaloutput?
Therentalpriceofcapital?
Therealwage?
7、Supposethatthemoneydemandfunctiontakestheform
a.Ifoutputgrowsatrateg,atwhatratewillthedemandforrealbalancesgrow(assumingconstantnominalinterestrates)?
b.Whatisthevelocityofmoneyinthiseconomy?
c.Ifinflationandnominalinterestratesareconstant,atwhatrate,ifany,willvelocitygrow?
d.Howwillapermanentincreaseinthelevelofinterestratesaffectthelevelofvelocity?
Howwillitaffectthesubsequentgrowthrateofvelocity?
8、ConsideraneconomywiththefollowingCobb-Douglasproductionfunction:
Theeconomyhas1000unitsofcapitalandalaborforceof1000workers.
a.Derivetheequationdescribinglabordemandinthiseconomyasafunctionoftherealwageandthecapitalstock.
b.Iftherealwagecanadjusttoequilibratelaborsupplyandlabordemand,whatistherealwage?
Inthisequilibrium,whatareemployment,output,andthetotalamountearnedbyworkers?
c.NowsupposethatCongress,concernedaboutthewelfareoftheworkingclass,passesalawrequiringfirmstopayworkersarealwageof1unitofoutput.Howdoesthiswagecomparetotheequilibriumwage?
d.Congresscannotdictatehowmanyworkersfirmhireatthemandatedwage.Giventhisfact,whataretheeffectsofthislaw?
Specifically,whathappenstoemployment,outputandthetotalamountearnedbyworkers?
e.WillCongresssucceedinitsgoalofhelpingtheworkingclass?
Explain.
f.Doyouthinkthatthisanalysisprovidesagoodwayofthinkingaboutaminimum-wagelaw?
Whyorwhynot?
9、Onecountry,A,thecapitalshareofGDPis30percent,theaveragegrowthinoutputis3percentperyear,thedepreciationrateisabout4percentperyear,andthecapital-outputrateisabout2.5.SupposethattheproductionfunctionisCobb-Douglas,sothecapitalshareisconstant,andthatcountryAhasbeeninasteadystate;.
a.Whatmustthesavingratebeintheinitial?
b.Comparethecapital-outputratioattheGoldenRulesteadystatetothecapital-outputratiointheinitialstate.
c.WhatmustthesavingratebetoreachtheGoldenRulesteadystate?
Dosesitneedtobeincreasedordecreased?
WhatpoliciesmightcountryApurse?
10、Twocountries,RichlandandPoorland,aredescribedbytheSolowgrowthmodel.TheyhavethesameCobb-Douglasproductionfunction,
butwithdifferentquantitiesofcapitalandlabor,.Richlandsave32percentofitsincome,whilePoorlandsaves10percent.Richlandhaspopulationgrowthof1percentperyear,whilePoorlandhaspopulationgrowthof3percent.(Thenumbersinthisproblemarechosentobeapproximatelyrealisticdescriptionsofrichandpoornations.)Bothnationshavetechnologicalprogressatrateof2percentperyearanddepreciationatarateof5percentperyear.
a.Whatistheper-workerproductionfunctionf(k)?
b.SolvefortheratioofRichland’ssteady-stateincomeperworkertoPoorland’s.(Hint:
Theparameter
willplayaroleinyouranswer.)
c.IftheCobb-Douglasparameter
takestheconventionalvalueofabout1/3,howmuchhighershouldincomeperworkerinRichlandcomparedtoPoorland?
d.IncomeperworkerinRichlandisactually16timesincomeperworkerinPoorland.Canyouexplainthisfactbychangingthevalueofparameter
?
Whatmustitbe?
Canyouthinkofanywayofjustifyingsuchavalueforthisparameter?
HowelsemightyouexplainthelargerdifferenceinincomebetweenRichlandandPoorland?
8、Supposethatconsumptiondependsonthelevelofrealmoneybalance(onthegroundsthatrealmoneybalancesarepartofwealth).Showthatifrealmoneybalancesdependonthenominalinterestrate,thenanincreaseintherateofmoneygrowthaffectsconsumption,investment,andtherealinterestrate.Doesthenominalinterestrateadjustmorethanone-for-oneorlessthanone-for-onetoexpectedinflation?
ThisdeviationfromtheclassicaldichotomyandtheFishereffectiscalledtheMundell-Tobineffect.HowmightyoudecidewhethertheMundell-Tobineffectisimportantinpracti
概率小:
3、ConsiderhoweachofthefollowingeventsislikelytoaffectrealGDP.DoyouthinkthechangeinrealGDPreflectsasimilarchangeineconomicwell-being?
a.AhurricaneinFloridaforcesDisneyWorldtoshutdownforamonth.
b.Increasedhostilitybetweenunionsandmanagementsparksarashofstrikes?
c.Firmsthroughouttheeconomyexperiencefallingdemand,causingthemtolayoffworkers.
d.Morehigh-schoolstudentsdropoutofschooltotakejobsmowinglawns.
4、Whenthegovernmentsubsidizesinvestment,suchaswithaninvestmenttaxcredit,thesubsidyoftenappliestoonlysometypesofinvestment.Thisquestionasksyoutoconsidertheeffectofsuchachange.Supposetherearetwotypesofinvestmentintheeconomy:
businessinvestmentandresidentialinvestment.Andsupposethatthegovernmentinstitutesaninvestmenttaxcreditonlyforbusinessinvestment.
a.Howdoesthispolicyaffectthedemandcurveforbusinessinvestment?
Thedemandcurveforresidentialinvestment?
b.Drawtheeconomy’ssupplyanddemandforloanablefunds.Howdoesthispolicyaffectthesupplyanddemandforloanablefunds?
Whathappenstotheequilibriuminterestrate?
c.Comparetheoldandthenewequilibria.Howdoesthispolicyaffectthetotalquantityofinvestment?
Thequantityofresidentialinvestment?
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