Blanchard宏观经济学4e习题答案docx.docx
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Blanchard宏观经济学4e习题答案docx
CHAPTER1
QuickCheck
1.a.True.
b.True.
c.True.
d.Uncertain.Itistruethatthegrowthofoutputperworkerincreasedinthemid・1990s,buteconomistsdisagreeaboutthedegreetowhichthisincreaseingrowthwillpersist.Thegrowthofoutputperworkerfluctuatesagreatdealfromyeartoyear,whichmakesitdifficulttodrawinferencesfromthedata.
e.True.
f・False.TheEuropean"unemploymentmiracle^referstothelowrateofunemploymentinEuropeinthe1960s・
g.False.TheslumpwastriggeredbythecollapseoftheJapanesestockmarket・
h.False.
2.
a.
1960-2000
1994-2000
2001-2004
us
3.2%
3.9%
2.45%
EU
3.1%
2.3%
2.3%
Japan
4.7%
1.4%
2.3%
Growthratesinallthreeregionsarelowerinthemostrecentperiodthanovertheperiod1960-2004・However,comparedtotheperiod1994-2000,U.S.growthislowerinthemostrecentperiod,Japanesegrowthishigher,andEuropeangrowthisunchanged.
b.Answerswillvary.
3.a.Lowunemploymentmightleadtoanincreaseininflation.
b・TaxcutsmayhavebeenusefultostimulatetheU.S.economyduringthe2001recession.However,thetaxcutswerepermanent.Therecessionisoverandthedeficitremainshigh.
c.Althoughlabormarketrigiditiesmaybeimportant,itisalsoimportanttoconsiderthattheserigiditiesmaynotbeexcessive,andthathighunemploymentmayarisefromflawedmacroeconomicpolicies.
d.AlthoughpoorregulationofthefinancialsystemmaybecontributingtothelengthofJapan'sslump,mosteconomistsbelievethatthecollapseinJapaneseassetpricestriggeredtheeconomicdownturn.Moreover,tighteningregulationwouldlikelyinvolvemorepainintheshortrunsincesomebanksandfirmswouldbeforcedtoclose.
e.AlthoughtheEurowillremoveobstaclestofreetradebetweenEuropeancountries,eachcountrywillbeforcedtogiveupitsownmonetarypolicy・
DigDeeper
4.Thisisadiscussionquestion,soanswerswillvary.Basedonthediscussioninthetext,thereareclearsimilaritiesinthepolicyresponsesoftheU.S.andJapanesegovernments・Centralbanksinbothcountriesreducedinterestrates,andgovernmentsinbothcountriestriedtostimulatetheeconomywithlowertaxes・Governmentspendingalsoincreasedinbothcountries;explicitlyforeconomicstimulusinJapan,andaspartofforeignandsecuritypolicyintheUnitedStates.Asforthedifferences,thetextleavestheimplicationthatJapanesebankingsystemislessefficientthantheU.S.bankingsystem,whichperhapsallowsforeasierrecoveryintheUnitedStates.ThereisalsoanallusiontotheliquiditytrapinJapan,sinceinterestratesarezero.However,themechanicsoftheliquiditytraparenotdiscussedindetailuntilChapter22.
5.a.10years:
(1.01)10~1.10or10%higher;20years:
22%higher;
50years:
64%higher
b.22%;49%;169%higher
c.Takeoutputperworkerasameasureofthestandardofliving.
10years:
1.22/1.1=1.11,sothestandardoflivingwouldbeabout11%higher;
20years:
22%higher;50years:
64%higher
d・No.Laborproductivitygrowthfluctuatesalotfromyeartoyear・Thelastfewyearsmayrepresentgoodluck・SomeeconomistsbelievetherehasbeenalastingchangeintheU.S.economythatwillleadtocontinuedhighproductivitygrowthinthefuture,butwccannotbecertain.
6・ChinaovertakestheUnitedStatesin2044,or41yearsfrom2003.・Theproblemasksstudentstofindtheanswerbyusingaspreadsheet.Algebraically,
11(1.03)(=1.6(1.08)1
11/1.6=(1.08/1.03)l
t=ln(l1/1.6)/ln(1.08/1.03)=40.7yrs
ExploreFurther
7.a-c.AsofJune2005,therehavebeen5recessionssince1960.Thenumbersarcseasonally-
adjustedannualpercentagegrowthratesofGDPinchained2000dollars.
1969:
4
1970:
1
-1.9
-0.7
1980:
2
1980:
3
-7.8
-0.7
1974:
3
・3.8
1981:
4
-4.9
1974:
4
・1.6
1982:
1
-6.4
1975:
1
-4.8
1990.4
-3.()
1991:
1
-2.0
&
a-b.%point
increaseinunemploymentrateforthe5
recessions
1969-70
0.7
1981-82
1.1
1974-75
3」
1990-91
0.9
1980
0.9
Jan.2001-Jan.2002
1.5
CHAPTER2
QuickCheck
1.a.False.
b.Uncertain.TruefornominalGDP,falseforrealGDP.
c.True.
d.True.
e.False.TheleveloftheCPImeansnothing.Itsrateofchangetellsusaboutinflation.
f.Uncertain.Whichindexisbetterdependsonwhatwearetryingtomeasure一inflationfacedbyconsumersorbytheeconomyasawhole.
2.a.nochange:
intermediategood
b.+$100;PersonalConsumptionExpenditures
c.+$200million;GrossPrivateDomesticFixedInvestment
d.+$200million;NetExports
e.nochange:
thejetwasalreadycountedwhenitwasproduced,i.e.,presumablywhenDelta(orsomeotherairline)boughtitnewasaninvestment.
3.a.$1,000,000,thevalueofthesilvernecklaces.
b.1stStage:
$300,000.2ndStage:
$1,000,00-$300,000=$700,000.
GDP:
$300,00
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