MACRO Ans for Ch 11宏观经济学答案.docx
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MACRO Ans for Ch 11宏观经济学答案.docx
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MACROAnsforCh11宏观经济学答案
MACROAnswerstotextquestionsandproblemsforChapter11
AnswerstoReviewQuestions
1.ThekeyassumptionofthebasicKeynesianmodelisthatintheshortrun,firmsmeetdemandatpre-setprices.Thefactthatfirmsproducetomeetdemandimpliesthatchangesindemand(andthereforeaggregatespending)dictatestheoutputlevelintheshortrun.
(LO1
AACSB:
Analytic
Bloom’s:
Remember
2.Therearemanypossibleexamples.Goodsthatarestandardizedandareboughtandsoldinlargequantities,suchaswheatorothercommodities,tendtohaverapidlyadjustingpricessincethebenefitsofsettingupactiveauctionmarketsforsuchgoodsusuallyexceedsthecosts.Goodssuchasdressesorskirts,whicharenotstandardized(theyvaryinsize,color,style)andwhichareusuallysoldinretailstoresonebyone,tendtohavepricesthatarechangedlessfrequently.
(LO1)
AACSB:
Analytic
Bloom’s:
Understand
3.Plannedaggregateexpenditure(PAE)isthetotalplannedspendingonfinalgoodsandservices.Itconsistsofconsumptionspending,investmentspending,andgovernmentpurchasesofgoodsandservices,andnetexports(exportslessimports).
Achangeinoutputalterstheincomereceivedbyproducers,whichinturnaffectsconsumptionspendingthroughtheconsumptionfunction.SinceconsumptionisthelargestcomponentofPAE,changesinoutputleadtochangesinPAE.
(LO2)
AACSB:
Analytic
Bloom’s:
Analyze
4.Plannedspendingincludesplannedadditionstoinventoriestofirms.Whenfirms’actualsalesdifferfromplannedsales,theresultingchangestoinventorywilldifferfromwhatwasplanned,andactualspendingwilldifferfromplannedspending.Forexample,supposeafirmplannedtoproduce100units,sell90unitstothepublic,andadd10unitstoitsinventory.Butthefirmsellsonly80unitsandthusmustadd20unitstoinventory.Thefirm’splannedinventoryinvestment(acomponentofplannedinvestmentandthustotalplannedspending)was10units,butitsactualinventoryinvestmentwas20units.Sothefirm’sactualinvestmentspending(inclusiveofinventoryinvestment)isgreaterthanitplanned.Ontheotherhand,ifthefirmsoldall100units,itwouldaddnothingtoinventory,anditsactualinvestment(includinginventoryinvestment)wouldbelessthanplanned.
(LO2)
AACSB:
Analytic
Bloom’s:
Analyze
5.Figure18.2showsaconsumptionfunction.Consumption,(C),isontheverticalaxisanddisposableincome,(Y–T),isonthehorizontalaxis.
a.Amovementfromlefttorightalongtheconsumptionfunctionshowsthatconsumptionincreasesasdisposableincomeincreases.
b.Aparallelshiftupwardoftheconsumptionfunctionindicatesthatpeopleareconsumingmoreatanygivenlevelofdisposableincome.Thisimpliesthatsomefactorotherthanachangeindisposableincome,autonomousconsumption,isstimulatingconsumptionsuchasthewealtheffectorchangesintheinterestrateand/orexpectationsonfutureincome.
(LO2)
AACSB:
Analytic
Bloom’s:
Analyze
6.Figure18.4showstheKeynesiancrossdiagram.The45-degreelinecapturesthedefinitionofshort-runequilibriumoutput,Y=PAE;thisimpliesthattheshort-runequilibriumoutputmustlieonthisline.Theflatterline,theexpenditureline,showshowplannedaggregateexpendituredependsonoutput.Becauseincreasedoutputraisesdisposableincome,whichinturnincreasesconsumptionandplannedaggregateexpenditure,theexpenditurelineisupwardsloping.Autonomousexpenditureisgivenbytheinterceptoftheexpenditureline,themarginalpropensitytoconsumeequalstheslopeoftheexpenditureline,andshort-runequilibriumoutputisthepointonthehorizontalaxiscorrespondingtotheintersectionoftheexpenditurelineandtheY=PAEline.Tofindinducedexpenditure,drawahorizontallinefromtheintersectionofY=PAEandtheexpenditurelinetotheverticalaxis.Thedifferencebetweentheresultingpointontheverticalaxis(whichequalsactualexpenditure)andtheinterceptoftheexpenditureline(whichequalsautonomousexpenditure)equalsinducedexpenditure.
(LO3)
AACSB:
Analytic
Bloom’s:
Analyze
7.Themainreasonforthe2007-2009recessionwastheburstingofthebubbleintheUnitedStateshousingmarketinthesummerof2006,causingbothhouseholdsandbusinessestoreducetheirspending.Forhouseholdsthismeantbothareductioninthevalueofoneofthemostcommonlyheldassets(wealtheffect)andincreaseduncertaintyaboutthefuture,reducingconsumers’willingnesstospendateachlevelofdisposableincome(afallin
).Forbusinesses,thedisruptioninfinancialmarketsledtoacreditcrunch,whereitwasalmostimpossibleforfirmstoborrowfundsforinvestmentspending,therebyreducingplannedinvestment.Eachoftheseleadstoareductioninautonomousexpenditure.Graphically,adeclineinautonomousexpenditureshiftstheexpenditurelinedownwardandlowersshort-runequilibriumoutputbelowpotentialoutputsothatarecessionarygapiscreated.(SeeFigure18.5foranillustration.)
(LO3,LO4)
AACSB:
Analytic
Bloom’s:
Apply
8.Themultipliertellsustheeffectofaone-unitincreaseinautonomousexpenditureonshort-runequilibriumoutput.Themultiplierisgreaterthanonebecauseaone-unitincreaseinautonomousexpendituredirectlyincreasesoutputbyoneunitandincreasesproducers’incomesbyoneunit.Theincreaseinincomeleadstofurtherspendingonthepartofproducers,whichraisesincomeofotherproducersandsubsequentlyincreasestheirspending.Thismultiple-roundprocessofspendingandincomecreationleadstoafinalincreaseinoutputthatisgreaterthantheone-unitinitialimpact.
(LO4)
AACSB:
Analytic
Bloom’s:
Analyze
9.Theincreaseingovernmentpurchasesraisesautonomousexpenditureby50units.Thetaxcutraisesdisposableincomeby50units,whichstimulatesplannedaggregateexpenditurebyincreasingconsumptionspending.However,thetaxcutraisesautonomousexpenditurebyonly50unitstimesthemarginalpropensitytoconsume(MPC),asnotalladditionalincomeisspent.AslongastheMPCislessthanone,thetaxcutwillincreaseautonomousexpenditurebylessthan50units.Thustheincreaseingovernmentpurchaseswillhavethegreaterimpactonplannedaggregateexpenditure.
(LO4)
AACSB:
Analytic
Bloom’s:
Apply
10.First,governmentspendingandtaxingdecisionsmayaffectpotentialoutputaswellasplannedaggregateexpenditure.Whatthegovernmentspendsitsmoneyon,aswellastheincentiveeffectsofchangesintaxandtransferprograms,needtobefactoredinwhenevaluatingtheeffectsoffiscalpolicy.Long-rungrowthofpotentialoutputisaffectedbythetypeofspendingthegovernmentpursues,aswellashowtaxpoliciesaffectlaborsupplydecisionsandinvestmentdecisions.
Second,changesingovernmentspendingandtaxingcanaffectthegovernment’sbudgetdeficit,whichinturnmayaffectlong-runinvestmentincapitalgoodsandthegrowthofpotentialoutput.Forexample,anexpansionaryfiscalpolicymayboostplannedaggregateexpenditureintheshortrun,leadingtoincreasedoutputandemployment,butitmayalsoraiserealinterestratesifitreducesnationalsaving(byincreasingthegovernment’sbudgetdeficitwithoutanoffsettingincreaseinprivatesaving).Theincreasedinterestratesmayreducecapitalinvestmentandlong-rungrowthofoutput–thisissometimescalledthecrowdingouteffect.
Third,fiscalpolicyisrelativelyinflexible,withlonglegislativeprocessesreducingthegovernment’sabilitytoquicklyrespondtooutputgaps.Thedelaysinimplementationmaystemfromthelegislativeprocessitself(budgetrecommendationsarefirstpresentedtoCongressbythePresident,thenareoftendebatedformonthsbeforefinallybecominglaw,andmaytakeeffectmonthsafterthis)orfrompoliticalwranglingoverspendingandtaxingpriorities.
(LO5)
AACSB:
Analytic
Bloom’s:
Apply
AnswerstoProblems
1.Acme’splannedinvestmentineverycaseis$1,500,000(itsplannedexpenditureonnewequipmentpluszeroplannedincreaseininventories).ThekeytothisproblemistofindtheamountofunplannedinventoryinvestmentAcmemakesthenaddthistoitsplannedinvestmenttofindAcme’sactualinvestment.
a.IfAcmesells$3,850,000worthofgoods,ithasunplannedinventoryinvestmentof$150,000andtotalactualinvestmentof$1,650,000.
b.IfAcmesells$4,000,000worthofgoodsasitplanned,itsactualinvestmentof$1,500,000equalsitsplannedinvestment.
c.IfAcmesells$4,200,000worthofgoodsitmustdrawdown$200,000worthofgoodsfromitsexistinginventory,implyingthatinventoryinvestmentisnegative$200,000.Acme’sactualinvestmentinthiscaseis$1,500,000-$200,000=$1,300,000.
Outputequalsshort-runequilibriumoutputincaseb,whereplannedspendingandactualspendingareequal,asnoproducerhasanincentivetoproduceeithermoreorless.
(LO1)
AACSB:
Analytic
Bloom’s:
Apply
2.Workingwiththeconsumptionfunction:
a.Disposableincome(before-taxincomelesstaxespaid)andconsumptionareasfollows:
Before-taxincome($)
Taxespaid($)
Disposableincome($)
Consumption($)
25,000
3,000
22,000
20,000
27,000
3,500
23,500
21,350
28,000
3,700
24,300
22,070
30,000
4,000
26,000
23,600
Graph:
Themarginalpropensitytoconsumeistheincreaseinconsumptioncausedbyaonedollarincreaseindisposableincome.Inthiscase,whendisposableincomeincreasesbyfrom22,000to23,500,ariseof1500,consumptionrisesby1350.TheMPCistherefore1350/1500=0.9.Wecanconfirmthisbycheckingtheotherpointsontheconsumptionfunction.Forexample,whendisposableincomerisesbyanother800(24,300–23,500),consumptionrisesby720(
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