宏观经济学课后习题答案Ch 24Aggregate Demand.docx
- 文档编号:13268323
- 上传时间:2023-06-12
- 格式:DOCX
- 页数:27
- 大小:294.25KB
宏观经济学课后习题答案Ch 24Aggregate Demand.docx
《宏观经济学课后习题答案Ch 24Aggregate Demand.docx》由会员分享,可在线阅读,更多相关《宏观经济学课后习题答案Ch 24Aggregate Demand.docx(27页珍藏版)》请在冰点文库上搜索。
宏观经济学课后习题答案Ch24AggregateDemand
CHAPTER24
AggregateDemandandAggregateSupplyAnalysis
1.ChapterSummary
2.LearningObjectives
3.ChapterOutline
TeachingTips/TopicsforDiscussion
4.SolvedProblems
5.SolutionstoReviewQuestionsandProblemsandApplications
1.ChapterSummary
Theaggregatedemandandaggregatesupplymodelenablesustoexplainshort-runfluctuationsinrealGDPandthepricelevel.Theaggregatedemandcurve(AD)showstherelationshipbetweenthepricelevelandthequantityofrealGDPdemandedbyhouseholds,firms,andthegovernment.Theshort-runaggregatesupplycurve(SRAS)showstherelationshipintheshortrunbetweenthepricelevelandthequantityofrealGDPsuppliedbyfirms.Thelong-runaggregatesupplycurveshowstherelationshipinthelongrunbetweenthepricelevelandthequantityofrealGDPsupplied.Thefourcomponentsofaggregatedemandareconsumption(C),investment(I),governmentpurchases(G),andnetexports(NX).Theaggregatedemandcurveisdownwardslopingbecauseadeclineinthepricelevelcausesconsumption,investment,andnetexportstoincrease.Ifthepricelevelchangesbutallelseremainsconstant,theeconomywillmoveupordownastationaryaggregatedemandcurve.Ifanyvariableotherthanthepricelevelchanges,theaggregatedemandcurvewillshift.Thevariablesthatcausetheaggregatedemandcurvetoshiftaredividedintothreecategories:
changesingovernmentpolicies,changesintheexpectationsofhouseholdsandfirms,andchangesinforeignvariables.
Thelong-runaggregatesupplycurveisaverticallinebecause,inthelongrun,realGDPisalwaysatitspotentiallevelandisunaffectedbythepricelevel.Theshort-runaggregatesupplycurveslopesupwardbecauseworkersandfirmsoftenfailtopredictaccuratelythefuturepricelevel.Thethreemainexplanationsofwhythisfailureresultsinanupward-slopingaggregatesupplycurveare:
(1)contractsmakewagesandprices“sticky,”
(2)businessesoftenadjustwagesslowly,and(3)menucostsmakesomepricessticky.Ifthepricelevelchangesbutallelseremainsconstant,theeconomywillmoveupordownastationaryaggregatesupplycurve.Ifanyvariableotherthanthepricelevelchanges,theaggregatesupplycurvewillshift.Theaggregatesupplycurveshiftsasaresultofincreasesinthelaborforceandthecapitalstock,technologicalchange,expectedincreasesordecreasesinthefuturepricelevel,adjustmentsofworkersandfirmstoerrorsinpastexpectationsaboutthepricelevel,andunexpectedincreasesordecreasesinthepriceofanimportantrawmaterial.
Onecanusetheaggregatedemandandaggregatesupplymodeltoillustratethedifferencebetweenshort-runandlong-runmacroeconomicequilibrium.Inlong-runmacroeconomicequilibrium,theaggregatedemandandshort-runaggregatesupplycurvesintersectatapointonthelong-runaggregatesupplycurve.Inshort-runmacroeconomicequilibrium,theaggregatedemandandshort-runaggregatesupplycurvesoftenintersectatapointoffthelong-runaggregatesupplycurve.Anautomaticmechanismdrivestheeconomytolong-runequilibrium.Ifshort-runequilibriumoccursatapointbelowpotentialrealGDP,wagesandpriceswillfallandtheshort-runaggregatesupplycurvewillshifttotherightuntilpotentialGDPisrestored.Ifshort-runequilibriumoccursatapointbeyondpotentialrealGDP,wagesandpriceswillriseandtheshort-runaggregatesupplycurvewillshifttotheleftuntilpotentialGDPisrestored.RealGDPcanbetemporarilyaboveorbelowitspotentiallevel,eitherbecauseofshiftsintheaggregatedemandcurveorbecausesupplyshocksleadtoshiftsintheaggregatesupplycurve.
Tomaketheaggregatedemandandaggregatesupplymodelmorerealistic,weneedtomakeitdynamicbyincorporatingthreefactsthatwereleftoutofthebasicmodel:
(1)PotentialrealGDPincreasescontinually,shiftingthelong-runaggregatesupplycurvetotheright.
(2)Duringmostyears,aggregatedemandwillbeshiftingtotheright.(3)Exceptduringperiodswhenworkersandfirmsexpecthighratesofinflation,theaggregatesupplycurvewillbeshiftingtotheright.Thedynamicaggregatedemandandaggregatesupplymodelallowsustoanalyzemacroeconomicconditions,includingtherecoveryfromthe2001recession.
2.LearningObjectives
Studentsshouldbeableto:
∙Discussthedeterminantsofaggregatedemand,anddistinguishbetweenamovementalongtheaggregatedemandcurveandashiftofthecurve.
∙Discussthedeterminantsofaggregatesupply,anddistinguishbetweenamovementalongtheshort-runaggregatesupplycurveandashiftofthecurve.
∙Usetheaggregatedemandandaggregatesupplymodeltoillustratethedifferencebetweenshort-runandlong-runmacroeconomicequilibrium.
∙Usethedynamicaggregatedemandandaggregatesupplymodeltoanalyzemacroeconomicconditions.
3.ChapterOutline
CaterpillarRecoversSlowlyfromthe2001Recession
1.CaterpillarInc.,aleadingmultinationalcorporation,manufacturesmoreconstructionandminingequipmentthananycompanyintheworld.Caterpillar’ssalesareaffectedbyfactorssuchasexchangerates,tariffs,andchangingattitudesofforeigngovernmentstowardmultinationalcorporations.Duringrecessions,investmentspendingdeclines.Inthefallof2000,evenbeforetherecessionhadformallybegun,Caterpillarexperiencedadeclineinsales.Theslowrecoveryfromthe2001recessionwasnotuniquetoCaterpillar.Themanufacturingsectorasawholerecoveredmoreslowlyfromthe2001recessionthanfromanyotherrecessionsinceWorldWarII.
►Teachingtips:
OnecanusetheaggregatedemandandaggregatesupplymodeltoanalyzewhathappensduringthebusinesscycleandtounderstandwhyCaterpillarandmanyotherU.S.companiesrecoveredsoslowlyfromtherecessionof2001.Therecessionof2001illustratesanimportantpointaboutmacroeconomics.Attheendofthischapter,AnInsideLookdescribestherecoveryoftheJapaneseeconomyanditseffectsonKomatsu,Caterpillar’sJapaneserival.Ithighlightstheeffectofincreasingexportsonaggregatedemand.Thesereadingscanbeusedasthebasisforclassroomdiscussion,homeworkassignmentsorexaminationquestionsregardingthesignificanceofinflationandunemploymentaskeymacroeconomicproblems.
AggregateDemand
1.Inordertounderstandwhathappensduringthebusinesscycle,oneneedstoexplainfluctuationsinrealGDP,theunemploymentrate,andtheinflationrate.
A.Aggregatedemandandaggregatesupplymodelisamodelthatexplainsshort-runfluctuationsinrealGDPandthepricelevel.
B.Aggregatedemandcurve(AD)isacurveshowingtherelationshipbetweenthepricelevelandthequantityofrealGDPdemandedbyhouseholds,firms,andthegovernment.
C.Short-runaggregatesupplycurve(SRAS)isacurveshowingtherelationshipintheshortrunbetweenthepricelevelandthequantityofrealGDPsuppliedbyfirms.
D.Intheshort-run,realGDPandthepricelevelaredeterminedbytheinteractionoftheaggregatedemandcurveandtheshort-runaggregatesupplycurve.
E.TheaggregatedemandcurveisdownwardslopingbecauseafallinthepricelevelincreasesthequantityofrealGDPdemanded.
I.TheWealthEffectexplainshowachangeinthepricelevelaffectsconsumption.
II.TheInterest-RateEffectexplainshowachangeinthepricelevelaffectsinvestment.
III.TheInternational-TradeEffectexplainshowachangeinthepricelevelaffectsnetexports.
F.Threevariablesshifttheaggregatedemandcurve:
I.Changesingovernmentpolicies.
i.Anincreaseininterestratesshiftstheaggregatedemandleftward.
ii.Anincreaseingovernmentpurchasesshiftstheaggregatedemandrightward.
II.Changesintheexpectationsofhouseholdsandfirms.
i.Anincreaseinhouseholds’expectationsoftheirfutureincomesshiftstheaggregatedemandrightward.
ii.Anincreaseinfirms’expectationsofthefutureprofitabilityofinvestmentspendingshiftstheaggregatedemandrightward.
III.Changesinforeignvariables.
i.AnincreaseinthegrowthrateofdomesticGDPrelativetothegrowthrateofforeignGDPshiftstheaggregatedemandcurveleftward.
ii.Anincreaseinthevalueofthedollarrelativetoforeigncurrenciesshiftstheaggregatedemandcurveleftward.
►Teachingtips:
Itwillbeusefulforstudentstogothroughthegraphicalillustrationoftheaggregatedemandcurve.Studentsusuallyconfuseamovementalongtheaggregatedemandcurveandashiftofthecurve.Oneneedstoreinforcethisthroughclassroomdiscussion,useofnumericalexamples,andhomeworkassignments.AssignSolvedProblem12-1andproblem5oftheProblemsandApplicationssectionattheendofthechaptertoreinforcestudents’understandingofthesetopics.UseMakingtheConnection12-1toexplainhowchangesintheexchangeratebetweenthedollarandtheeuroaffectCaterpillar’ssales.ThefallingvalueofthedollaragainsttheeurohelpedincreaseCaterpillar’ssalesfrom2002to2004.
Don’tLetThisHappenToYou!
clarifieswhytheaggregatedemandcurveisdownwardsloping.Assignproblem4oftheProblemsandApplicationssectionattheendofthechaptertoreinforcestudents’understandingofthesetopics.
AggregateSupply
1.Therearetwoaggregatesupplycurves:
onefortheshort-runandoneforthelong-run.
Long-runaggregatesupplycurve(LRAS)isacurveshowingtherelationshipinthelongrunbetweenthepricelevelandthequantityofrealGDPsupplied.
Changesinthepriceleveldonotaffectthelevelofaggregatesupplyinthelong-run.
2.Theshort-runaggregatesupplycurve(SRAS)isupwardslopingfortworeasons:
A.Asthepricelevelincreases,thequantityofgoodsandservicesfirmsarewillingtosup
- 配套讲稿:
如PPT文件的首页显示word图标,表示该PPT已包含配套word讲稿。双击word图标可打开word文档。
- 特殊限制:
部分文档作品中含有的国旗、国徽等图片,仅作为作品整体效果示例展示,禁止商用。设计者仅对作品中独创性部分享有著作权。
- 关 键 词:
- 宏观经济学课后习题答案Ch 24Aggregate Demand 宏观经济学 课后 习题 答案 Ch 24 Aggregate