经济学原理答案34.docx
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经济学原理答案34.docx
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经济学原理答案34
经济学原理答案34
QuickQuizzes
1.Accordingtothetheoryofliquiditypreference,theinterestrateadjuststobalancethesupplyanddemandformoney.Therefore,adecreaseinthemoneysupplywillincreasetheequilibriuminterestrate.Thisdecreaseinthemoneysupplyreducesaggregatedemandbecausethehigherinterestratecauseshouseholdstobuyfewerhouses,reducingthedemandforresidentialinvestment,andcausesfirmstospendlessonnewfactoriesandnewequipment,reducingbusinessinvestment.
2.Ifthegovernmentreducesspendingonhighwayconstructionby$10billion,theaggregate-demandcurveshiftstotheleftbecausegovernmentpurchasesarelower.Theshifttotheleftoftheaggregate-demandcurvecouldbemorethan$10billionifthemultipliereffectoutweighsthecrowding-outeffect,oritcouldbelessthan$10billionifthecrowding-outeffectoutweighsthemultipliereffect.
3.Ifpeoplebecomepessimisticaboutthefuture,theywillspendless,causingtheaggregate-demandcurvetoshifttotheleft.IftheFedwantstostabilizeaggregatedemand,itshouldincreasethemoneysupply.Theincreaseinthemoneysupplywillcausetheinterestratetodecline,thusstimulatingresidentialandbusinessinvestment.TheFedmightchoosenottodothisbecausebythetimethepolicyactiontakeseffect,thelonglagtimemightmeantheeconomywouldhaverecoveredonitsown,andtheincreaseinthemoneysupplywillcauseinflation.
QuestionsforReview
1.ThetheoryofliquiditypreferenceisKeynes'stheoryofhowtheinterestrateisdetermined.Accordingtothetheory,theaggregate-demandcurveslopesdownwardbecause:
(1)ahigherpricelevelraisesmoneydemand;
(2)highermoneydemandleadstoahigherinterestrate;and(3)ahigherinterestratereducesthequantityofgoodsandservicesdemanded.Thus,thepricelevelhasanegativerelationshipwiththequantityofgoodsandservicesdemanded.
2.Adecreaseinthemoneysupplyshiftsthemoney-supplycurvetotheleft.Theequilibriuminterestratewillrise.Thehigherinterestratereducesconsumptionandinvestment,soaggregatedemandfalls.Thus,theaggregate-demandcurveshiftstotheleft.
3.Ifthegovernmentspends$3billiontobuypolicecars,aggregatedemandmightincreasebymorethan$3billionbecauseofthemultipliereffectonaggregatedemand.Aggregatedemandmightincreasebylessthan$3billionbecauseofthecrowding-outeffectonaggregatedemand.
4.Ifpessimismsweepsthecountry,householdsreduceconsumptionspendingandfirmsreduceinvestment,soaggregatedemandfalls.IftheFedwantstostabilizeaggregatedemand,itmustincreasethemoneysupply,reducingtheinterestrate,whichwillinducehouseholdstosavelessandspendmoreandwillencouragefirmstoinvestmore,bothofwhichwillincreaseaggregatedemand.IftheFeddoesnotincreasethemoneysupply,Congresscouldincreasegovernmentpurchasesorreducetaxestoincreaseaggregatedemand.
5.Governmentpoliciesthatactasautomaticstabilizersincludethetaxsystemandgovernmentspendingthroughtheunemployment-benefitsystem.Thetaxsystemactsasanautomaticstabilizerbecausewhenincomesarehigh,peoplepaymoreintaxes,sotheycannotspendasmuch.Whenincomesarelow,soaretaxes;thus,peoplecanspendmore.Theresultisthatspendingispartlystabilized.Governmentspendingthroughtheunemployment-benefitsystemactsasanautomaticstabilizerbecauseinrecessionsthegovernmenttransfersmoneytotheunemployedsotheirincomesdonotfallasmuchandthustheirspendingwillnotfallasmuch.
ProblemsandApplications
1.a.WhentheFed’sbondtradersbuybondsinopen-marketoperations,themoney-supplycurveshiftstotherightfromMS1toMS2,asshowninFigure1.Theresultisadeclineintheinterestrate.
Figure1Figure2
b.Whenanincreaseincreditcardavailabilityreducesthecashpeoplehold,themoney-demandcurveshiftstotheleftfromMD1toMD2,asshowninFigure2.Theresultisadeclineintheinterestrate.
c.WhentheFederalReservereducesreserverequirements,themoneysupplyincreases,sothemoney-supplycurveshiftstotherightfromMS1toMS2,asshowninFigure1.Theresultisadeclineintheinterestrate.
d.Whenhouseholdsdecidetoholdmoremoneytouseforholidayshopping,themoney-demandcurveshiftstotherightfromMD1toMD2,asshowninFigure3.Theresultisariseintheinterestrate.
Figure3
e.Whenawaveofoptimismboostsbusinessinvestmentandexpandsaggregatedemand,moneydemandincreasesfromMD1toMD2inFigure3.Theincreaseinmoneydemandincreasestheinterestrate.
Figure4
2.a.Theincreaseinthemoneysupplywillcausetheequilibriuminterestratetodecline,asshowninFigure4.Householdswillincreasespendingandwillinvestinmorenewhousing.Firmstoowillincreaseinvestmentspending.ThiswillcausetheaggregatedemandcurvetoshifttotherightasshowninFigure5.
Figure5
b.AsshowninFigure5,theincreaseinaggregatedemandwillcauseanincreaseinbothoutputandthepricelevelintheshortrun(pointB).
c.Whentheeconomymakesthetransitionfromitsshort-runequilibriumtoitslong-runequilibrium,short-runaggregatesupplywilldecline,causingthepriceleveltoriseevenfurther(pointC).
d.Theincreaseinthepricelevelwillcauseanincreaseinthedemandformoney,raisingtheequilibriuminterestrate.
e.Yes.Whileoutputinitiallyrisesbecauseoftheincreaseinaggregatedemand,itwillfallonceshort-runaggregatesupplydeclines.Thus,thereisnolong-runeffectoftheincreaseinthemoneysupplyonrealoutput.
Figure6
3.a.WhenfewerATMsareavailable,moneydemandisincreasedandthemoney-demandcurveshiftstotherightfromMD1toMD2,asshowninFigure6.IftheFeddoesnotchangethemoneysupply,whichisatMS1,theinterestratewillrisefromr1tor2.Theincreaseintheinterestrateshiftstheaggregate-demandcurvetotheleft,asconsumptionandinvestmentfall.
b.IftheFedwantstostabilizeaggregatedemand,itshouldincreasethemoneysupplytoMS2,sotheinterestratewillremainatr1andaggregatedemandwillnotchange.
c.Toincreasethemoneysupplyusingopenmarketoperations,theFedshouldbuygovernmentbonds.
4.Ataxcutthatispermanentwillhaveabiggerimpactonconsumerspendingandaggregatedemand.Ifthetaxcutispermanent,consumerswillviewitasaddingsubstantiallytotheirfinancialresources,andtheywillincreasetheirspendingsubstantially.Ifthetaxcutistemporary,consumerswillviewitasaddingjustalittletotheirfinancialresources,sotheywillnotincreasespendingasmuch.
5.a.ThecurrentsituationisshowninFigure7.
Figure7
b.TheFedwillwanttostimulateaggregatedemand.Thus,itwillneedtolowertheinterestratebyincreasingthemoneysupply.ThiscouldbeachievediftheFedpurchasesgovernmentbondsfromthepublic.
Figure8
c.AsshowninFigure8,theFed'spurchaseofgovernmentbondsshiftsthesupplyofmoneytotheright,loweringtheinterestrate.
d.TheFed'spurchaseofgovernmentbondswillincreaseaggregatedemandasconsumersandfirmsrespondtolowerinterestrates.OutputandthepricelevelwillriseasshowninFigure9.
Figure9
6.a.Legislationallowingbankstopayinterestoncheckingdepositsincreasesthereturntomoneyrelativetootherfinancialassets,thusincreasingmoneydemand.
b.Ifthemoneysupplyremainedconstant(atMS1),theincreaseinthedemandformoneywouldhaveraisedtheinterestrate,asshowninFigure10.Theriseintheinterestratewouldhavereducedconsumptionandinvestment,thusreducingaggregatedemandandoutput.
c.Tomaintainaconstantinterestrate,theFedwouldneedtoincreasethemoneysupplyfromMS1toMS2.Thenaggregatedemandandoutputwouldbeunaffected.
Figure10
7.a.Ifthereisnocrowdingout,thenthemultiplierequals1/(1–MPC).Becausethemultiplieris3,thenMPC=2/3.
b.Ifthereiscrowdingout,thentheMPCwouldbelargerthan2/3.AnMPCthatislargerthan2/3wouldleadtoalargermultiplierthan3,whichisthenreduceddownto3bythecrowding-outeffect.
8.a.Theinitialeffectofthetaxreductionof$20billionistoincreaseaggregatedemandby$20billion×3/4(theMPC)=$15billion.
b.Additionaleffectsfollowthisinitialeffectastheaddedincomesarespent.Thesecondroundleadstoincreasedconsumptionspendingof$15billion×3/4=$11.25billion.Thethirdroundgivesanincreaseinconsumptionof$11.25billion×3/4=$8.44billion.Theeffectscontinueindefinitely.Addingthemallupgivesatotaleffectthatdependsonthemultiplier.WithanMPCof3/4,themultiplieris1/(1–3/4)=4.Sothetotaleffectis$15billion×4=$60billion.
c.Governmentpurchaseshaveaninitialeffectofthefull$20billion,becausetheyincreaseaggregatedemanddirectlybythatamount.Thetotaleffectofanincreaseingovernmentpurchasesisthus$20billion×4=$80billion.Sogovernmentpurchasesleadtoabiggereffectonoutputthanataxcutdoes.Thedifferencearisesbecausegovernmentpurchasesaffectaggregatedemandbythefullamount,butataxcutispartlysavedbyconsumers,andthereforedoesnotleadtoasmuchofanincreaseinaggregatedemand.
d.Thegovernmentcouldincreasetaxesbythesameamountitincreasesitspurchases.
9.Ifthemarginalpropensitytoconsumeis0.8,thespendingmultiplierwillbe1/(1–0.8)=5.Therefore,thegovernmentwouldhavetoincreasespendingby$400/5=$80billiontoclosetherecessionarygap.
10.Ifgovernmentspendingincreases,aggregatedemandrises,somoneydemandrises.Theincreaseinmoneyd
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- 经济学原理 答案 34