Macroeconomics th By Olivier Blanchard 课后答案.docx
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Macroeconomics th By Olivier Blanchard 课后答案.docx
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MacroeconomicsthByOlivierBlanchard课后答案
Answerstoend-of-chapterproblems
Chapter1
QuickCheck
1.a.True.
b.True.
c.False.
d.False/uncertain.Therateofgrowthwashigherduringthedecadebeginningin1996thanduring
theprevioustwodecades,butitisprobablyunrealistictoexpectproductivitytocontinuetogrowatsuchafastpace.
e.False.Thereareproblemswiththestatistics,buttheconsensusisthatgrowthinChinahasbeen
high.
f.False.TheEuropean“unemploymentmiracle”referstotherelativelylowEuropean
unemploymentrateinthe1960sandtheearly1970s.
g.True.
h.True.
2.a.Moreflexiblelabormarketinstitutionsmayleadtolowerunemployment,buttherearequestions
abouthowpreciselytorestructuretheseinstitutions.TheUnitedKingdomhasrestructuredits
labormarketinstitutionstoresemblemorecloselyU.S.institutionsandnowhasalower
unemploymentratethanbeforetherestructuring.Ontheotherhand,DenmarkandtheNetherlandshaverelativelylowunemploymentrateswhilemaintainingrelativelygeneroussocialinsuranceprogramsforworkers.
Inaddition,someeconomistsarguethattightmonetarypolicyhasatleastsomethingtodowiththehighunemploymentratesinEurope.
b.AlthoughtheEurowillremoveobstaclestofreetradebetweenEuropeancountries,eachcountry
willbeforcedtogiveupitsownmonetarypolicy.
DigDeeper
3.a.TheChinesegovernmenthasencouragedforeignfirmstoproduceinChina.Sinceforeignfirms
aretypicallymoreproductivethanChinesefirms,thepresenceofforeignfirmshasleadtoanincreaseinChineseproductivity.TheChinesegovernmenthasalsoencouragedjointventuresbetweenforeignandChinesefirms.ThesejointventuresallowChinesefirmstolearnfrommoreproductiveforeignfirms.
b.TherecentincreaseinU.S.productivitygrowthhasbeenaresultofthedevelopmentand
widespreaduseofinformationtechnologies.
c.TheUnitedStatesisatechnologicalleader.MuchofU.S.productivitygrowthisrelatedtothedevelopmentofnewtechnologies.Chinaisinvolvedintechnologicalcatch-up.MuchofChineseproductivitygrowthisrelatedtoadoptingexistingtechnologiesdevelopedabroad.
d.It’snotcleartowhatextentChinaprovidesamodelforotherdevelopingcountries.Highinvestmentseemsagoodstrategyforcountrieswithlittlecapital,andencouragingforeignfirmstoproduce(andparticipateinjointventures)athomeseemsagoodstrategyforcountriestryingtoimproveproductivity.Ontheotherhand,thedegreetowhichChina’scentralizedpoliticalcontrolhasbeenimportantinmanagingthepaceofthetransitionandinprotectingpropertyrights
offoreignfirmsremainsopentoquestion.
4.a.10years:
(1.018)10=1.195or19.5%higher
20years:
42.9%higher
50years:
144%higher
b.10years:
31.8%higher
20years:
73.7%higher
50years:
297.8%higher
c.Takeoutputperworkerasameasureofthestandardofliving.
10years:
1.195/1.318=1.103,sothestandardoflivingwouldbe10.3%higher;
20years:
21.6%higher
50years:
63%higher
d.No.Laborproductivitygrowthfluctuatesalotfromyeartoyear.Thelastfewyearsmay
representgoodluck.Itistoosoontotellwhethertherehasbeenachangeinthetrendobservedsince1970.
5.a.13.2(1.034)t=2.8(1.088)t
t=ln(13.2/2.8)/[ln(1.088/1.034)]
t≈30.5yrs
Thisanswercanbeconfirmedwithaspreadsheet,forstudentsunfamiliarwiththeuseof
logarithms.
b.No.Atcurrentgrowthrates,ChineseoutputwillexceedU.S.outputwithin31years,butChinese
outputperperson(theChinesestandardofliving)willstillbelessthanU.S.outputperperson.
ExploreFurther
6.a/c.AsofFebruary2008,therehadbeen5recessions(accordingtothetraditionaldefinition)since
1960.Seasonally-adjustedannualpercentagegrowthratesofGDP(inchained2000dollars)aregivenbelow.
1969:
4-1.91981:
4-4.9
1970:
1-0.71982:
1-6.4
1974:
3-3.81990:
4-3.0
1974:
4-1.61991:
1-2.0
1975:
1-4.7
1980:
2-7.8
1980:
3-0.7
Withrespecttothenoteon2001,thegrowthratesfor2001aregivenbelow.
2001:
1-0.5%
2001:
21.2%
2001:
3-1.4%
2001:
41.6%
7.a-b.%pointincreaseintheunemploymentrateforthe5recessions
1969-700.71981-821.1
1974-753.11990-910.9
19800.6
Theunemploymentrateincreasedby1.5percentagepointsbetweenJanuary2001and
January2002.
Chapter2
QuickCheck
1.a.True.
b.True/Uncertain.RealGDPincreasedbyafactorof25;nominalGDPincreasedbya
factorof21.RealGDPperpersonincreasedbyafactorof4.
c.False.
d.True.
e.False.TheleveloftheCPImeansnothing.TherateofchangeoftheCPIisonemeasureofinflation.
f.Uncertain.Whichindexisbetterdependsonwhatwearetryingtomeasure—inflationfacedbyconsumersorbytheeconomyasawhole.
g.False.Theundergroundeconomyislarge,butbyfarthemajorityofthemeasuredunemployedinSpainarenotemployedintheundergroundeconomy.
2.a.Nochange.Thistransactionisapurchaseofintermediategoods.
b.+$100:
personalconsumptionexpenditures
c.+$200million:
grossprivatedomesticfixedinvestment
d.+$200million:
netexports
e.Nochange.Thejetwasalreadycountedwhenitwasproduced,i.e.,presumablywhenDelta(orsomeotherairline)boughtitnewasaninvestment.
3.a.Thevalueoffinalgoods=$1,000,000,thevalueofthesilvernecklaces.
b.1stStage:
$300,000.2ndStage:
$1,000,00-$300,000=$700,000.
GDP:
$300,000+$700,000=$1,000,000.
c.Wages:
$200,000+$250,000=$450,000.
Profit:
($300,000-$200,000)+($1,000,000-$250,000-300,000)
=$100,000+$450,000=$550,000.
GDP:
$450,000+$550,000=$1,000,000.
4.a.2006GDP:
10($2,000)+4($1,000)+1000($1)=$25,000
2007GDP:
12($3,000)+6($500)+1000($1)=$40,000
NominalGDPhasincreasedby60%.
b.2006real(2006)GDP:
$25,000
2007real(2006)GDP:
12($2,000)+6($1,000)+1000($1)=$31,000
Real(2006)GDPhasincreasedby24%.
c.2006real(2007)GDP:
10($3,000)+4($500)+1,000($1)=$33,000
2007real(2007)GDP:
$40,000.
Real(2007)GDPhasincreasedby21.2%.
d.TheanswersmeasurerealGDPgrowthindifferentunits.Neitheranswerisincorrect,justasmeasurementininchesisnotmoreorlesscorrectthanmeasurementincentimeters.
5.a.2006baseyear:
Deflator(2006)=1;Deflator(2007)=$40,000/$31,000=1.29
Inflation=29%
b.2007baseyear:
Deflator(2006)=$25,000/$33,000=0.76;Deflator(2007)=1
Inflation=(1-0.76)/0.76=.32=32%
c.Analogousto4d.
6.a.2006realGDP=10($2,500)+4($750)+1000($1)=$29,000
2007realGDP=12($2,500)+6($750)+1000($1)=$35,500
b.(35,500-29,000)/29,000=.224=22.4%
c.Deflatorin2006=$25,000/$29,000=.86
Deflatorin2007=$40,000/$35,500=1.13
Inflation=(1.13-.86)/.86=.31=31%.
d.Yes,seeappendixforfurtherdiscussion.
DigDeeper
7.a.Thequalityofaroutinecheckupimprovesovertime.CheckupsnowmayincludeEKGs,forexample.Medicalservicesareparticularlyaffectedbythisproblemsincetherearecontinualimprovementsinmedicaltechnology.
b.Thenewmethodrepresentsa10%qualityincrease.
c.Thereisa5%truepriceincrease.Theother10%representsaqualityincrease.Thequality-adjustedpriceofcheckupsusingthenewmethodisonly5%higherthancheckupsusingtheoldmethodlastyear.
d.Youneedtoknowtherelativevalueofpregnancycheckupswithandwithoutultra-soundsintheyearthenewmethodisintroduced.Still,sinceeveryonechoosesthenewmethod,wecansaythatthequality-adjustedpriceofcheckupshasrisenbylessthan15%.Someoftheobserved15%increaserepresentsanincreaseinquality.
8.a.MeasuredGDPincreasesby$10+$12=$22.(Strictly,thisinvolvesmixingthefinalgoodsandincomeapproachestoGDP.Assumeherethatthe$12perhourofworkcreatesafinalgoodworth$12.)
b.No.Thetruevalueofyourdecisiontoworkshouldbelessthan$22.Ifyouchoosetowork,theeconomyproducesthevalueofyourworkplusatakeoutmeal.Ifyouchoosenottowork,presumablytheeconomyproducesahome-cookedmeal.Theextraoutputarisingfromyourchoicetoworkisthevalueofyourworkplusanydifferenceinvaluebetweentakeoutandhome-cookedmeals.Infact,however,thevalueofhome-cookedmealsisnotcountedinGDP.(Ofcourse,thereareotherdetails.Forexample,thevalueofgroceriesusedtoproducehome-cookedmealswouldbecountedinGDP.Puttingsuchdetailsaside,however,thebasicpointisclear.)
ExploreFurther
9.a.Quarters2000:
III,2001:
I,and2001:
IIIhadnegativegrowth.
b.Theunemploymentrateincreasedafter2000,peakedin2003,andthenbegantofall.The
participationratefellsteadilyovertheperiod—from67.1%in2000to66%in2004.
Presumably,workersunabletofindjobsbecamediscouragedandleftthelaborforce.
c.Employmentgrowthslowedafter2000.Employmentactuallyfellin2001.The
employment-to-populationratiofellbetween2000and2004.
d.Itseveralyearsaftertherecessionforthelabormarkettorecover.
Chapter3
QuickCheck
1.a.True.
b.False.Governmentspendingexcludingtransferswas19%ofGDP.
c.False.Thepropensitytoconsumemustbelessthanoneforourmodeltomakesense.
d.True.
e.False.
f.False.Theincreaseinoutputisonetimesthemultiplier.
g.False.
2.a.Y=160+0.6(Y-100)+150+150
Y=1000
b.YD=Y-T=1000-100=900
c.C=160+0.6(900)=700
3.a.Equilibriumoutputis1000.Totaldemand=C+I+G=700+150+150=1000.Totaldemandequalsproduction.Weusedthisequilibriumconditiontosolveforoutput.
b.Outputfallsby(40tim
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