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1、Chapter 11.a.True.b.True.c.False.d.True.e.False.f.False.2.a.1960-981997-99-US3.1%3.8%EU3.1%2.5%Japan5.8%-1.0%While the US growth rate higher than its long-run average over the period,the growth rate hasslowed relative to long-run averages in both the EU and Japan over the last few years.b.Sometimes
2、the economy is growing quickly,other times it is growing slowly or evencontracting.The last few years of rapid growth in the US do not imply that the long-run averagerate of growth has increased back to its pre-1974 level.3.a.The data in the web page are:Real Gross Domestic Product,Real Final Sales
3、of DomesticProduct,andReal Gross National Product,Quarterly,1959-96Percent change from precedingquarter-GrossFinal salesGrossdomesticof domesticnationalproductproductproduct-1959:I8.69.28.6II11.27.311.1III-0.35.3-0.2IV1.7-1.31.91996:I1.82.61.8II6.05.25.7III1.00.20.6IV4.34.54.9-suggesting that recess
4、ions typically last two-three quarters and that the most severe recessions inthat period were the recessions of 1974-75 and 1981-82.b.Percentage Changes in:Output Growth Inflation1968:4.74.4I7.54.7II7.14.1III3.03.8IV1.85.51969:3.04.7I6.23.8II1.05.0III2.35.8IV-2.05.11970:0.15.3I-0.76.0II0.65.7III3.73
5、.4IV-3.95.41971:3.35.2I11.36.4II2.35.5III2.64.4IV1.13.3If history simply repeats itself,the United States might have a short recession(lasting perhapsoneyear)accompanied by an acceleration in the rate of inflation by about one percentage point.4.a.Banking services,business services.b.Not only has th
6、e relative demand for skilled workers increased but the industries wherethis effect is the strongest are making up a greater fraction of the economy.5.1.Low unemployment might lead to an increase in inflation.2.Although measurement error certainly contributes to the measured slowdown ingrowth,there
7、are other issues to consider as well,including the productivity of newresearch and accumulation of new capital.3.Although labor market rigidities may be important,it is also important to consider thatthese rigidities may not be excessive,and that high unemployment may arise from flawedmacroeconomic
8、policies.4.Although there were serious problems with regard to the management of Asian financialsystems,it is important to consider the possibility that the flight of foreign capital from thesecountries worsened the situation by causing a severe stock market crash and exchange ratedepreciation.5.Alt
9、hough the Euro will remove obstacles to free trade between European countries,each country will be forced to give up its own monetary policy.*6.a.From Chapter 1:US output 1997=$8b;China output 1996=$.84b.Note that Chinasoutputin 1997 is$(.84)*(1.09)b.Equating output for some time tin the future:8*(1
10、.03)t=(.84*1.09)*(1.09)t8/(.84*1.09)=(1.09/1.03)t8.737=(1.058)tt=ln(8.737)/ln(1.058)38yrsb.From Chapter 1:US output/worker in 1997=$29,800;China output/per worker in1996=$70029.8*(1.03)t=(.7*1.09)*(1.09)tt65 yearsChapter 21.a.False.b.Uncertain:real or nominalGDP.c.True.d.True.e.False.The level of th
11、e CPI means nothing.Its rate of change tells us about inflation.f.Uncertain.Which index is better depends on what we are trying to measureinflationfacedby consumers or by the economy as a whole.2.a.+$100;Personal ConsumptionExpenditures b.nochange:intermediategoodc.+$200 million;Gross PrivateDomesti
12、cFixedInvestmentd.+$200 million;Net Exportse.no change:the jet was already counted when it was produced,i.e.,presumably whenDelta(or some other airline)bought it new as an investment.*3.a.Measured GDP increases by$10+$12=$22.b.True GDP should increase by much less than$22 because by working for an e
13、xtra hour,you are no longer producing the work of cooking within the house.Since cooking within thehouse is a final service,it should count as part of GDP.Unfortunately,it is hard to measurethe value of work within the home,which is why measured GDP does not include it.4.a.$1,000,000 the value of th
14、e silver necklaces.b.1st Stage:$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.Profits:($300,000-$200,000)+($1,000,000-$250,000-300,000)=$100,000+$450,000=$550,000.GDP:$450,000+$550,000=$1,000,000.5.a.1998 GDP:10*$2,000+4*$1,000+1000*
15、$1=$25,0001999 GDP:12*$3,000+6*$500+1000*$1=$40,000Nominal GDP has increased by 60%.b.1998 real(1998)GDP:$25,0001999 real(1998)GDP:12*$2,000+6*$1,000+1000*$1=$31,000Real(1998)GDP has increased by 24%.c.1998 real(1999)GDP:10*$3,000+4*$500+1,000*$1=$33,0001999 real(1999)GDP:$40,000.Real(1999)GDP has i
16、ncreased by 21.2%.d.True.6.a.1998 base year:Deflator(1998)=1;Deflator(1999)=$40,000/$31,000=1.29Inflation=29%b.1999 base year:Deflator(1998)=$25,000/$33,000=0.76;Deflator(1999)=1Inflation=(1-0.76)/0.76=.32=32%c.Yes7.a.1998 real GDP=10*$2,500+4*$750+1000*$1=$29,0001999 real GDP=12*$2,500+6*$750+1000*
17、$1=$35,500b.(35,500-29,000)/29,000=.224=22.4%c.Deflator in 1998=$25,000/$29,000=.86Deflator in 1999=$40,000/$35,500=1.13Inflation=(1.13-.86)/.86=.314=31.4%.8.a.The quality of a routine checkup improves over time.Checkups now may includeEKGs,for example.Medical services are particularly affected by t
18、his problem due toconstant improvements in medical technology.b.You need to know how the market values pregnancy checkups with and withoutultra-sounds in that year.c.This information is not available since all doctors adopted the new technologysimultaneously.Still,you can tell that the quality adjus
19、ted increase will be lower than20%.*9.a.approximately 2.5%b.1992 real GDP growth:2.7%;unemployment rate Jan 92:7.3%;unemployment rate Jan 93:7.3%Supports Okuns law because the unemployment rate does not change when the growth rateof real GDP is near 2.5%c.-2 percentage points change in the unemploym
20、ent rate;5percent GDP growthd.The growth rate of GDP must increase by 2.5 percentage points.Chapter 31.a.True.b.False.Government spending was 18%if GDP without transfers.c.False.The propensity to consume must be less than one for our model to be welldefined.d.True.false.f.False.The increase in outpu
21、t is one times the multiplier.2.a.Y=160+0.6*(Y-100)+150+1500.4Y=460-60 Y=1000b.YD=Y-T=1000-100=900c.C=160+0.6*(900)=7003.a.No.The goods market is not in equilibrium.Frompart 2a,Demand=1000=C+I+G=700+150+150b.Yes.The goods market is in equilibrium.c.No.Private saving=Y-C-T=200.Public saving=T-G=-50.N
22、ational saving(or inshort,saving)equals private plus public saving,or 150.National saving equalsinvestment.4.a.Roughly consistent.C/Y=700/1000=70%;I/Y=G/Y=150/1000=15%.b.Approximately-2%.c.Y needs to fall by 2%,or from 1000 to 980.The parameter c0needs to fall by20/multiplier,or by 20*(.4)=8.So c0ne
23、eds to fall from 160 to 152.d.The change in c0(-8)is less than the change in GDP(-20)due to the multiplier.5.a.Y increases by 1/(1-c1)b.Y decreases by c1/(1-c1)c.The answers differ because spending affects demand directly,but taxes affectdemand through consumption,and the propensity to consume is le
24、ss than one.d.The change in Y equals 1/(1-c1)-c1/(1-c1)=1.Balanced budget changes in G and Tare not macroeconomically neutral.e.The propensity to consume has no effect because the balanced budget tax increase abortsthe multiplier process.Y and T both increase by on unit,so disposable income,and henc
25、econsumption,do not change.*6.a.The tax rate ilessthanone.b.Y=c0+c1YD+I+GimpliesY=1/(1-c1+c1t1)*c0-c1t0+I+Gc.The multiplier=1/(1-c1+c1t1)b2d1/d2.Since a decrease in G reduces output,the condition under which a decrease in G increasesinvestment is b15,repeated substitution implies,t=5+(t-5)*4%.So,10=
26、28%;15=48%.f.Inflation expectations will again be forever wrong.This is unlikely.4.a.t=t-1+0.1-2ut=t-1+2%t=2%;t+1=4%;t+2=6%;t+3=8%.b.t=0.5t+0.5t-1+0.1-2utor,t=t-1+4%4.c.t=4%;t+1=8%;t+2=12%;t+3=16%d.As indexation increases,low unemployment leads to a larger increase in inflation overtime.5.a.A higher
27、 cost of production means a higher markup.b.un=(0.08+0.1)/2;Thus,the natural rate of unemployment increases from 5%to 6%asincreases from 20%to 40%.6.a.Yes.The average rate of unemployment is down.In addition,the unemploymentrate is at a historical low and inflation has not risen.b.The natural rate o
28、f unemployment has probably decreased.7.An equation that seems to fit well is:t-t-1=6-ut,which implies a natural rate ofapproximately 6%.8.The relationships imply a lower natural rate in the more recent period.CHAPTER 91.F TT F FTTT2.a.The unemployment rate will increase by 1%per year when g=0.5%.Un
29、employmentwill increase unless the growth rate exceeds the sum of productivity growth and labor forcegrowth.b.We need growth of 4.25%per year for each of the next four years.c.Okuns law is likely to become:ut-ut-1=-0.4*(gyt-5%)3.a.un=5%b.gyt=3%;gmt=gyt+t=11%c.ugytgmtt-1:8%5%3%11%t:4%9%-7%-3%t+1:4%5%
30、13%17%t+2:4%5%3%7%4.a.t-t-1=-(ut-.05)ut-ut-1=-.4*(gmt-t-.03)b.t=6.3%;ut=8.7%t+1=1%;ut+1=10.3%c.u=5%;gy=3%;=-3%;5.a.See text for full answer.Gradualism reduces need for large policy swings,with effectsthat are difficult to predict,but immediate reduction may be more credible and encouragerapid,favora
31、ble changes in inflation expectations.On the other hand,the staggering ofwagedecisions suggests that,if the policy is credible,a gradual disinflation is the optionconsistent with no change in the unemployment rate.b.Not clear,probably fast disinflation,depending on the features in c.5.c.Some importa
32、nt features:the degree of indexation,the nature of the wage-settingprocess,and the initial rate of inflation.*6.a.un=K/2;sacrifice ratio=.5 b.t=10%;t+1=8%;t+2=6%;t+3=4%;t+4=2%c.5 years;sacrifice ratio=(5 point years of excess unemployment)/(10 percentage pointreduction in inflation)=.5d.t=7.5%;t+1=4
33、.125%;t+2=1.594%;3 years of higher unemployment for a reduction of10%:sacrifice ratio=0.3 e.t+1f.Take measures to enhance credibility.7.a.Inflation will start increasing.b.It should let unemployment increase to its new,higher,natural rate.Chapter 101.TTTFFFTU2.a.Example:France:(1.042)48*5.150=$37.1
34、k.Germany:$43.4 k;Japan:$76.5 k;UK:$22.5 k;U.S.:$31.7k b.2.4c.yes.3.a.$5,000b.2,500 pesos c.$500d.$1,000e.Mexican standard of living relative to the U.S.exchange rate method:1/10;PPP method:1/54.a.Y=63b.Y doubles.c.Yes.d.Y/N=(K/N)1/2e.K/N=4 implies Y/N=2.K/N=8 implies Y/N=2.83.Output less than doubl
35、es.f.No.g.No.In part f,we are looking at what happens to output when we increasecapital only,not capital and labor in equal proportion.There are decreasing returns tocapital.h.Yes.5.The United States was making the most important technical advances.However,theother countries were able to make up muc
36、h of their technological gap by importing thetechnologies developed in the United States,and hence,have higher technological progress.6.Convergence for the France,Belgium,and Italy;no convergence for the second set ofcountriesChapter 111.a.Uncertain.True if saving includes public and private saving.
37、False if saving onlyincludes private saving.b.False.c.Uncert UTFFd2.a.No.(1)The Japanese rate of growth is not so high anymore.(2)If the Japanesesaving rate has always been high,then this cannot explain the difference between the rate ofgrowth inJapan and the US in the last 40 or 50 years.(3)If the
38、Japanese saving rate hasbeen higher thanit used to be,then this can explain some of the high Japanese growth.Thecontribution of high saving to growth in Japan should,however,come to an end.3.After a decade:higher growth rate.After five decades:growth rate back to normal,higherlevel of output per wor
39、ker.4.a.Higher saving.Higher output per workerb.Same output per worker.Higher outputper capita.5.*YYYd.Y/N=(K/N)1/3e.In steady state,sf(K/N)=K/N,which,given the production function in part d,implies:K/N=(s/)3/2f.Y/N=(s/)1/2g.Y/N=2h.Y/N=21/26.*a.1b.1c.K/N=.35;Y/N=.71d.Using equation(11.3),the evoluti
40、on of K/N is:0.9,0.82,0.757.a.K/N=(s/(2)2;Y/N=s/(4)b.C/N=s(1-s)/(4)c-e.Y/N increases with s;C/N increases until s=.5,then decreases.CHAPTER 121.TFTFTFTUF2.a.Lower growth in poorer countries.Higher growth in rich countries.b.Increase in R&D and in output growth.c.A decrease in the fertility of applie
41、d research;a(small)decrease in growth.d.A decrease in the appropriability of drug research.A drop in the development of newdrugs.Lower technological progress and lower growth.3.See discussion in section 12.2.4.Examples will vary.Weakening patent protection would accelerate diffusion,but mightalso di
42、scourage R&D.5.a.Year 1:3000;Year 2:3960b.Real GDP:3300;output growth:10%c.20%d.Real GDP/Worker=30 in both years;productivity growth is zero.e.RealGDP:3990;outputgrowth:33%.f.-0.8%g.Proper measurement implies real gdp/worker=36.3 in year 2.With improper measurement,productivity growth would be 21 pe
43、rcentage points lower and inflation 21%points higher.6.a.Both lead to an initial decrease in growthb.Only the first leads to a permanent decrease in growth7.a.(K/(AN)*=(s/(+gA+gN)2=1;(Y/(AN)*=(1)1/2;gY/(AN)=0;gY/N=4%;gY=6%b.(K/(AN)=(4/5)2;(Y/(AN)*=(4/5);gY/(AN)=0;gY/N=8%;gY=10%c.(K/(AN)=(4/5)2;(Y/(A
44、N)*=(4/5);gY/(AN)=0;gY/N=4%;gY=10%People are better off in case a.Given any set of initial values,the level of technology isthe same in cases a and c,but the level of capital per effective worker is higher atevery point in time in case a.Thus,since Y/N=A*(Y/(AN)=A*(K/(AN)1/2,output perworker is alwa
45、ys higher in case a.8.There is a slowdown in growth and the rate of technological progress in the modernperiod.Japans growth rate of technological progress is higher because it is catching upto the U.S.level of technology.Not all of the difference in growth rates of output perworker is attributable
46、to the difference in rates of technological progress.A big part isattributable to the difference in rates of growth of capital per worker.9.*a.ProbablyaffectsA.Thinkofclimate.b.Affects H.c.Affects A.Strong protection tends to encourage more R&D but also to limit diffusion oftechnology.d.May affect A
47、 through diffusion.e.May affect K,H,and A.Lower tax rates increase the after-tax return on investment,and thus tend to lead to more accumulation of K and H and more R&D spending.f.If we interpret K as private capital,than infrastructure affects Ae.g.,bettertransportation networks may make the econom
48、y more productive by reducing congestiontime.g.Assuming no technological progress,lower population growth implies highersteady-state level of output per worker.Lower population growth leads to higher capitalper worker.Ifthere is technological progress,there is no steady-state level of output perwork
49、er.In this case,however,lower population growth implies that output per workerwill be higher at every point in time,for any given path of technology.See the answer toproblem 7c.Chapter 131.FFTTTTTTF2.a.u=1-(1/(1+)(A/Ae)b.u=1-(1/(1+)=4.8%c.No.Since wages adjust to expected productivity,an increase in
50、 productivityeventuallyleads to equiproportional increases in the real wage implied by wage setting andprice setting,at the original natural rate of unemployment.So equilibrium can bemaintained without any change in the natural rate of unemployment.3.*a.P=Pe(1+)(Ae/A)(Y/L)(1/A)b.AS shifts down.Given