10宏觀經(jīng)濟(jì)學(xué)英文版(多恩布什)課后習(xí)題答案全解

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5/16/201910宏觀經(jīng)濟(jì)學(xué)英文版(多恩布什)課后習(xí)題答案全解-百度文庫(kù)首頁(yè)分類精品內(nèi)容申請(qǐng)認(rèn)證機(jī)構(gòu)合作頻道專區(qū)會(huì)員中心百度文庫(kù)教育專區(qū)高等教育經(jīng)濟(jì)學(xué)httpswenkubaiducomviewfeefedb160b4ec0fd.htmllevelofoutputdemandedatwhichthegoodsandmoneysectorsimultaneouslyareinequilibrium.2.a.Iftheexpendituremultiplie)(becomeslarger,theincreaseinequilibriumincomecausedbyaunitdemandisveryinterestinsensitive,thenalargerincreaseintheinterestrateisneededtoreachanewequilibriuminthemoneysector.Asaresult,theLM-curvebecomessteeper.AlongtheLM-curve,anincreaseintheinterestrateisalwaysassociatedwithanincreaseinincome.Thismeansthatanincreaseinmoneydemand(duetoanincreaseinincome)hastobeoffsetbyadecreaseinthequantityofmoneydemanded(duetoanincreaseintheinterestrate)tokeepthemoneysectorinequilibrium.Butifmoneydemandbecomesmoreincomesensitive,asmallerchangesensitive.4.a.AhorizontalLM-curveimpliesthatthepubliciswillingtoholdwhatevermoneyissuppliedatanygiveninterestrate.Therefore,changesinincomewillnotaffecttheequilibriuminterestrateinthemoneysector.Butiftheinterestrateisfixed,wearebacktotheanalysisofthesimpleKeynesianmodelusedinChapter9.Inotherwords,thereisnooffsettingeffect(orcrowding-outeffect)tofiscalpolicy.priceswerefixed,thedownward-slopingAD-curvethatisderivedattheendofChapter10fromtheIS-LMmodelletsthepricelevelfluctuateanddescribesallcombinationsofthepricelevelandthe1.ThemodelinChapter9assumedthatboththepricelevelandtheinterestratewerefixed.ButtheIS-LMmodelletstheinterestratefluctuateanddeterminesthecombinationofoutputdemandedandtheinterestrateforafixedpricelevel.Itshouldbenotedthatwhiletheupward-slopingAD-curveinChapter9(the[C+I+G+NX]-lineintheKeynesiancrossdiagram)assumedthatinterestratesandchangeinintendedspendingalsobecomeslarger.Assumeinvestmentspendingincreasesduetoachangeintheinterestrate.Ifthemultipieecomeslarger,anyincreaseinspendingwillcausealargerincreaseinequilibriumincome.ThismeansthattheIS-curvewillbecomeflatterasthesizeofcausesthe[C+I+G+NX]-linetoshiftupbyalargeramountand,givenacertainsizeoftheexpendituremultipliera,thiswillincreaseequilibriumincomebyalargeramount.Asaresult,theIS-curvewillbecomeflatter.2.b.Monetarypolicychangesaffectinterestratesandthisleadstoachangeinintendedspending,whichisreflectedinachangeinincome.In2.a.itwasexplainedthatasteepIS-curvemeanseitherthatthedemandifspendingisveryinterestinsensitive.Similarly,ifthemultiplierissmall,thenanychangeinspendingwillnotaffectoutputsignificantly.Therefore,thesteepertheIS-curve,theweakertheeffectofmonetarypolicychangesonequilibriumoutput.3.Assumhatmoneysupplyisfixed.Anyincreeincomewillincreasemoneydemandandtheresultingexcessdemandformoneywilldrivetheinterestrateup.This,inturn,willreducethequantityofmoneybalancesdemandedtobringthemoneysectorbacktoequilibrium.Butifmoney5/16/20195/16/201910宏觀經(jīng)濟(jì)學(xué)英文版(多恩布什)課后習(xí)題答案全解-百度文庫(kù)httpswenkubaiducomviewfeefedb160b4ec0fd.html2/124.b.AhorizontalLM-curveimpliesthatchangesinincomedonotaffectinterestratesinthemoneysector.Therefore,ifexpansionaryfiscalpolicyisimplemented,theIS-curveshiftstotheright,butthelevelofinvestmentspendingisnolongernegativelyaffectedbyrisinghttpswenkubaiducomviewfeefedb160b4ec0fd.html2/12oinaouatsseftfsecaetr.msofFigure10-3,theinterestratenotlongerservesasthelinkbetweenthe4.c.AhorizontalLM-curveresultsifthepubliciswillingtoholdwhatevermoneybalancesaresuppliedatagiveninterestrate.Thissituationiscalledtheliquiditytrap.Similarly,iftheFedispreparedtopegtheinterestrateatacertainlevel,thenanychangeinincomewillbeaccompaniedbyanappropriatechangeinmoneysupply.ThiswillleadtocontinuousshiftsintheLM-curve,whichisequivalenttohavingahorizontalLM-curve,sincetheinterestratewillneverchange.5.Fromthematerialpresentedinthetextweknowthatwhenintendedspendingbecomesmoreinterestinvestmentspendingbutalsoconsumptionisnegativelyaffectedbyanincreaseintheinterestrate.Inotherwords,the[C+I+G+NX]-lineintheKeynesiancrossdiagramwillnowshiftdownfurtherthanpreviouslyandthelevelofequilibriumincomewilldecreasemorethanbefore.Inotherwords,theIS-curvehasbecomeflatter.Thiscanalsobeshownalgebraically,sincewecannowwritetheconsumptionfunctionasfollows:C=C*+cYD-giwillInoiemplemodeloftheexpendituresectorwithoutincometaxes,theequationforaggregatedemandAD=Ao+cY-(b+g)i.FromY=AD==>Y=[1/(o1-(cb)][+Ag)i]==>i=[1/(b+g)o]A-[(1-c)/(b+g)]YTherefore,theslopeoftheIS-curvehasbeenreducedfrom(1-c)/bto(1-c)/(b+g).6.IntheIS-LMmodel,asimultaneousdeclineininterestratesandincomecanonlybecausedbyashifteconomywasinarecessionandfirmsdidnotwanttoinvestinnewmachineryand,sinceconsumerconfidencewasverylow,peoplewerenotexpectedtoincreasetheirlevelofspending.IntheIS-LMdiagramtheadjustmentprocesscanbedescribedasfollows:Ioˉ==>Yˉ(theIS-curveshiftsleft)==ˉm==>iˉ==>==>Y個(gè).2iiISISoLM5/16/20195/16/201910宏觀經(jīng)濟(jì)學(xué)英文版(多恩布什)課后習(xí)題答案全解-百度文庫(kù)httpshttpswenkubaiducomviewfeefedb160b4ec0fd.html3/121211ISii0Y21YY1.a.EachpointontheIS-curverepresentsanequilibriumintheexpendituresector.ThereforetheIS-curvecanbederivedbysettingY=C+I+G=(0.8)[1-(0.25)]Y+900-50i+800=1,700+(0.6)Y-50i==>(0.4)Y=1,700-50i==>Y=(2.5)(1,700-50i)==>.1.b.TheIS-curveshowsallcombinationsoftheinterestrateandthelevelofoutputsuchthatthegreaterthanactualoutput.Theresultingunintendedinventorydecreaseleadsfirmstoincreasetheirproductiontothepointwhereactualoutputisagainequaltointendedspending.ThismeansthattheIS-curveisdownwardsloping.1.c.EachpointontheLM-curverepresentsanequilibriuminthemoneysector.ThereforetheLM-curvecanbederivedbysettingrealmoneysupplyequaltorealmoneydemand,thatis,M/P=L==>500=(0.25)Y-62.5i==>Y=4(500+62.5i)==>1.d.TheLM-curveshowsallcombinationsoftheinterestrateandlevelofoutputsuchthatthemoneyfixedrealmoneysupply,thiswillleadtoanincreaseininterestrates,whichwillthenreducethequantityofrealmoneybalancesdemandeduntilthemoneymarketclears.Inotherwords,theLM-curveisupwardsloping.1.e.Thelevelofincome(Y)andtheinterestrate(i)attheequilibriumaredeterminedbytheintersectionoftheIS-curvewiththeLM-curve.Atthispoint,theexpendituresectorandthemoneysectorarebothinequilibriumsimultaneously.FromIS=LM==>4,250-125i=2,000+250i==>2,250=375I==>3iiLMhttpswenkuhttpswenkubaiducomviewfeefedb160b4ec0fd.html5/16/201910宏觀經(jīng)濟(jì)學(xué)英文版(多恩布什)課后習(xí)題答案全解-百度文庫(kù)4/1260602,000Y3,5002,000YderivedinthesamewayasinChapter9.Butnowintendedspendingalsodependsontheinterestrate,sowenolongerderivedinthesamewayasinChapter9.Butnowintendedspendingalsodependsontheinterestrate,sowenolongerhaveYao,butratherY=a(Ao-bi)=(1/[1-c+c])-(Abi)==>Y=(2.5)(1,700-50i)=4,250-125i.2.b.Thiscanbeansweredmosteasilywithanumericalexample.AssumethatgovernmentpurchasesincreasebyDG=300.TheIS-curveshiftsparalleltotherightby==>DIS=(2.5)(300)=750.ThereforeIS':Y=5,000-125iWheninterestratesareassumedtobeconstant,thesizeofthemultiplierisqu=al2,thatis,(DY)/(DG)=750/300=2.5.Butwheninterestratesareallowedtovary,thesizeofthemultiplierisreducedtoa1=D(Y)/(DG)=500/300=1.67.2.c.SinceanincreaseingovernmentpurchaseyDG=300causechangeintheinterestrateof2percentagepoints,governmentspendinghastochangeDbGy=150toincreasetheinterestrateby1percentagepoint.2.d.Thesimplemultipliein2.a.showsthemagnitudeofthehorizontalshiftintheIS-curve,givenadampeningeffectonincome.Themultipliereffectin2.b.isthereforesmallerthanthemultipliereffectin2.a.3.a.Anincreaseintheincometaxrate(t)willreducethesizeoftheexpendituremt.ipBliuesthemultiplierbecomessmaller,theIS-curvebecomessteeper.AswecanseefromtheequationfortheIS-curve,thisisnotaparallelshiftbutratherarotationaroundtheverticalintercept.Y=a(Ao-bi)=[1/(1-c+c)]-(Abi)==>i=(1/ob)-A/b)Y=(1/b)Ao-(1/b)[1-c+ct]Yhighertaxratereducesprivatespendingandthiswilllowernationalincome.3.c.Whentheincometaxrateisincreasedhighertaxratereducesprivatespendingandthiswilllowernationalincome.3.c.Whentheincometaxrateisincreased,theequilibriuminterestratewillalsodecrease.Theadjustmenttothenewequilibriumcanbeexpressedasfollows(seegraphonthenextpage):4LMISLMISi12i2021YYYhttpswenkuhttpswenkubaiducomviewfeefedb160b4ec0fd.html5/16/201910宏觀經(jīng)濟(jì)學(xué)英文版(多恩布什)課后習(xí)題答案全解-百度文庫(kù)5/124.a.Ifmoneydemandislessinterestsensitive,thentheLM-curveissteeperandmonetarypolicychangesaffectequilibriumincometoalargerdegree.Ifmoneysupplyisassumedtobefixed,theadjustmenttoanewequilibriuminthemoneysectorhastocomesolelythroughchangesinmoneydemand.Ifmoneydemandislessinterestsensitive,anyincreaseinmoneysupplyrequiresalargerincreaseinincomeandalargerdecreaseintheinterestrateinordertobringthemoneysectorintoanewequilibrium.iiiiiiiISISISISLM11LM22i1LM22i200YY00YTheadjustmentprocessineachofthetwodiagramsisthesame;however,inthecaseofamoreinterest-sensitivemoneydemand(aflatterLM-curve),thechangeinYandiwillbesmaller.eucltiie0derivestheequationfortheLM-curveandtheequationforthemonetarypolicyi=(1/h)[kY-(M/P)]anY)/D((M/P)=(b/hg)respectively.Ifmoneydemandbecomesmoreinterestsensitive,thevalueofhbecomeslargerandtheslopeoftheLM-curvebecomesflatter,whilethesizeofthemonetarypolicymultiplierbecomessmaller.54.b.Anincreaseinmoneysupplydrivesinterestratesdown.Thisdecreaseininterestrateswillstimulateintendedspendingandthusincome.Ifmoneydemandbecomeslessinterestsensitive,alargerincreaseinincomeisrequiredtobringthemoneysectorintoequilibrium.Butthisimpliesthattheoveralldecreaseintheinterestratehastobelarger,giventhattheinterestsensitivityofspendinghasnotchanged.level(P)increases.Thereisanexcessdemandformoneyandinterestrateswillrise.Thiswillleadtoadecreaseininvestmentspendingandthusthelevelofoutputdemandedwilldecrease.Inotherwords,theLM-curvewillshifttotheleftasrealmoneybalancesdecrease.6.Intheclassicalcase,theAS-curveisvertical.Therefore,anyincreaseinaggregatedemandduetoexpansionarymonetarypolicywill,inthelongrun,notleadtoanyincreaseinoutputbutsimplyleadtoanincreaseinthepricelevel.AnincreaseinmoneysupplywillfirstshifttheLM-curvetotheright.fallagain,eventuallyreturningtotheiroriginallevel.Therefore,theshiftoftheLM-curvetotherightduetotheexpansionarymonetarypolicyandtheresultingshiftoftheAD-curvewillbeexactlyoffsetbyashiftoftheLM-curvetotheleftandamovementalongtheAD-curvetothenewlong-runhttpswenkuhttpswenkubaiducomviewfeefedb160b4ec0fd.html5/16/201910宏觀經(jīng)濟(jì)學(xué)英文版(多恩布什)課后習(xí)題答案全解-百度文庫(kù)6/12equilibriumduetothepriceadjustment.Atthisnewlong-runequilibrium,thelevelofoutputandinterestrateswillnothavechangedwhilethepricelevelwillhavechangedproportionallytothenominalmoneysupply,leavingrealmoneybalancesunchanged.Inotherwords,moneyisneutralinthelongrun(theclassicalcase).7.a.AnincreaseinthedemandformoneywillshifttheLM-curvetotheleft,raisingtheinterestrateandloweringthelevelofoutputdemanded.aAsresult,theAD-curvewillalsoshifttotheleft.IntheKeynesiancase,thepricelevelisassumedtobefixed,thatis,theAS-curveishorizontal.Inthiscase,thedecreaseinincomeintheAD-ASdiagramisequivalenttothedecreaseinincomeintheIS-LMdiagram,sincethereisnopriceadjustment,thatis,therealbalanceeffectdoesnotcomeintoplay.7.b.AnincreaseinthedemandformoneywillshifttheLM-curvetotheleft,raisingtheinterestrateandloweringthelevelofoutputdemanded.aAsresult,theAD-curvewillalsoshifttotheleft.Intheclassicalcase,thelevelofoutputwillnotchange,sincetheAS-curveisvertical.Inthiscase,theshiftpricedecreasecausesanincreaseinrealmoneybalances.“Adecreaseinthemarginalpropensitytosaveimpliesthacurvewillbecomesteeper.”FalseAdecreaseinthemarginalpropensitytosave(s=1-c)isequivalenttoanincreaseinthemarginal“Ifthec6False.Equilibriuminthemoneysectorimpliesthatrealmoneysupplyisequaltorealmoneydemand,thatis,ms=M/P=dm(i,Y).Thisimpliesthatanyincreaseinincome(Y)willincreasethedemandformoney.Tobringthemoneysectorbackintoequilibrium,interestrates(i)havetorisesimultaneouslytobringthequantityofmoneydemandedbacktotheoriginallevel(equaltothefixedsupplyofmoney).Therefore,tokeepthemoneyandtheLM-curvemustbeupwardsloping.sectorinequilibrium,anincreaseinincomemustalwaysbeandtheLM-curvemustbeupwardsloping.Areductioninmoneysupplyraisesinterestrates,whichwill,inturn,haveanegativeeffectonthelevelofinvestmentspending.Thelevelofconsumptionmayalsodecreaseasitbecomesmorecostlytofinanceexpendituresbyborrowingmoney.Butevenifitisassumedthatconsumptionisnotaffectedbychangesintheinterestrate,consumptionwillstilldecreasesincerestrictivemonetarypolicywillreducenationalincomeandthereforeprivatespending.AchangeingovernmentspendingdirectlyaffectstheexpendituresectorandthereforetheIS-curve.ButinanIS-LMframework,themoneysectorisalsoaffectedindirectly.AnincreaseinthelevelofgovernmentspendingwillshifttheIS-curvetotheright,leadingtoanincreaseinincome.Buttheincreaseinincomewillleadtoanincreaseinmoneydemand,sotheinterestratewillhavetoincreaseinordertolowerthequantityofmoneydemandedandtobringthemoneysectorbackintoequilibrium.Overallnochangeinmoneydemandcanoccur,sinceequilibriuminthemoneysectorrequiress=thatmhttpswenkuhttpswenkubaiducomviewfeefedb160b4ec0fd.html5/16/201910宏觀經(jīng)濟(jì)學(xué)英文版(多恩布什)課后習(xí)題答案全解-百度文庫(kù)7/12fixed.M/P=thatis,moneysupplyhastobeequaltomoneydemand,andmoneysupplyisassumedtobefixed.AnincreaseinautonomousinvestmentshiftstheIS-curvetotheright.Theincreaseinincomeleadstoanincreaseinthedemandformoney,whichmeansthatinterestratesincrease.Theincreaseininterestratesthenreducesthequantityofmoneydemandedagaintobringthemoneymarketbacktoequilibrium.Expansionarymonetarypolicy,thatis,anincreaseinmoneysupply,willlowerinterestrates(theLM-curvewillshifttotheright).Lowerinterestrateswillleadtoanincreaseininvestmentspendingandtheeconomywillthereforebestimulated.Butahigherlevelofnationalincomeincreasesthegovernment’staxrevenuesandthereforethebudgetsurpluswillincrease.AdecreaseinmoneysupplywillshifttheLM-curvetotheleft.Thiswillleadtoanincreaseintheinterestdoesincometaxrevenue.Therefore,thebudgetdeficitwillincreasebecauseofthechangeinitscyclicalrate,doesincometaxrevenue.Therefore,thebudgetdeficitwillincreasebecauseofthechangeinitscyclicalcomponent.7sflatter.”Commentonthisstatement.AlongtheLM-curve,anincreaseintheinterestrateisalwaysassociatedwithanincreaseinincome.Thismeansthatanincreaseinmoneydemand(duetoanincreaseinincome)hastobeoffsetbyadecreaseinthequantityofmoneydemanded(duetoanincreaseintheinterestrate)tokeepthemoneysectorinequilibrium.Butifmoneydemandbecomesmoreincomesensitive,asmallerchangeinincomeisrequiredforanyspecificchangeintheinterestratetokeepthemoneysectorinequilibrium.Therefore,theLM-curvebecomessteeper(andnotflatter)asmoneydemandbecomesmoresensitivetochangesinincome.“Adecreaseintheincometaxratewillincreasethedemandformoney,shiftingtheLM Adecreaseintheincometaxrate(t)willincreasetheexpendituremultiplier(a).Butwithalargerexpendituremultiplier,anyincreaseininvestmentspendingduetoadecreaseintheinterestratewillleadtoalargerincreaseinincome.Sincefiscalpolicyaffectstheexpendituresector,theIS-curve(nottheLM-curve)willshift.TheIS-curvewillbecomeflatterandshifttotheright.ThiswillleadtoanewthenewIS-curvewiththeoldLM-curve)thedemandformoneywillnothavechanged,sincethemoneysectorhastobeinanequilibriumt=mmd(i,Y).formoneybecomesmoreinsensitivetochangesintheinterestrateequilibriumAnyincreaseinincomewillincreasemoneydemandandthiswilldrivetheinterestrateup.Therefore,thereachanewequilibriuminthemoneysector.ThismeansthattheLM-curveissteepandnotflat.5/16/2019105/16/201910宏觀經(jīng)濟(jì)學(xué)英文版(多恩布什)課后習(xí)題答案全解-百度文庫(kù)8/12httpswenkubaiducomviewfeefedb160b4ec0fd.html==>Y=(2.5)(500-20i)==>FromM/P=md==>700/2=(1/3)Y+200-10i==>(1/3)Y=150+10i==>Y=3(150+10i)==>8LMLMIS=LM==>1,250-50i=450+30i==>800=80i==>==>Y=1,250-50*10==>C=100+(4/5)(3/4)750=100+(3/5)750==>ms=M/P=700/2=ISo0md=(1/3)750+200ISo0iLMb.DIS=(2.5)160=400==>IS'=1,650-i0750IS'=LM==>1,650-50i=450+30i==>1,200=80i==>==>Y=1,650-50*15==>SinceDi=+5==D>I=-20*5==>Check:DDGDI160–10060DYaCheck:DDGDI160–10060DYaD2.5*60=15011i250So450Y450Yhttpswenkuhttpswenkubaiducomviewfeefedb160b4ec0fd.html5/16/201910宏觀經(jīng)濟(jì)學(xué)英文版(多恩布什)課后習(xí)題答案全解-百度文庫(kù)9/12c.FromP(3=0110/i2/3Y)Y=+3i)==>Y=1,050+30iIS1=LM1==>1,650-50i=1,050+30i==>600=80i==>==>Y=1,650-50(7.5)=.==>ascomparedto(b).9LM1LMLM1LMiISo50Y1,650Ya.FromM/P=md==>400=(1/4)Y-10i==>FromIS=LM==>2,000-40i=1,600+40i==>80i=400==>==>Y=2,000-40*5==>DIS=2*200=400==>IS'=2,400-40iIS'=LM==>2,400-40i=1,600+40i==>80i=800==>==>Y=1,600+40*10==>Thereforeandb.Sincethesizeoftheexpendituremultiplierai2butincomeonlygoesupay=200,thefiscalpolicymultiplierintheIS-LMmodelai11.Butthismeansthatthelevelofinvestmenthasbeenreducedby100,thati,I=-100.ThiscanbeseenbyrestatingtheIS-curveasfollows:Y=2,000-40i=Y=2(1,000-20i)SincegovernmentpurchasesarechangedyG=200==>Y=2(1,200-20i),whichmeansthattheIS-curveshiftsbyDIS=2*200=400.ButtheincreaseinincomeisactuallYon=ly200.ThisimpliesthatinvestmentchangesbDyI=-100.InvestmentisoftheformoI–=2i;however,sincetheinterestratewentup=5,investmentchanges=-20*5=-100.FromDY=a(DSp)==>200=p)==>DSp=100cIfm=(1/4)Y,thenwehavetheclassicalcase,thatis,acIfm=(1/4)Y,thenwehavetheclassicalcase,thatis,averticalLM-curveInthiscase,fiscal5/16/20195/16/201910宏觀經(jīng)濟(jì)學(xué)英文版(多恩布什)課后習(xí)題答案全解-百度文庫(kù)httpswenkubaiducomviewfeefedb160b4ec0fd.html,,,,800=80i==>==>Y,,,,800=80i==>==>Y=400+40*10==>b.Accordingtothebalancedbudgettheorem,theIS-curvewillshifthorizontallybytheincreaseingovernmentpurchases,thatisD,IS=DG=DTAo=400.==>i=8Y=1,480iS1oo–expansionwillnotchangeincomeatall.ThisoccurssincetheincreaseinGwillbeoffsetbyadecreaseinIofequalmagnitudeduetoanincreaseintheinterestrate.(M/P)d==>400=(1/4)Y==>Y=1,600LM-curveIS=LM==>2,000-40i=1,600==>40i=400==>==>IS'=LM==>2,400-40i=1,600==>40i=800==>i=20==>Y=1,600==>(1/4)Y=400-10i==>Y=4(400-10i)==>From==>1,600-40i=800+60i==>100i==0>0Ifgovernmentspendingisi