国际经济学第九版英文课后答案 第17单元.docx

国际经济学第九版英文课后答案 第17单元.docx

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国际经济学第九版英文课后答案第17单元

*CHAPTER17

（CoreChapter）

THEINCOMEADJUSTMENTMECHANISMANDSYNTHESIS

OFAUTOMATICADJUSTMENTS

OUTLINE

17.1Introduction

17.2IncomeDeterminationinaClosedEconomy

17.2aDeterminationoftheEquilibriumNationalIncomeinaClosedEconomy

17.2bTheMultiplierinaClosedEconomy

17.3IncomeDeterminationinaSmallOpenEconomy

17.3aImportFunction

CaseStudy17-1:

IncomeElasticityofImportsandExportsintheLeadingIndustrialCountries

17.3bDeterminationofEquilibriumNationalIncomeinaSmallOpenEconomy

17.3cGraphicalDeterminationoftheEquilibriumNationalIncome

CaseStudy17-2:

Savings,Investments,andtheCurrentAccountBalanceintheLeadingIndustrialNations

17.3dForeign-TradeMultiplier

17.4ForeignRepercussions

CaseStudy17-3:

GrowthinUnitedStatesandAbroad,andU.S.CurrentAccountDeficits

CaseStudy17-4:

GrowthandCurrentAccountBalanceinDevelopingCountries

17.5AbsorptionApproach

CaseStudy17-5:

EffectoftheAsianFinancialCrisisoftheLate1990sonOECDCountries

17.6MonetaryAdjustmentsandSynthesisofAutomaticAdjustments

17.6aMonetaryAdjustments

17.6bSynthesisofAutomaticAdjustments

CaseStudy17-6:

InterdependenceintheWorldEconomy

17.6cDisadvantagesofAutomaticAdjustments

Appendix:

A17.1DerivationofForeignTradeMultiplierswithForeignRepercussions

A17.2TheTransferProblemOnceAgain

KeyTerms

ClosedeconomyImportfunction

Equilibriumlevelofnationalincome（YE）Marginalpropensitytoimport（MPM）

DesiredorplannedinvestmentAveragepropensitytoimport（MPM）

Marginalpropensitytoconsume（MPC）Incomeelasticityofimports（ny）

ConsumptionfunctionExportfunction

SavingfunctionForeigntrademultiplier（k'）

Marginalpropensitytosave（MPS）Foreignrepercussions

InvestmentfunctionAbsorptionapproach

Multiplier（k）Synthesisofautomaticadjustments

LectureGuide:

1.InthefirstlectureonChapter17（acorechapter）,Iwouldcoversections1and2andassignproblems1to4.Section2isareviewofprinciplesofeconomicsbutmyexperienceisthattheaveragestudentneedsittoclearlyunderstandthematerialintherestofthechapter.

2.Inthesecondlecture,Iwouldcoversections3and4andassignproblems3to8.Mostothertextsdonotdealwithforeigntrademultipliersinanygreatdetailbecauseofthedifficultyofderivingthem.However,theirmeaninganduseisimportantandtheycansstillbediscussedwithoutderivingthem（theirderivationisinsectionA17.1oftheappendix,whichcanbemadeoptionalforthebestandmosteagerstudentsintheclass）.

3.Inthethirdlecture,Iwouldcoversections5and6andassignproblems9to14.Thesetwosectionsareveryimportantanddifficult.

AnswertoProblems:

1.SeeFigure1onthenextpage.

TheequilibriumlevelofnationalincomeisYE=1,000andisgivenbypointEatwhich

theC+Ifunctioncrossesthe45°line.

2.a.S=-100+0.2Y.

Thesavingfunctionisobtainedbysubtractingverticallytheconsumptionfunctionfrom

the45˚line

b.SeeFigure2.

TheequilibriumlevelofnationalincomeisYE=1,000andisgivenbypointEatwhich

thepositively-slopedSfunctioncrossesthehorizontalIfunction.

3.SeeFigure3.

ThenewequilibriumlevelofnationalincomeisYE=1,500andisgivenbypointE'at

whichthenewC+I'functioncrossesthe45°line.

4.a.SeeFigure4onthenextpage.

ThenewequilibriumlevelofnationalincomeisYE=1,500andisgivenbypointE'at

whichtheSfunctioncrossesthenewI'function.

b.k=1/MPS=1/（1/5）=5.

5.a.S（Y）+M（Y）=-100+0.2Y+150+0.2Y=50+0.4Y

I+X=100+350=450

50+0.4Y=450;therefore,YE=400/0.4=1000.

b.SeeFigure5.

TheequilibriumlevelofnationalincomeisYE=1,000andisgivenbypointEatwhich

thepositively-slopedS+MfunctioncrossesthehorizontalI+Xfunction.

6.SeeFigure6.

TheequilibriumlevelofnationalincomeisYE=1,000andisgivenbypointEatwhich

thenegatively-slopedX-Mfunctioncrossesthepositively-slopedS-Ifunction.

7.a.I+X'=100+350+200=650

50+0.4Y=650;

therefore,YE'=1500

AtYE'=1500,M=150+0.2Y=150+（0.2）（1500）=450

X'-M=550-450=100

SeeFigure7onpage155.

b.I'+X=650

YE'=1500

X-M=350-450=-100

SeeFigure8.

c.X'+I'=550+300=850

50+0.4Y=850

therefore,YE"=2000

AtYE"=2000,M=150+0.2Y=150+（0.2）（2000）=550

X'-M=550-550=0

SeeFigure9onpage155.

8.a.S'（Y）+M（Y）=-200+0.2Y+150+0.2Y=-50+0.4Y

I+X=100+350=450

-50+0.4Y=450

therefore,YE'=1250

AtYE'=1250,M=150+0.2Y=150+（0.2）（1250）=400

X-M=350-400=-50S

SeeFigure10onpage157.

b.S（Y）+M'（Y）=-100+0.2Y+50+0.2Y=-50+0.4Y

-50+0.4Y=450

therefore,YE'=1,250

atYE'=1250,M'=50+0.2Y=50+（0.2）（1,250）=300

X-M'=350-300=50（seeFigure11）.

c.S'（Y）+M'（Y）=-200+0.2Y+50+0.2Y=-150+0.4Y

-150+0.4Y=450

therefore,YE"=1500

atYE"=1500,M'=50+0.2Y=50+（0.2）（1500）=350

X-M'=350-350=0（seeFigure12）.

9.a.

K"=

1

=

1

=

1

=

1.88

MPS1+MPM1+MPM2（MPS1/MPS2）

0.20+0.20+0.10（0.20/0.15）

0.533

YE=（X）（k"）=（200）（1.88）=376

M=（YE）（MPM1）=（376）（0.20）=75.2

S=（YE）（MPS1）=（376）（0.20）=75.2

X=S+M=75.2+75.2=150.4sothat

X-M=75.2=Nation1'stradesurplus.

b.

k*=

1+MPM2/MPS2

=

1+0.10/0.15

=

1.667

=

3.13

MPS1+MPM1+MPM2（MPS1/MPS2）

0.533

0.533

YE=（I）（k*）=（200）（3.13）=626

M=（YE）（MPM1）=（626）（0.20）=125.2

S=（YE）（MPS1）=（626）（0.20）=125.2

200+X=125.2+125.2

andX=50.4sothat

X-M=50.4-125.2=-74.8

10.

k**=

MPM2/MPS2

=

0.10/0.15

=

0.67

=

1.25

MPS1+MPM1+MPM2（MPS1/MPS2）

0.533

0.533

YE=（I*）（k**）（200）（1.25）=250

M=（YE）（MPM1）=（250）（0.20）=50=S

X=S+M=100

X-M=5

11.

k**=

0.5

=

0.95

0.53

YE=（I*）（k**）=（200）（0.95）=190

M=（YE）（MPM1）=（190）（0.15）=28.5=S

X=S+M=57

X-M=28.5

12.TheX-MfunctionwouldshiftupasinFigure9withoutfullemployment.Withfullemployment,thedepreciationwillresultininflationandareturntotheconditionofFigure8（i.e.,theX-Mfunctionwouldshiftupandthendowntoitsoriginalposition）,unlessdomesticabsorptionissomehowreduced.

13.Onereasonisthatthegovernmentsectorisnotincluded.Anotherreasonisifthenationisnotinequilibrium.

14.Theadvantagesofautomaticoverpolicyadjustmenttocorrectatradedisequilibriumare:

（1）adjustmentbeginstooperateevenbeforetheproblemisrecognized;

（2）therearenopossibilitiesofpolicymistakes;and（3）theadjustmentwillcontinueuntilthetradedisequilibriumisentirelyeliminated.Ontheotherhand,adjustmentpoliciescanonlybeenactedaftertheproblemisrecognized.Therearethendelaystoenactpoliciesandforthemtohaveeffect.Thus,bythetimeadjustmentpoliciesbecomeeffectivethenationmaynotlongerfacetheproblemormayfacetheoppositeproblem.Wrongpoliciescanalsobeadopted.

App.1a.I+m*Y*=sY+mY

I*+mY=s*Y*+m*Y*

X+m*Y*=sY-mY

-X+mY=（s*+m*）Y*

-X+mY=Y*

s*+m*

X+m*（-X+mY）=sY+mY

s*+m*

X+-m*X+m*mY=（s+m）Y

s*+m+

s*X+m*X-m*X+m*mY=（s+m）（s*+m*）Y

s*X+m*mY=（s+m）（s*+m*）Y

s*X=[（s+m）（s*+m*）-m*m]Y

X=[]

Ys*

Y=s*=1

Xss*+mm*+ms*+m*s-m*ms+m+m*s/s*

b.k"=1

s+m

thatis,k"isalreadyaforeignrepercussion.

App.2.Mostpetroleumexportingnations,notablySaudiArabia,Libya,andKuwaitcouldnotspendalloftheirpetroleumearningsonincreasedimportsfrompetroleumimportingcountriesduringthe1970s.Mostunspentearningswereusedforportfoliopurchasesinthedevelopednations,especiallyintheU.S.,throughtheEurodollarmarket.Atthesametime,mostoil-importingnationsdeflatedtheireconomiestoreducetheiroilbillandbalanceofpaymentsdifficulties.Thesharpdeclineinpetroleumsince1981completelyeliminatedtheexcessearningsofmostOPECnationssothatthetransferproblemdisappeared.

Multiple-choiceQuestions:

1.Inordertoisolatetheincomeadjustmentmechanism,weassumethat:

a.thenationoperatesunderafixedexchangeratesystem

b.allprices,wages,andinterestratesareconstant

c.thenationoperatesatlessthanfullemployment

*d.alloftheabove

2.Themarginalpropensitytoconsumemeasures:

a.theratioofimportstoincome

b.theratioofincometoimports

*c.thechangeinimportsoverthechangeinincome

d.thechangeinincomeoverthechangeinimports

3.Theincomeelasticityofimportsisgivenby:

a.thepercentagechangeinincomeoverthepercentagechangeinimports

b.thechangeinimportsoverthechangeinincome

*c.themarginalpropensitytoimportovertheaveragepropensitytoimport

d.theaveragepropensitytoimportoverthemarginalpropensitytoimport

4.Theequilibriumlevelofnationalincomeinanopeneconomyisgivenby:

a.I+X=S+M

b.X-M=S-I

c.I+（X-M）=S

*d.alloftheabove

5.IfMPS=0.2andMPM=0.3,theforeigntrademultiplieris:

a.5

b.3.3

c.3

*d.2

6.WhenSexceedsI,anopeneconomyhasatradebalance:

*a.surplus

b.deficit

c.equilibrium

d.anyoftheabove

7.TheS-Ifunctionrisesbecause:

a.risingIaresubtractedfromconstantS

*b.constantIaresubtractedfromrisingS

c.risingIaresubtractedfromrisingS

d.constantIareaddedtofallingS

8.AnautonomousfallinMfromaconditionofequilibriuminnationalincomeandinthe

tradebalanceresultsinthenation'sincome:

a.risinganditstradeba