曼昆 宏观经济学 第九版 答案 英文版 solution manual for macroeconWord文档格式.docx

曼昆 宏观经济学 第九版 答案 英文版 solution manual for macroeconWord文档格式.docx

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1.Microeconomicsisthestudyofhowindividualfirmsandhouseholdsmakedecisions,andhowtheyinteractwithoneanother.Microeconomicmodelsoffirmsandhouseholdsarebasedonprinciplesofoptimization—firmsandhouseholdsdothebesttheycangiventheconstraintstheyface.Forexample,householdschoosewhichgoodstopurchaseinordertomaximizetheirutility,whereasfirmsdecidehowmuchtoproduceinordertomaximizeprofits.Incontrast,macroeconomicsisthestudyoftheeconomyasawhole;

itfocusesonissuessuchashowtotaloutput,totalemployment,andtheoverallpricelevelaredetermined.Theseeconomy-widevariablesarebasedontheinteractionofmanyhouseholdsandmanyfirms;

therefore,microeconomicsformsthebasisformacroeconomics.

2.Economistsbuildmodelsasameansofsummarizingtherelationshipsamongeconomicvariables.Modelsareusefulbecausetheyabstractfromthemanydetailsintheeconomyandallowonetofocusonthemostimportanteconomicconnections.

3.Amarket-clearingmodelisoneinwhichpricesadjusttoequilibratesupplyanddemand.Market-clearingmodelsareusefulinsituationswherepricesareflexible.Yetinmanysituations,flexiblepricesmaynotbearealisticassumption.Forexample,laborcontractsoftensetwagesforuptothreeyears.Or,firmssuchasmagazinepublisherschangetheirpricesonlyeverythreetofouryears.Mostmacroeconomistsbelievethatpriceflexibilityisareasonableassumptionforstudyinglong-runissues.Overthelongrun,pricesrespondtochangesindemandorsupply,eventhoughintheshortruntheymaybeslowtoadjust.

ProblemsandApplications

1.MonetarypolicyintheUnitedStatesandtheEuropeanUnionhasbeenabigtopicofconversationinearly2015.TheEUembarkeduponaquantitativeeasingpolicyinMarch2015inanattempttostimulategrowthandpreventdeflation.TherehasbeensomeconcernthattheinflationrateinEuropewillturnnegative.IntheUnitedStates,thereiscontinueddiscussionandspeculationconcerningwhentheFederalReservemightchoosetoincreasethetargetfederalfundsrate.AlsointheUnitedStates,theunemploymentratehasdeclinedtoabout5.5percentandthissuggeststhatwagesmaybegintoincrease.TheFederalReservewillbewatchingforwageandpriceincreasesastheydecidewhentoincreaseinterestrates.

2.Manyphilosophersofsciencebelievethatthedefiningcharacteristicofascienceistheuseofthescientificmethodofinquirytoestablishstablerelationships.Scientistsexaminedata,oftenprovidedbycontrolledexperiments,tosupportordisproveahypothesis.Economistsaremorelimitedintheiruseofexperiments.Theycannotconductcontrolledexperimentsontheeconomy;

theymustrelyonthenaturalcourseofdevelopmentsintheeconomytocollectdata.Totheextentthateconomistsusethescientificmethodofinquiry,thatis,developinghypothesesandtestingthem,economicshasthecharacteristicsofascience.

3.Wecanuseasimplevariantofthesupply-and-demandmodelforpizzatoanswerthisquestion.Assumethatthequantityoficecreamdemandeddependsnotonlyonthepriceoficecreamandincome,butalsoonthepriceoffrozenyogurt:

Qd=D（PIC,PFY,Y）.

Weexpectthatdemandforicecreamriseswhenthepriceoffrozenyogurtrises,becauseicecreamandfrozenyogurtaresubstitutes.Thatis,whenthepriceoffrozenyogurtgoesup,Iconsumelessofitand,instead,fulfillmoreofmyfrozendesserturgesthroughtheconsumptionoficecream.

Chapter1—TheScienceofMacroeconomics

2

Thenextpartofthemodelisthesupplyfunctionforicecream,Qs=S（PIC）.Finally,inequilibrium,supplymustequaldemand,sothatQs=Qd.YandPFYaretheexogenousvariables,andQandPICaretheendogenousvariables.Figure1-1usesthismodeltoshowthatafallinthepriceoffrozenyogurtresultsinaninwardshiftofthedemandcurveforicecream.Thenewequilibriumhasalowerpriceandquantityoficecream.

4.Thepriceofhaircutschangesratherinfrequently.Fromcasualobservation,hairstyliststendtochargethesamepriceoveraone-ortwo-yearperiodirrespectiveofthedemandforhaircutsorthesupplyofcutters.Amarket-clearingmodelforanalyzingthemarketforhaircutshastheunrealisticassumptionofflexibleprices.Suchanassumptionisunrealisticintheshortrunwhenweobservethatpricesareinflexible.Overthelongrun,however,thepriceofhaircutsdoestendtoadjust;

amarket-clearingmodelisthereforeappropriate.

CHAPTER2TheDataofMacroeconomicsQuestionsforReview

1.GDPmeasuresthetotalincomeearnedfromtheproductionofthenewfinalgoodsandservicesintheeconomy,andit