多恩布什宏观经济学第十版课后习题答案06文档格式.docx

多恩布什宏观经济学第十版课后习题答案06文档格式.docx

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多恩布什宏观经济学第十版课后习题答案06@#@Chapter6@#@SolutionstotheProblemsintheTextbook:

@#@@#@ConceptualProblems:

@#@@#@1.TheaggregatesupplycurveandthePhillipscurvedescribeverysimilarrelationshipsandbothcurvescanbeusedtoanalyzethesamephenomena.TheAS-curveshowsarelationshipbetweenthepricelevelandthelevelofoutput.ThePhillipscurveshowsarelationshipbetweentherateofinflationandtheunemploymentrate,givencertaininflationaryexpectations.Forexample,amovementalongtheAS-curvedepictsanincreaseinthepricelevelthatisassociatedwithanincreaseinthelevelofoutput.Asoutputincreases,therateofunemploymentdecreases（seeOkun’slaw）.Therefore,withalargerincreaseinthepricelevel（ahigherlevelofinflation）therewillbeadecreaseinunemployment,creatingadownward-slopingPhillipscurve.ThisdownwardslopingPhillipscurveshiftswheneverinflationaryexpectationschange.Ifoneassumesthatworkerswillchangetheirwagedemandswhenevertheirinflationaryexpectationschange,onecanconcludethatashiftinthePhillipscurvecorrespondstoashiftintheupwardslopingAS-curve,sincehigherwagesmeanhighercostofproduction.@#@2.Intheshortrun,whenwagesandpricesareassumedtobefixed,therecanbenoinflationandthusthePhillipscurvemakesnosenseoverthisverybrieftimeframe.Butinthemediumrun（inthischapteralsooftenreferredtoastheshortrun）,thePhillipscurveisdownwardslopingasinflationaryexpectationsareassumedtobeconstant.Inthelongrun,thePhillipscurveisverticalatthenaturalrateofunemployment,whichcorrespondstotheverticallong-runAS-curveatthefull-employmentlevelofoutput.@#@3.Avarietyofexplanationsaregiveninthischapterforthestickinessofwagesintheshortorintermediaterun.Oneisthatworkershaveimperfectinformationandnobodyknowstheactualpricelevel.Peopledon’tknowwhetherachangeintheirnominalwageistheresultofanincreaseinpricesorintherealwagetheyreceivefortheworktheyprovide.Duetothisuncertainty,labormarketswillnotclearimmediately.Anotherargumentreliesoncoordinationproblems,thatis,differentfirmswithinaneconomycannotcoordinatepricechangesinresponsetomonetarypolicychanges.Individualfirmschangetheirpricesonlyreluctantly,sincetheyareafraidoflosingmarketshare.Theefficiencywagetheoryarguesthatemployerspayabovemarket-clearingwagestomotivatetheirworkerstoworkharder.Firmsarealsoreluctanttochangewagesbecauseoftheperceivedmenucostsinvolved.Therearelong-termrelationsbetweenfirmsandworkersandwagesareusuallysetinnominaltermsbywagecontracts,whicharerenegotiatedonlyperiodically.Thusrealwagesfluctuateovertimeasthepricelevelchanges.Finally,theinsider-outsidermodelarguesthatfirmsnegotiateonlywiththeirownemployeesbutnotwithunemployedworkers.Sinceaturnoverinthelaborforceiscostlytofirms,theyarewillingtoofferabovemarket-clearingwagestothecurrentlyemployedratherthanhiringtheunemployedwhomaybewillingtoworkforlowerwages.@#@Thesedifferentviewsarenotnecessarilymutuallyexclusiveanditisuptostudentstodecidewhichoftheargumentspresentedheretheyfindmostplausible.Theexplanationsdiffermainlyintheirassumptionofhowfastmarketsclearandwhetheremploymentvariationsarevoluntary.@#@4.a.Stagflationisdefinedasaperiodofhighunemploymentaccompaniedbyhighinflation.@#@4.b.Stagflationcanoccurintimeperiodswhenpeoplehavehighinflationaryexpectations.Iftheeconomygoesintoarecession,theactualrateofinflationwillfallbelowtheexpectedrateofinflation.However,theactualinflationratemaystillbeveryhighwhiletherateofunemploymentisincreasing.Forexample,theFedmayhaveletmoneysupplygrowmuchtoofastinthepast,soeveryoneexpectsahighinflationrate.Ifasupplyshockoccurs,wewillseeanincreaseintherateofunemploymentwhileinflationaryexpectationsandactualinflationremainveryhigh.Thisscenariooccurredduringthe1970s.Oncewehavereachedsuchasituation,itbecomesnecessarytodesignpoliciesthatwillreduceinflationaryexpectationstoshiftthePhillipscurvebacktotheleft.@#@5.AssumeadisturbanceoccursandtheAD-curveshiftstotheright.Unemploymentdecreasesandinflationincreases,andwemovealongthedownwardslopingPhillipscurvetotheleft.However,assoonaspeoplerealizethatactualinflationishigherthantheirinflationaryexpectations,theyadjusttheirinflationaryexpectationsupwardandthedownward-slopingPhillipscurveshiftstotheright,eventuallyreturningunemploymentbacktoitsnaturalrate.Inotherwords,theeconomyadjustsbackatthefull-employmentlevelofincome.@#@Ifanadversesupplyshockoccurs（theupward-slopingAS-curveshiftstothele