布兰查德宏观经济学第七版第7版英文版chapter16.docx
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布兰查德宏观经济学第七版第7版英文版chapter16
Macroeconomics,7e（Blanchard）
Chapter16:
Expectations,Output,andPolicy
16.1ExpectationsandDecisions:
TakingStock
1）Changesinfutureexpectedinterestratescanaffectcurrentconsumption.Supposeindividualsexpectfutureinterestratestodecrease.Consumptionwillchangeasaresultofthislowerexpectedfutureinterestratebecauseofitseffectsonwhichofthefollowing?
A）humanwealth
B）thevalueofstocks
C）thevalueofbonds
D）alloftheabove
E）noneoftheabove
Answer:
D
Diff:
2
2）Whichofthefollowingwillnotcauseaggregateprivatespendingtoincrease?
A）anincreaseinexpectedfuturerealinterestrates
B）anincreaseingovernmentspending
C）areductioninfuturetaxes
D）alloftheabove
E）noneoftheabove
Answer:
A
Diff:
1
3）Whichofthefollowingwillcauseaggregateprivatespendingtodecrease?
A）areductioningovernmentspending
B）anincreaseinexpectedfutureinterestrates
C）anincreaseinexpectedfuturetaxes
D）alloftheabove
E）noneoftheabove
Answer:
D
Diff:
1
4）TheIScurveshiftstotheleftwherethereis
A）areductionincurrenttaxes.
B）anincreaseinexpectedfuturetaxes.
C）anincreaseinexpectedfutureoutput.
D）alloftheabove
E）noneoftheabove
Answer:
B
Diff:
1
5）Supposeindividualsnowbelievethattherewillbeafuturetaxcut.Thisreductioninexpectedfuturetaxeswillcausewhichofthefollowingtooccurinthecurrentperiod?
A）theLMcurvetoshiftdown
B）theLMcurvetoshiftup
C）theIScurvetoshiftrightward
D）theIScurvetoshiftleftward
E）noneoftheabove
Answer:
C
Diff:
1
6）Supposeindividualsnowbelievethattherewillbeanincreaseinthefutureexpectedinterestrate.Thisincreaseintheexpectedfutureinterestratewillcausewhichofthefollowingtooccurinthecurrentperiod?
A）anupwardshiftoftheLMcurve
B）aleftwardshiftoftheIScurve
C）theIScurvetobecomeflatter
D）theLMcurvetobecomesteeper
E）noneoftheabove
Answer:
B
Diff:
1
7）Supposethereisafiscalexpansioninthecurrentperiod.Thisfiscalexpansionwilltendtocauseasmallerincreaseincurrentoutputwhen
A）anincreaseincurrentoutputcausesanincreaseinexpectedfutureoutput.
B）anincreaseinthecurrentinterestratecausesexpectationsofexpansionarymonetarypolicyinthefuture.
C）anincreaseinthecurrentinterestratecausesanincreaseinexpectedfutureinterestrates.
D）bothAandB
E）alloftheabove
Answer:
C
Diff:
2
8）Whichofthefollowingwillnotcauseaggregateprivatespendingtodecrease?
A）areductioninexpectedfuturerealinterestrates
B）areductioningovernmentspending
C）anincreaseinfuturetaxes
D）alloftheabove
E）noneoftheabove
Answer:
A
Diff:
1
9）Whichofthefollowingwillcauseaggregateprivatespendingtoincrease?
A）anincreaseingovernmentspending
B）areductioninexpectedfutureinterestrates
C）areductioninexpectedfuturetaxes
D）alloftheabove
E）noneoftheabove
Answer:
D
Diff:
1
10）TheIScurveshiftstotherightwherethereis
A）anincreaseincurrenttaxes.
B）areductioninexpectedfuturetaxes.
C）areductioninexpectedfutureoutput.
D）alloftheabove
E）noneoftheabove
Answer:
B
Diff:
1
11）Supposeindividualsnowbelievethattherewillbeafuturetaxincrease.Thisincreaseinexpectedfuturetaxeswillcausewhichofthefollowingtooccurinthecurrentperiod?
A）theLMcurvetoshiftdown
B）theLMcurvetoshiftup
C）theIScurvetoshiftrightward
D）theIScurvetoshiftleftward
E）noneoftheabove
Answer:
D
Diff:
1
12）Supposethereisareductioninexpectedfutureoutput.Thiswillcausewhichofthefollowingtooccur?
A）theIScurvetoshiftleftinthecurrentperiod
B）theIScurvetoshiftrightinthecurrentperiod
C）theLMcurvetoshiftupinthecurrentperiod
D）theLMcurvetoshiftdowninthecurrentperiod
Answer:
A
Diff:
2
13）Supposethereisareductionintheexpectedfutureinterestrate.Thiswillcausewhichofthefollowingtooccur?
A）theIScurvetoshiftleftinthecurrentperiod
B）theIScurvetoshiftrightinthecurrentperiod
C）theLMcurvetoshiftupinthecurrentperiod
D）theLMcurvetoshiftdowninthecurrentperiod
Answer:
B
Diff:
2
14）ExplainwhythenewIScurvethattakesintoaccountexpectationsislikelysteeperthantheoriginalIScurvethatignoredexpectations.
Answer:
ThereareseveralfactorsthatdeterminethesizeoftheslopeoftheIScurve:
themultiplierandtheinterestratesensitivityofinvestment.ThemultiplierisnowsmallerbecausechangesincurrentYdonothaveaslargeaneffectoncurrentC.So,thempcissmaller,themultipliersmaller,andtheIScurvesteeper.Also,adropintheinterestratethatisnowtemporarywillnotcauseItoincreaseasmuchsotheIScurvewillbesteeper.IntheoriginalIS-LMmodel,changesinYandtheinterestratewereimplicitlyassumedpermanent.
Diff:
2
15）Explainthedeterminantsofaggregateprivatespending.
Answer:
Aggregateprivatespending,A,equalsCplusI.So,Aisafunctionofcurrentincome,futureexpectedincome,currenttaxes,futureexpectedtaxes,currentinterestrates,andfutureexpectedinterestrates.
Diff:
2
16）ExplainwhateffectanincreaseinfutureexpectedoutputwillhaveontheIScurveandLMcurveinthecurrentperiod.
Answer:
AnincreaseinYewillcausehumanwealthtobehigher.IndividualswillincreasetheircurrentconsumptionandtheIScurvewillshiftright.AnincreaseinYewillalsocausefirmstoincreasetheirexpectationsoffutureexpectedprofits.Whenthisoccurs,thediscountedpresentvalueoffutureprofitsishighercausingItoincrease.AsIincreases,theIScurveshiftsright.ThiswillhavenoeffectontheLMcurve.
Diff:
2
17）ExplainwhateffectareductioninthefutureexpectedinterestratewillhaveontheIScurveandLMcurveinthecurrentperiod.
Answer:
Areductioninthefutureexpectedinterestratewillcauseanincreaseinthepresentvalueoffuturedisposableincomeand,therefore,humanwealth.ThiscausescurrentCtoincreaseandtheIScurvetoshiftright.Thereductioninthefutureexpectedratewillalsocauseanincreaseinthepresentvalueoffutureprofits.ThiswillcauseanincreaseininvestmentandanotherrightwardshiftintheIScurve.TheLMcurvewillnotbeaffected.
Diff:
2
18）Comparethefollowingthreewaystomodelexpectations:
animalspirits,adaptiveexpectations,andrationalexpectations.
Answer:
Animalspiritsassumedthatexpectationsweresimplyrandom.Adaptiveexpectationsassumedthatindividualsformedexpectationsbylookingatpastchangesinavariable.Rationalexpectationsassumedthatindividualsformexpectationsbyusingallcurrentlyavailableinformationandanunderstandingofthemodelandpolicy.
Diff:
2
19）ExplainwhateffectareductioninfutureexpectedoutputwillhaveontheIScurveandLMcurveinthecurrentperiod.
Answer:
AreductioninYewillcausehumanwealthtobehigher.IndividualswillreducetheircurrentconsumptionandtheIScurvewillshiftleft.AreductioninYewillalsocausefirmstodecreasetheirexpectationsoffutureexpectedprofits.Whenthisoccurs,thediscountedpresentvalueoffutureprofitsislowercausingItodecrease.AsIdecreases,theIScurveshiftsleft.ThiswillhavenoeffectontheLMcurve.
Diff:
2
20）ExplainwhateffectanincreaseinthefutureexpectedinterestratewillhaveontheIScurveandLMcurveinthecurrentperiod.
Answer:
Anincreaseinthefutureexpectedinterestratewillcauseareductioninthepresentvalueoffuturedisposableincomeand,therefore,humanwealth.ThiscausescurrentCtodecreaseandtheIScurvetoshiftleft.Theincreaseinthefutureexpectedratewillalsocauseareductioninthepresentvalueoffutureprofits.ThiswillcauseareductionininvestmentandanotherleftwardshiftintheIScurve.TheLMcurvewillnotbeaffected.
Diff:
2
16.2MonetaryPolicy,Expectations,andOutput
1）WhichofthefollowingwillcausetheLMcurvetoshiftup?
A）anincreaseintheexpectedfutureinterestrate
B）anincreaseincurrentincome
C）anincreaseinexpectedfuturetaxes
D）alloftheabove
E）noneoftheabove
Answer:
E
Diff:
1
2）Achangeinwhichofthefollowingwillhaveadirecteffectontheamountofmoneyindividualswishtoholdinthecurrentperiod?
A）thecurrentnominalinterestrate
B）thecurrentrealinterestrate
C）theexpectedfuturenominalinterestrate
D）theexpectedfuturerealinterestrate
E）alloftheabove
Answer:
A
Diff:
2
3）Areductioninwhichofthefollowingvariableswillcauseanincreaseintheamountofmoneyindividualswishtoholdinthecurrentperiod?
A）currentincome
B）thecurrentnominalinterestrate
C）thecurrentrealinterestrate
D）expectedfutureincome
E）alloftheabove
Answer:
B
Diff:
2
4）Supposeindividualsexpectthatinterestrateswillincreaseinthefuture.AlsoassumethattheFedwantstopreventanychangeincurrentoutput.GiventhisgoaloftheFed,theFedshouldimplementapolicyinthecurrentperiodthat
A）shiftstheIScurverightward.
B）shiftstheIScurveleftward.
C）shiftstheIScurveleftwardandtheLMcurveupward.
D）shiftstheLMcurveupward.
E）shiftstheLMcurvedownward.
Answer:
E
Diff:
2
5）AchangeinwhichofthefollowingvariableswillcauseashiftoftheIScurveinthecurrentperiod?
A）thecurrentinterestrate
B）currentoutput
C）currenttaxes
D）alloftheabove
E）noneoftheabove
Answer:
D
Diff:
1
6）TheIScurvebecomessteeperwhen
A）governmentspendingisrelativelysmall.
B）theincometaxrateinthecurrentperiodisrelativ
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