英文版宏观经济典型例题附带答案15页.docx

英文版宏观经济典型例题附带答案15页.docx

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英文版宏观经济典型例题附带答案15页

Macroeconomics

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4、Abbyconsumesonlyapples.Inyear1,redapplescost1dollareach,greenapplescost2dollareach,andAbbybuys10redapples.Inyear2,redapplescost2dollar,greenapplescost1dollar,andAbbybuys10greenapples.

a.Computeaconsumerpriceindexforapplesforeachyear.Assumethatyear1isthebaseyearinwhichtheconsumerbasketisfixed.Howdoesyourindexchangefromyear1toyear2

b.ComputeAbby’snominalspendingonapplesineachyear.Howdoesitchangefromyear1toyear2

c.Usingyear1asthebaseyear,computeAbby’srealspendingonapplesineachyear.Howdoesitchangefromyear1toyear2

d.Definingtheimplicitpricedeflatorasnominalspendingdividedbyrealspending,computethedeflatorforeachyear.Howdoesthedeflatorchangefromyear1toyear2

SupposethatAbbyisequallyhappyeatingredorgreenapples.HowmuchhasthetruecostoflivingincreasedforAbbyComparethisanswertoyouranswerstoparts（a）and（d）.WhatdoesthisexampletellyouaboutLaspeyresandPaaschepriceindexes

a.

AccordingtotheCPI（消費物價指數）,priceshavedoubled.

b.N-spendingisthetotalvalueofoutputproducedineachyear.InY1andY2,Abbybuys10applesfor$1each,soherN-spendingremainsconstantat$10.

c.R-spendingisthetotalvalueofoutputproducedineachyearvaluedatthepricesprevailinginY1,thebaseyear,herR-spendingequalsherN-spendingof$10.Inyear2,sheconsumes10greenapplesthatareeachvaluedattheirY1priceof$2,soherrealspendingis$20.

Hence,Abby’srealspendingrisesfrom$10to$20.

d.

Thus,theimplicitpricedeflatorsuggeststhatpriceshavefallenbyhalf.

e.IfAbbythinksofredapplesandgreenapplesasperfectsubstitutes,thenthecostoflivinginthiseconomyhasnotchanged.

AccordingtotheCPI,however,thecostoflivinghasdoubled.IncontrasttotheCPI,theimplicitpricedeflatorestimatesthecostoflivinghashalved.

Thus,theCPI,aLaspeyresindex,overstatestheincreaseinthecostoflivingandthedeflator,aPaascheindex,understatesit.

ThischapterofthetextdiscussesthedifferencebetweenLaspeyresandPaascheindicesinmoredetail.

5、

6、Supposethataneconomy’sproductionfunctionisCobb-Douglaswithparameter

.

a.Whatfractionsofincomedocapitalandlaborreceive

b.Supposethatimmigrationincreasesthelaborforceby10percent.WhathappentototaloutputTherentalpriceofcapitalTherealwage

c.Supposethatagiftofcapitaformabroadraisesthecapitalstockby10percent.Whathappenstototaloutput（inpercent）.TherentalpriceofcapitalTherealwage

d.SupposethatatechnologicaladvanceraisesthevalueoftheparameterAby10percent.WhathappenstototaloutputTherentalpriceofcapitalTherealwage

7、Supposethatthemoneydemandfunctiontakestheform

a.Ifoutputgrowsatrateg,atwhatratewillthedemandforrealbalancesgrow（assumingconstantnominalinterestrates）

b.Whatisthevelocityofmoneyinthiseconomy

c.Ifinflationandnominalinterestratesareconstant,atwhatrate,ifany,willvelocitygrow

d.HowwillapermanentincreaseinthelevelofinterestratesaffectthelevelofvelocityHowwillitaffectthesubsequentgrowthrateofvelocity

8、ConsideraneconomywiththefollowingCobb-Douglasproductionfunction:

Theeconomyhas1000unitsofcapitalandalaborforceof1000workers.

a.Derivetheequationdescribinglabordemandinthiseconomyasafunctionoftherealwageandthecapitalstock.

b.Iftherealwagecanadjusttoequilibratelaborsupplyandlabordemand,whatistherealwageInthisequilibrium,whatareemployment,output,andthetotalamountearnedbyworkers

c.NowsupposethatCongress,concernedaboutthewelfareoftheworkingclass,passesalawrequiringfirmstopayworkersarealwageof1unitofoutput.Howdoesthiswagecomparetotheequilibriumwage

d.Congresscannotdictatehowmanyworkersfirmhireatthemandatedwage.Giventhisfact,whataretheeffectsofthislawSpecifically,whathappenstoemployment,outputandthetotalamountearnedbyworkers

e.WillCongresssucceedinitsgoalofhelpingtheworkingclassExplain.

f.Doyouthinkthatthisanalysisprovidesagoodwayofthinkingaboutaminimum-wagelawWhyorwhynot

9、Onecountry,A,thecapitalshareofGDPis30percent,theaveragegrowthinoutputis3percentperyear,thedepreciationrateisabout4percentperyear,andthecapital-outputrateisabout.SupposethattheproductionfunctionisCobb-Douglas,sothecapitalshareisconstant,andthatcountryAhasbeeninasteadystate;.

a.Whatmustthesavingratebeintheinitial

b.Comparethecapital-outputratioattheGoldenRulesteadystatetothecapital-outputratiointheinitialstate.

c.WhatmustthesavingratebetoreachtheGoldenRulesteadystateDosesitneedtobeincreasedordecreasedWhatpoliciesmightcountryApurse

10、Twocountries,RichlandandPoorland,aredescribedbytheSolowgrowthmodel.TheyhavethesameCobb-Douglasproductionfunction,

butwithdifferentquantitiesofcapitalandlabor,.Richlandsave32percentofitsincome,whilePoorlandsaves10percent.Richlandhaspopulationgrowthof1percentperyear,whilePoorlandhaspopulationgrowthof3percent.（Thenumbersinthisproblemarechosentobeapproximatelyrealisticdescriptionsofrichandpoornations.）Bothnationshavetechnologicalprogressatrateof2percentperyearanddepreciationatarateof5percentperyear.

a.Whatistheper-workerproductionfunctionf（k）

b.SolvefortheratioofRichland’ssteady-stateincomeperworkertoPoorland’s.（Hint:

Theparameter

willplayaroleinyouranswer.）

c.IftheCobb-Douglasparameter

takestheconventionalvalueofabout1/3,howmuchhighershouldincomeperworkerinRichlandcomparedtoPoorland

d.IncomeperworkerinRichlandisactually16timesincomeperworkerinPoorland.Canyouexplainthisfactbychangingthevalueofparameter

WhatmustitbeCanyouthinkofanywayofjustifyingsuchavalueforthisparameterHowelsemightyouexplainthelargerdifferenceinincomebetweenRichlandandPoorland

8、Supposethatconsumptiondependsonthelevelofrealmoneybalance（onthegroundsthatrealmoneybalancesarepartofwealth）.Showthatifrealmoneybalancesdependonthenominalinterestrate,thenanincreaseintherateofmoneygrowthaffectsconsumption,investment,andtherealinterestrate.Doesthenominalinterestrateadjustmorethanone-for-oneorlessthanone-for-onetoexpectedinflation

ThisdeviationfromtheclassicaldichotomyandtheFishereffectiscalledtheMundell-Tobineffect.HowmightyoudecidewhethertheMundell-Tobineffectisimportantinpracti

概率小：

3、ConsiderhoweachofthefollowingeventsislikelytoaffectrealGDP.DoyouthinkthechangeinrealGDPreflectsasimilarchangeineconomicwell-being

a.AhurricaneinFloridaforcesDisneyWorldtoshutdownforamonth.

b.Increasedhostilitybetweenunionsandmanagementsparksarashofstrikes

c.Firmsthroughouttheeconomyexperiencefallingdemand,causingthemtolayoffworkers.

d.Morehigh-schoolstudentsdropoutofschooltotakejobsmowinglawns.

4、Whenthegovernmentsubsidizesinvestment,suchaswithaninvestmenttaxcredit,thesubsidyoftenappliestoonlysometypesofinvestment.Thisquestionasksyoutoconsidertheeffectofsuchachange.Supposetherearetwotypesofinvestmentintheeconomy:

businessinvestmentandresidentialinvestment.Andsupposethatthegovernmentinstitutesaninvestmenttaxcreditonlyforbusinessinvestment.

a.HowdoesthispolicyaffectthedemandcurveforbusinessinvestmentThedemandcurveforresidentialinvestment

b.Drawtheeconomy’ssupplyanddemandforloanablefunds.HowdoesthispolicyaffectthesupplyanddemandforloanablefundsWhathappenstotheequilibriuminterestrate

c.Comparetheoldandthenewequilibria.HowdoesthispolicyaffectthetotalquantityofinvestmentThequantityofresidentialinvestment