多恩布什宏观经济学第十版课后习题答案08Word格式文档下载.doc

1、Solutions to the Problems in the Textbook:Conceptual Problems:1.The first question you should ask yourself as a policy maker is whether a disturbance is transitory or persistent. You should then ask yourself how long it would take to put a suggested policy measure into effect and how long it will ta

2、ke for the policy to have the desired effect on the economy. In addition, you need to know how reliable the estimates of your advisors are about the effects of the policy. If a disturbance is small and probably transitory, you may be best advised to do nothing, because any measure you take is likely

3、 to have its effect after the economy has recovered. Therefore your action might only further aggravate the problem.2.a.The inside lag is the time it takes after an economic disturbance has occurred to recognize and implement a policy action that will address the disturbance. 2.b.The inside lag is d

4、ivided into three parts. First, there is the recognition lag, that is, the time it takes for policy makers to realize that a disturbance has occurred and that a policy response is warranted. Second, there is the decision lag, that is, the time it takes to decide on the most desirable policy response

5、 after a disturbance is recognized. Finally, there is the action lag, that is, the time it takes to actually implement the policy measure.2.c.Inside lags are shorter for monetary policy than for fiscal policy since the FOMC meets on a regular basis to discuss and implement monetary policy. Fiscal po

6、licy, on the other hand, has to be initiated and passed by both houses of the U.S. Congress and this can be a lengthy process. The exceptions are the so-called automatic stabilizers; however, they only work well for small and transitory disturbances2.dAutomatic stabilizers have no inside lag; they a

7、re endogenous and function without specific government intervention. Examples are the income tax system, the welfare system, unemployment insurance, and the Social Security system. They all reduce the amount by which output changes in response to an economic disturbance.3.a.The outside lag is the ti

8、me it takes for a policy action, once implemented, to have its full effect on the economy. 3.b.Generally, the outside lag is a distributed lag with a small immediate effect and a larger overall effect over a longer time period. The effect is spread over time, since aggregate demand responds to any p

9、olicy change only slowly and with a lag. 3.c.Outside lags are longer for monetary policy since monetary policy actions affect short-term interest rates most directly, while aggregate demand depends heavily on lagged values of income, interest rates, and other economic variables. A change in governme

10、nt spending, however, immediately affects aggregate demand.4.Fiscal policy has smaller outside lags, but significant inside lags. Monetary policy, on the other hand has smaller inside lags and longer outside lags. Therefore large open market operations should be undertaken to get an immediate effect

11、, but they should be partially reversed over time to avoid a large long-run effect. If the shock is sufficiently transitory and small, policy makers may be best advised not to undertake any policy change at all. 5.a.An econometric model is a statistical description of all or part of the economy. It

12、consists of a set of equations that are based on past economic behavior.5.b.Econometric models are generally used to forecast the behavior of the economy and the effects of alternative policy measures.5.c.There is considerable uncertainty about how well econometric models actually represent the work

13、ings of the economy. There is also great uncertainty about the expectations of firms and consumers and their reactions to policy changes. Any policy is bound to fail if the information on which it was based is poor. 6. The answer to this question is student specific. The main difficulties of stabili

14、zation policy arise from three sources. First, policy always works with lags. Second, the outcome of any policy depends on the way the private sector forms expectations and how those expectations affect the publics behavior. Third, there is considerable uncertainty about the structure of the economy

15、 and the shocks that hit it. It can be argued that a monetary policy rule would greatly reduce uncertainty about the Feds policy responses. If the government behaved in a consistent way, then the private sector would also behave more consistently and economic fluctuations could be greatly reduced. A

16、 monetary growth rule would also reduce any political pressure the administration might exert on the Fed. It is often initially unclear whether a disturbance is temporary or persistent and a monetary policy rule would prevent policy mistakes in cases where the disturbance is, in fact, temporary. If active monetary policy is applied to a temporary disturbance, then the lags involved will guarantee th