宏观经济学第七版答案曼昆

1、An swers to SelectedStude nt Guide Problems*Note to instructors: The answers to most of the data questions were taken from the 2009 Economic Report of the President .Some data for 2008 were taken from the Bureau of Economic Analysis and Department of Labor websites. The data may be revised in later

2、publicationsChapter 4 Money and Inflation205chapter 2 The Data of MacroeconomicsData Questio ns1. a.The following 2008 data, in billions of dollars, were obtained from the Bureau of Econo mic An alysis Web site at /. The data may be revised in future publicati ons.Table 2 -7(1) (2)G

3、ross Domestic Product$14,264.6EQUALSCo nsumption$10,057.9+ln vestme nt$ 1,993.5+Government Purchases of Goods and Services$ 2,882.4+Exports$ 1,859.4-Imports$ 2,528.6b.GDP = $10,057.9 + $1,993.5 + $2,882.4- $669.2 = $14,264.6 (billio n)2. a.Table 2 -8(1)(2)(3)(4)(5)% Cha nge% Cha ngein CPI fromGDPin

4、GDP Deflator fromYearCPIPrecedi ng YearDeflatorPreced ing Year2007 207.34119.823.82.22008 215.30122.50b.Imported oil is not part of U.S. GDP. Therefore, it is not in cluded in the calculation of the GDP deflator, although it is included in the calculation of the CPI when it is purchased by con sumer

5、s. Because the Un ited States imports, rather tha n produces, a large portion of the oil households con sume, the oil price in crease had a greater effect on the CPI than on the GDP deflator from 2007 to 2008.3. a. Table 2 -9(1)(2)(3)(4)(5)% ChangeTotal U.S.in Real GDPReal GDPPopulati onReal GDPper

6、Capita fromYear($ in billio ns)(in millio ns)per CapitaPrecedi ng Decade19785,015222.6$22,53022.219886,743245.0$27,52219.319989,067276.1$32,84016.7200811,652304.1$38,316b. U.S. real GDP per capita grew the fastest from 1978 to 1988; it grew the slowest from 1998 to 2008.4. a. and c.Table 2 10(1)(2)(

7、3)(4)(5)(6)(7)GDP% ChangeReal% ChangeNomi nal% ChangeYearDeflator (P) in PGDP(Y)in YGDP (Y)in PY($ in billio ns)($ in billio ns)2007119.8211,52413,802008122.5011,65214,265b. 3.3chapter 4 Money and InflationProblems10. a. The costs of expected inflation are the shoeleather costs of inflatio

8、n, the menu costs of cha nging prices, the cost of unin dexed taxes, the cost of greater variability in prices, and the costs to people who receive in comes fixed in nominal terms (such as private pensions) that were con tracted before the in flati on was expected.b. Although federal in come taxes a

9、re now in dexed for in flati on, taxes on capital gains and in terest in come are not. Con seque ntly, if in flati on were to fall from 2perce nt to 0 perce nt and, accord ing to the Fisher effect, nominal in terest rateswere to fall by 2 perce ntage poin ts, the after-tax real retur n to savi ng an

10、d in vestment would in crease.c. 3 perce nt, assu ming a con sta nt velocity of moneyd. Expected in flati on would fall; the nominal in terest rate would fall; real money dema nd would in crease by more tha n the 3-perce nt growth in output; real money bala nces would in crease by the same amount; t

11、he price level would fall; actualinflation would temporarily be negative.e. With 0 percent inflation, real wages can fall only if nominal wages decline, and workers vigorously resist reduct ions in nominal wages.Data Questi ons1. a. Table 4 -9(1)(2)(3)(4)(5)(6)(7)Con sumer Price In dicesCPICPIAll%Me

12、dical%CPI%YearItemsChangeCareChangeEn ergyChange197865.261.852.581.4124.370.01988118.3138.689.337.874.715.21998163.0242.1102.932.150.4130.02008215.3364.1236.7b. $8.49c. 1978 to 1988d. 1998 to 2008e. The OPEC oil shock in 1979and the mostrecent shocksfrom2002 to2005and in2008 acco unt for the in crea

13、se in therelativeprice of oil duri ngthose periods.2. a.Table 4 10(1)(2)(3)(4)(5)(6)(7)(8)Nomi nal% Cha ngeM1(Dec.)M2(Dec.)GDP($ inGDPin GDP($ in% Change($ in% Cha ngeYearbillio ns)DeflatorDeflatorbillio ns)in M1billio ns)in M219782,29545.83571,36665.3120.4119.219885,10475.77872,99427.539.346.219988

14、,74796.51,0964,37826.945.686.2200814,265122.51,5968,154b. If the long-run growth rate of real GDP is 3 perce nt per year, or about 34 perce nt per decade, and velocity were con sta nt, the qua ntity theory would predict thatn= % Change in M - 34% per decade.If we use M 1 as our measure of the money

15、supply, the simple quantity theory predicts 10-year in flation rates of 86.4 perce nt from 1978 to 1988; 5.3 perce nt from 1988 to 1998, and 11.6 perce nt from 1998 to 2008.c. Using M 1, the quantity theory is a fairly good predictor of inflation in the first and third decades and a poor predictor i

16、n the middle decade.d. If we use M 2 as our measure of the money supply, the simple quantity theory predicts 10-year in flati on rates of 85.2 perce nt, 12.2 perce nt, and 52.2 perce nt for the three decades, respectively. It is a fairly good predictor for the first two decades, but not for the most

17、 recent decade.3. a. V for M2 in 1978 = 1.68; V for M2 in 2008 = 1.75; obviously, M2 velocity has risena bit, con trary to the assumpti on of the simple qua ntity theory, but not much.b. V for M1 in 1978 = 6.43, V for M 1 in 2008 = 8.94; M1 velocity has risen a lot, contrary to the assumpti on of th

18、e simple qua ntity theory.c. Even if velocity changes,MV = PY and the % change inM + % change inVapproximately equals the % cha nge in P + % cha nge in Y. Thus, if both velocity and real GDP cha nge steadily over time, % cha nge inP = % cha nge in M + %cha nge in Y - % cha nge in V, and any in creas

19、e in the money supply will be accompanied by an equal in crease in the price level.chapter 5 The Open EconomyProblems11. a. If the deficit were eliminated, public saving would rise. If taxes were cut, in the long run private saving would also rise. Thus, national saving would rise.b. In a closed eco

20、nomy, the S curve shifts right (as savi ng in creases), the real rate of in terest falls, and the amount of in vestme nt in creases although the in vestme nt curve does not shift:Graph for Problem 11(b)Investment, SavingChapter 6 Unemployment209c. Graph for Problems 11(c) and 11(d)d. Treating the Un

21、ited States as a small open economy, we once again shift thecurve to the right as n atio nal savi ng in creases. The real in terest rate, however, rema ins fixed atr *. Con seque ntly, in vestme nt does not cha nge, butin creases.e. As the S - I curve shifts right below, the U.S. real exchange rate

22、falls and net exports rise.Graph for Problem 11(e)17. The in itial equilibrium is represe nted by points A in pan els (A), (B), and (C) below. Graph for Problem 17NX-0+ NXThe reduct ion in taxes and gover nment spe nding would in crease n ati onal sav ing and shift the S curve right to S2 in pan el

23、(A). The I + CF curve would not shift, so the domestic real in terest rate would fall to point B. Con seque ntly, the level of net capital outflow would rise in pan el (B). Since net capital outflow equals the trade surplus, the latter would also rise, implying a decrease in the trade deficit. AsNX

24、rises, the realexchange rate will fall. As the domestic real interest rate falls, investment will rise.Data Questi ons1. a. Table 5 -8(1)Year(2)Nomi nal GDP ($ in billio ns)(3)Exports ofGoods and Services ($ in billio ns)(4)Exports as % ofNomi nal GDP(5)Imports ofGoods and Services ($ in billio ns)(

25、6)Imports as % ofNomi nal GDP19782,295186.98.1212.39.319936,657655.89.9720.910.8200814,2651,859.413.02,528.617.7b. in creased; morec. Table 5 -9(1)Year(2)Net Exports of Goods and Services ($ in billions)Net Exports as % of Nominal GDP1978-25.4-1.11993-65.1-1.02008-669.2-4.7d. - 25.4; - 25.4e. - 669.

26、2;- 669.2chapter 6 Unemployment3. a.b.6. a.b.c.The Wester n Europea n n atural rate of un employme nt in the 1960s was 2.5 percent, compared with the U.S. n atural rate in the textbook of 4.76 perce nt.8 perce ntE/POP = E/L XL/POP , where POP = the noninstitutional population.E/POP indicates the por

27、tion of the population that has a job. In a healthy economy, this will be large. Furthermore, many of the un employed may not really want to work at the jobs that are available to them. While it may be difficult to measure true unemployment accurately, it is easier to measure E and POP.The un employ

28、me nt rate represe nts the portion of those who desire to work who cannot find work. Even if the employment-to-population ratio is high, a high un employme nt rate will sig nify an economy that is produc ing much less tha n its pote ntial. Furthermore, if leisure is a no rmal good, the goal of socie

29、ty should be a low employme nt-to-populati on ratio coupled with a low un employme nt rate.Data Questio ns1. a. Table 6 -2Labor-Force Participati on Rates (in perce nt)(1)Year(2)Male and FemaleTotal Civilian(3)Civilian Males(4)Civilia n Females196859.680.141.6198865.976.256.6200866.073.059.5b. The l

30、abor-force participati on rate among civilia n females has in creased as more married wome n have en tered the labor market. The labor-force participati on rate among civilian males has fallen because of earlier retirement and greater disability, among other reas ons.c. Real GDP has rise n by the am

31、ount of extra output wome n produce in their newjobs.“ Total product ion” does not rise as much as measured real GDP because thereduct ion in household product ion that was formerly performed by these wome n must be subtracted from the extra output produced in paid employme nt, especially betwee n 1

32、968 and 1988. If we con sider the fact that many of these wome n now pay others to do some of this household producti on, the differe nee betwee n the change in real GDP and the change in “total production ” is even greater.2. a. The median of a group of numbers is the“middle ” number. Half of the n

33、umbersare greater than the median, and half are less than the median. The mean or average is equal to the sum of all the nu mbers divided by the nu mber of nu mbers.b. The media n durati on of un employme nt in 2008 was 9.4 weeks. The mean duration of un employme nt in 2008 was 17.9 weeks.c. Un empl

34、oyme nt in the Un ited States is characterized by many short spells and a smaller nu mber of very long spells. Hence, the media n durati on of un employme nt is much smaller tha n the mean duratio n.3. a., b., and c.Table 6 -3(1)(2)(5)In flatio nConven ti onalNewUn employme ntRateMiseryMiseryYearRat

35、e(Year to Year)In dexIn dex20064.6%3.2%7.811.020074.6%2.8%7.410.620085.8%3.8%9.613.7d. Econo mic sufferi ng in creased more rapidly in 2008 using the new misery in dex,and eve n more so in 2009.chapter 7 Economic Growth IData Questi ons1. a.Approximate Average Annual Percentage Growth Rates of Real

36、GDP1990 - 19992000 - 2008Uni ted States3.12.4Japa n1.51.6Germa ny2.31.5Ch ina9.99.9In dia5.67.2Africa2.35.5b. In the year 2038Chapter 10 Aggregate Demand I213chapter 9 Introduction to Economic FluctuationsProblems4. The short-r un aggregate supply curve would shift dow nward, while the aggregate dem

37、a ndcurve would be unaffected. Output would rise, and the aggregate price level would fall.Data Questi ons1. a. Table 9 -41979 (in 1,000s)(2)1982 (in 1,000s)(3)% Cha nge1979 - 1982Civilia n nonin stituti onal populati on164,863172,2714.5Civilia n labor force104,962110,2045.0Civilia n employme nt98,8

38、2499,5260.7Civilia n un employme nt6,13710,67874.0b. During recessi ons, employme nt grows by a smaller rate tha n the labor force. Con seque ntly, un employme nt grows by a much larger rate tha n either employment or the labor force. During econo mic recoveries, the reverse is true. The population

39、grows at a more constant rate over time, although it, too, is affected by econo mic con diti ons in the long run.c. The actual un employme nt rate would even tually have equaled 5.8 perce nt.2. In April 2009, the unemployment rate was 8.9 percent. If the unemployment rate for all of 2009 was 8.9 per

40、cent, Okun' s law would predict that the real GDP would fall by3.2 perce nt.chapter 10 Aggregate Demand IProblems4. a. 0.75nppEzucocelulLuneDxedennab0Income, outputYEp8slope of PE = 0.6; y intercept = 800c. 2,000d. 0e. The government-purchases multiplier is 2.5. WhenG rises, the multiplier issma

41、ller tha n 1/(1 MPC) because any in crease in in come will be accompa nied by an in crease in taxes. Hence, the in crease in disposable in come in each round willbe smaller tha n the in crease in in come. Alternatively, the slope of the pla nned expe nditure curve becomes MPC (1-), where t equals th

42、e in come tax rate. Hence,the multiplier becomes 1/1MIPC (1 -).6. a. Planned investment might increase asY rises (leading to the positively sloped linebelow) if in vestme nt depe nds on profits or sales expectati ons (al ong withr) andeither or both of these rise along with Y.t n m n db. i. The slop

43、e of the pla nn ed-expe nditure curve would in crease.ii. The gover nmen t-purchases multiplier would in crease.iii. The IS curve would be flatter, and the LM curve would be unaffected.Data Questi ons1. Table 10 -7(1)(2)(3)(4)(5)(6)Nominal M2in December% Change inGDP DeflatorReal M2% Cha ngeYear($ i

44、n billio ns)M2(2000 = 100)M2/Pin M2/ P19791,473.749.52,977.28.6-0.519801,599.854.02,919811,755.459.12,919821,910.162.73,046.411.37.119832,126.465.23,261.3The LM curve implies that changes in the real money supply are the appropriate measures of mon etary con diti ons. Using this

45、measure, the Fed pursued mildlycon tract ionary mon etary policy betwee n 1979 and 1980, n eutral policy betwee n 1980 and 1981, expansionary policy between 1981 and 1982, and very expansionary policy betwee n 1982 and 1983. A better measure might be cha nges in the real money supply in excess of th

46、e long-run growth rate of natural GDP of 3 percent. Using this measure, mon etary policy was con tracti onary duri ng the first three periods and expa nsionary in the fourth.chapter 11 Aggregate Demand IIProblems4. a. The deficit would fall. The IS curve would shift to the left.Graph for Problem 4(a

47、)Income, outputAs a result, the in terest rate would fall, but so would real GDP. This last cha nge is con trary to some econo mists' predicti ons.b.If expa nsionary mon etary policy is pursued simulta neously, the in terest rate andthe deficit will still fall and real in come may actually rise.

48、Graph for Problem 4(b)Income, output13.c. In part (a), the aggregate dema nd curve shifts left. In part (b), the aggregate dema nd curve shifts right if Y rises.a. Graph for Problem 13(a)Income, outputChapter 10 Aggregate Demand I#Chapter 10 Aggregate Demand I#and rb. If r is on the vertical axis, t

49、he IS curve will not shift in response to a change in expected inflation, but the LM curve will shift upward by 10 percentage points. Consequently, i and Y fall and r rises. Although the graph is different from the one in the textbook because r is now on the vertical axis, the changes toY, i,14.are

50、the same.If the money supply M in creased as the in terest rate in creased, the money supply curve would be upward slop ing.Chapter 16 Government Debt #Graph for Problem 14RrM/P?/ (M/P)r2? r2r17、I_1(Y = Y1)0(M/P)Real money balancesIncome, outputChapter 16 Government Debt #Chapter 16 Government Debt

51、219Con seque ntly, an in crease in in come that in creases the dema nd for real money bala nces would in crease the in terest rate and the money supply. The in crease in the interest rate would be less than whenM is independent of the interest rate,resulting in a flatter LM curve.Data Questi ons1. a

52、. Table 11 -1(1)(2)(3)(4)(5)(6)(7)Real GDP%M1GDP%in billio ns ofChange inin Dec.DeflatorReal M1Change inYear2000 dollarsReal GDP($ in billio ns)(2000 = 100)(=M1/P)Real M119795,173.4381.849.5771.3-0.2-1.919805,161.7408.554.0756.52.5-2.319815,291.7436.759.1738.9-1.92.519825,189.3474.862.7757.3b. The r

53、educti on in real GDP was much greater duri ng the Great Depressi on, even though the reduct ion in real money bala nces from 1929 to 1933 was smaller tha n duri ng the 1979- 1981 period.(1)(2)(3)(4)Real GDP%In terest Ratein billi ons ofChange inon 10-Year U.S.Year2000 dollarsReal GDPTreasury Securities19602,501.84.1227.619653,191.14.282. a. Table 11 -2b.Since the in terest rate rema ined relatively con sta nt while real GDP rose, it maybe presumed that both the LM and the IS