曼昆第10版讲义mankiw10e-irm-fm

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Instructor’sResources

forusewith

MACROECONOMICS

TENTHEDITION

N.GREGORYMANKIW

RobertG.Murphy

BostonCollege

WORTHPUBLISHERS

Instructor’sResources

byRobertG.Murphy

forusewithMankiw:Macroeconomics,TenthEdition

©2019,2016,2013,2010,2007,2003,2000,1997,1994byWorthPublishersAllrightsreserved.

Thecontents,orpartsthereof,maybereproducedforusewithMacroeconomics,TenthEdition,byN.GregoryMankiwasdescribedinthePrefacetotheInstructor’sResources,butmaynotbereproducedinanyformforanyotherpurposewithoutpriorwrittenpermissionofthepublisher.

ISBN13:978-1-4641-2314-6

ISBN10:1-4641-2314-4

FirstPrinting2018

PrintedintheUnitedStatesofAmerica

WorthPublishers

41MadisonAvenueNewYork,NY10010

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iv

Contents

Preface v

ChapterSupplements vii

CHAPTER1 TheScienceofMacroeconomics 1

NotestotheInstructor 1

LectureNotes 2

ChapterSupplements 7

CHAPTER2 TheDataofMacroeconomics 15

NotestotheInstructor 15

LectureNotes 17

ChapterSupplements 24

CHAPTER3 NationalIncome:WhereItComesFromandWhereItGoes 49

NotestotheInstructor 49

LectureNotes 51

ChapterSupplements 60

CHAPTER4 TheMonetarySystem:WhatItIsandHowItWorks 73

NotestotheInstructor 73

LectureNotes 74

ChapterSupplements 81

CHAPTER5 Inflation:ItsCauses,Effects,andSocialCosts 87

NotestotheInstructor 87

LectureNotes 89

ChapterSupplements 103

CHAPTER6 TheOpenEconomy 123

NotestotheInstructor 123

LectureNotes 125

ChapterSupplements 137

CHAPTER7 UnemploymentandtheLaborMarket 145

NotestotheInstructor 145

LectureNotes 147

ChapterSupplements 157

CHAPTER8 EconomicGrowthI:CapitalAccumulationandPopulationGrowth 179

NotestotheInstructor 179

LectureNotes 182

ChapterSupplements 190

CHAPTER9 EconomicGrowthII:Technology,Empirics,andPolicy 207

NotestotheInstructor 207

LectureNotes 210

ChapterSupplements 222

CHAPTER10 IntroductiontoEconomicFluctuations 233

NotestotheInstructor 233

LectureNotes 235

ChapterSupplements 256

CHAPTER11 AggregateDemandI:BuildingtheIS–LMModel 255

NotestotheInstructor 255

LectureNotes 257

ChapterSupplements 263

CHAPTER12 AggregateDemandII:ApplyingtheIS–LMModel 267

NotestotheInstructor 267

LectureNotes 269

ChapterSupplements 280

CHAPTER13 TheOpenEconomyRevisited:

TheMundell–FlemingModelandtheExchange-RateRegime 285

NotestotheInstructor 285

LectureNotes 287

ChapterSupplements 296

CHAPTER14 AggregateSupplyandtheShort-RunTradeoffBetweenInflation

andUnemployment 313

NotestotheInstructor 313

LectureNotes 315

ChapterSupplements 323

CHAPTER15 ADynamicModelofEconomicFluctuations 343

NotestotheInstructor 343

LectureNotes 345

ChapterSupplements 361

CHAPTER16 AlternativePerspectivesonStabilizationPolicy 425

NotestotheInstructor 425

LectureNotes 427

ChapterSupplements 441

CHAPTER17 GovernmentDebtandBudgetDeficits 453

NotestotheInstructor 453

LectureNotes 455

ChapterSupplements 461

CHAPTER18 TheFinancialSystem:OpportunitiesandDangers 477

NotestotheInstructor 477

LectureNotes 479

ChapterSupplements 489

CHAPTER19 TheMicrofoundationsofConsumptionandInvestment 517

NotestotheInstructor 517

LectureNotes 519

ChapterSupplements 530

Preface

TheseInstructor’sResourcesprovideinstructionalandenrichmentmaterialsforMacroeconomics,TenthEdition,byN.GregoryMankiw.Eachchaptercorrespondstoatextbookchapterandismadeupofthreesections:NotestotheInstructor,LectureNotes,andChapterSupplements.

NotestotheInstructorcontainsabriefsummaryandexplanationofthepurposeofthetextbookchapter,suggestionsforpresentingthematerial,andalistofChapterSupplements.Whereappropriate,Iprovidesuggestionsforhowfeaturesofthecompanionwebsite

(ww

w

./mankiw)

mightbeincorporatedintotheteachingofthecourse.TheLectureNotessectionpresentsacomprehensiveoutlineofthechapter.TheChapterSupplementsarebrief,largelyself-containedpiecesthatyoucanuseeitherasadditionallecturematerialorreproduceashandoutsforstudents.Ihaveclassifiedthesupplementsunderfiveheadings:

CaseStudyExtensionsprovideadditionalinformationformanyofthecasestudiesinthetextbook,usuallyofferingmoredataand/ormoredetails.

AdditionalCaseStudiesdiscusspointsnotcoveredinthetextbookcasestudies.

LectureSupplementsdelvemoredeeplyintotopicscoveredinthetextbook,providingmoredetailthanappearsintheLectureNotes.

AdvancedTopicsgosubstantiallybeyondthemainlessonsofthetextchapter;afewofthemarerelativelytechnical.Often,theypresentclassicarticlesorrecentresearch.

AdditionalReadingsareincludedformanychapters.Thesearelistingsofrelativelyaccessiblesupplementaryreadingsthatcouldprovideabasisforstudentpapersorprojects.

UseoftheResources

TheseInstructor’sResourceswillenhanceandfacilitateyourteachingofmacroeconomicsasyourstudentsstudyfromMacroeconomics,TenthEdition.ThebriefNotestotheInstructorwillfamiliarizeyouwiththetopicscoveredineachchapter.ThedetailedLectureNotes,whichformthefoundationoftheInstructor’sResources,arenotsimplysummariesofthetextbook;theyoftendifferinemphasisandtakespecialcaretodescribehowthemodelsofdifferentchaptersfittogether.Instructorswhobasetheirlecturesonthesenoteswillbeaccusedofneitherstrayingtoofarfromthetextnorslavishlyfollowingit.TheLectureNotesrefertothefiguresinthetextbook.Toaccompanyyourlectures,fullreproductionsofthesefiguresareavailablefromWorthPublishers.Thesefiguresalsoaredownloadablefromthetextbook’swebsite.Inaddition,thePowerPointpresentationsdevelopedbyRonCronovichhavebeenupdatedandareavailableonthewebsite.Thesepresentationsfeatureanimatedgraphswithexplanationsforeachchapterandincludeadditionalcasestudiesanddata.Designedtobeusedasisorcustomized,thesepresentationsincludeinstructionsforprofessorswhohavelittleornoexperiencewithPowerPoint.AdataactivityisprovidedforeachchapterforusebythoseinstructorschoosingaccessfortheirclasstotheEwebsite.Theseactivitieschallengestudentstofurtherexploretheirknowledgeofthechaptermaterialbyusingacomprehensiveeconomicdatabaseandanalysisserviceofferingup-to-datemonitoringoftheglobaleconomy.

TheChapterSupplementsarethemostversatilepartoftheInstructor’sResources.TheyarereferencedintheLectureNotestofacilitatetheirincorporationintoyourlecturematerial.Thesupplementsarelargelyself-contained,makingthemsuitableforuseashandoutstostudents,buttheyalsoreferencerelevantsectionsofthetextbookandoccasionallyothersupplements.ByselectingfromtheseChapterSupplements,youcandesignyourowndistinctivecourseyetstaywithintheframeworkprovidedbythetextbook.

Thetextbook’scasestudiesareoftensufficientlycompellingtowarrantclassroomdiscussion.Shouldthatoccur,theCaseStudyExtensionsallowsyoutoaugmentthetextbook’streatment.ThecasestudyinChapter7,“HenryFord’s$5Workday,”forinstance,explainsHenryFord’s$5dayasanexampleofefficiencywages,andacasestudyextension,Supplement7-13,“MoreonHenryFord,”addsfurtheranecdotaldetailstoenrichyourlecture.Someoftheextensionsareessentiallycasestudiesintheirownright(forexample,Supplement14-4,“AnticipatedandUnanticipatedMoney,”andSupplement14-8,“DidtheNAIRUDeclineinthe1990s?”).

TheAdditionalCaseStudiesandtheLectureSupplementscanbetreatedasadditionstothetextbookandsoareparticularlywellsuitedforuseashandouts,eitherwithorwithoutdiscussioninlecture.Alternatively,youcansimplyusethemasextralecturematerial.

InstructorswishingtocovertheAdvancedTopicsinclasswillusuallyhavetodevotelecturetimetothemratherthansimplyhandthemouttostudents.Insomecases,themathematicsandtheeconomicsinthesesupplementsaremoredifficultthaninthetextbook(forexample,Supplement14-7,“PolicyIneffectiveness”).Inothercases,youmaywanttoprovideadditionalmotivation,asinthediscussioninSupplement10-6,“PriceStickinessandParetoEfficiency.”

LiketheLectureNotes,theChapterSupplementsemphasizeconnectionsamongthemodelsinthetextbook.Someexamplesoftopicsappearinginanumberofdifferentsupplementsareautomaticstabilizers,thewelfarecostofinflation,theLucascritique,Ricardianequivalence,andrationalexpectations.Instructorscanmakeuseofthesupplementstohelpstudentsweavethevariousmodelsintoacoherentviewoftheworld.AcompletelistofChapterSupplementsappearsstartingonpagevii.

Iknowthattheresourcesinthismanualwillbeofhelptoyou,andIwelcomeanysuggestionsforfutureeditions.

Acknowledgments

IthankthestaffatWorthPublishersfortheireffortsinhelpingbringtheTenthEditionofthisvolumetocompletion.Manyotherpeoplehaveassistedinthepreparationofthisandpreviouseditions.IespeciallythankGregMankiwforsuggestingsomeofthetopicscoveredinthechaptersupplementsandforprovidingtheeditedtextbookmanuscriptusedinpreparingthechaptersummaries.IthankAndrewJohnandPatriciaPollardfortheirworkonearlyversionsoftheseresources.ThechapterdiscussionsoftheInternet-basedsoftwaredrawoninputfromDavidWeil,whooriginallydevelopedthesoftwarepackage.Inaddition,thecommentsandsuggestionsfromindividualstoonumeroustolistareincorporatedintheseresources.Ithankthemall.

Finally,IamparticularlyindebtedtomystudentsatBostonCollege,fromwhomIhavelearnedagreatdealaboutteachingmacroeconomics.Theyhaveprovidedhelpfulfeedbackonmanyofthesupplements.

RobertG.Murphy

May2018

ChapterSupplements

Thefollowingabbreviationsstandforthetypesofsupplements.

ACS=AdditionalCaseStudy

CSE=CaseStudyExtension

LS=LectureSupplementorAdditionalReadings

AT=AdvancedTopic

CHAPTER1

1-1 CSE TheRecentBehaviorofU.S.Economy:AGuidetotheCaseStudies

1-2 ACS PresidentialElectionsandtheEconomy

1-3 ACS WhenIstheEconomyinaRecession?

1-4 LS EconomyRhetoric

1-5 LS AdditionalReadings

CHAPTER2

2-1 LS MeasuringOutput

2-2 LS NominalandRealGDPSince1929

2-3 LS Chain-WeightedRealGDP

2-4 CSE TheComponentsofGDP(CaseStudy)

2-5 ACS DefiningNationalIncome

2-6 LS SeasonalAdjustmentandtheSeasonalCycle

2-7 ACS MeasuringthePriceofLight

2-8 LS ImprovingtheCPI

2-9 ACS CPIImprovementsandtheDeclineinInflationDuringthe1990s

2-10 ACS TheBillionPricesProject

2-11 LS AlternativeMeasuresofUnemployment

2-12 ACS ImprovingtheNationalAccounts

CHAPTER3

3-1 LS HowLongIstheLongRun?PartI

3-2 LS WhatIsCapital?

3-3 LS Labor’sShareofOutputintheUnitedKingdom

3-4 LS Economist’sTerminology

3-5 ACS PublicandPrivateSaving

3-6 ACS WarsandInterestRates

3-7 LS AFirstLookatNominalandRealInterestRates

CHAPTER4

4-1 LS MoneyasaMediumofExchange:TheSearchModel

4-2 CSE IfYouThinktheIslandofYapHasProblems…(CaseStudy)

4-3 LS MoreonCreditCards

4-4 LS FinancialInnovation,NearMoney,andtheDemiseofMonetaryAggregates

4-5 ACS ChecksWithoutBanks:TheIrishBankingStrike

4-6 LS AdditionalReadings

CHAPTER5

5-1 LS TheVelocityofMoneyinPoetryandSong

5-2 CSE DataonMoneyGrowthandInflation(CaseStudy)

5-3 LS SeigniorageasanInflationTax

5-4 LS DerivingtheFisherEquation

5-5 CSE UsingInterestRatestoForecastInflation(CaseStudy)

5-6 LS TransactionModelsofMoneyDemand

5-7 LS HowCurrentandFutureMoneyAffectthePriceLevel

5-8 LS InflationandEconomicGrowth

5-9 AT TheWelfareCostsofInflationandtheOptimumQuantityofMoney

5-10 ACS TheWelfareCostsofInflationRevisited

5-11 ACS Indexation

5-12 LS U.S.TreasuryIssuesIndexedBonds

5-13 CSE AGuidetoOz(CaseStudy)

5-14 CSE AreMonetaryAllegoriesintheEyeoftheBeholder?TheCaseofMaryPoppins(CaseStudy)

5-15 LS HowtoStopaHyperinflation

5-16 ACS TheIsraeliHyperinflation

5-17 LS AdditionalReadings

CHAPTER6

6-1 LS TheTerminologyofTrade

6-2 ACS SavingandInvestmentinOpenEconomies

6-3 LS TheOpenEconomyintheVeryLongRun

6-4 ACS TourismandtheExchangeRate

6-5 CSE TheExchangeRateandtheInflationRate(CaseStudy)

6-6 AT CoveredInterestParity

6-7 ACS Purchasing-PowerParityandRealExchangeRates

6-8 CSE MoreontheBigMacandPPP(CaseStudy)

CHAPTER7

7-1 ACS SocialCostsofUnemployment

7-2 ACS JobFindingandJobSeparation

7-3 LS AMoreGeneralTheoryoftheNaturalRateofUnemployment

7-4 CSE DutchMaleUnemploymentandUnemploymentBenefits(CaseStudy)

7-5 LS RobertLucasand$500Bills

7-6 LS MoreontheMinimumWage

7-7 ACS MinimumWagesandEfficiencyWages

7-8 AT ImplicitContracts

7-9 ACS TheTwoViewsofUnions

7-10 AT EfficiencyWagesI:TheSolowCondition

7-11 AT EfficiencyWagesII:TheShapiro–StiglitzModel

7-12 ACS EfficiencyWagesandWageDifferentials

7-13 CSE MoreonHenryFord(CaseStudy)

7-14 CSE MoreontheDurationofUnemployment(CaseStudy)

7-15 LS TrendsinUnemployment

7-16 ACS TheSecretstoHappiness

7-17 LS AdditionalReadings

CHAPTER8

8-1 LS HowLongIstheLongRun?PartII

8-2 ACS GrowthFacts

8-3 CSE DoestheSolowModelReallyExplainJapaneseGrowth?(CaseStudy)

8-4 ACS TheDeclineintheU.S.SavingRate

8-5 AT GrowthRates,Logarithms,andElasticities

8-6 ACS Labor-ForceParticipation

8-7 ACS BridgeJobsandtheTransitiontoRetirement

8-8 CSE HowMuchVariationinper-CapitaOutputIsExplainedbysandn?(CaseStudies)

8-9 LS TheSolowModel:AnIntuitiveApproach—PartI

8-10 LS AdditionalReadings

CHAPTER9

9-1 ACS MoreontheConvergenceHypothesis

9-2 ACS ConvergenceofIncomeAcrosstheUnitedStates

9-3 LS TheEconomicsofIdeas

9-4 LS GreenGrowth

9-5 ACS CorruptionandGrowth

9-6 LS IncomeInequalityandGrowth

9-7 LS TheSolowGrowthModel:AnIntuitiveApproach—PartII

9-8 CSE MoreontheProductivitySlowdown(CaseStudy)

9-9 CSE MoreontheNewEconomy(CaseStudy)

9-10 LS AdditionalReadings

CHAPTER10

10-1 ACS TheDatingofBusinessCycles

10-2 ACS UnderstandingBusinessCyclesI:TheStylizedFacts

10-3 CSE ArePricesSticky?I:EvidencefromIndividualTransactions(CaseStudy)

10-4 CSE ArePricesSticky?II:Mail-OrderEvidence(CaseStudy)

10-5 ACS DavidHumeontheRealEffectsofMoney

10-6 AT PriceStickinessandParetoEfficiency

10-7 ACS Velocityandthe1982Recession

10-8 LS UnderstandingBusinessCyclesII:ModelingCycles

10-9 LS TheEconomyintheLongRunandtheVeryLongRun:SummaryofPartsIIandIII

andIntroductiontoPartIV

10-10 ACS TheCostofBusinessCycles

10-11 LS AdditionalReadings

CHAPTER11

11-1 LS TheKeyFeaturesoftheIS–LMModel

11-2 ACS Mr.KeynesandtheClassics:TheArtofModeling

11-3 AT TheIS–LMModel:ACriticalEvaluation

11-4 LS AdditionalReadings

CHAPTER12

12-1 ACS DoHighDeficitsCauseHighInterestRates?

12-2 ACS MacroeconometricModels

12-3 ACS CreditRationingandtheGreatDepression

12-4 LS TheSimpleAlgebraoftheIS–LMModelandAggregateDemandCurve

12-5 LS ProportionalIncomeTaxesandtheISCurve

12-6 LS AdditionalReadings

CHAPTER13

13-1 LS TheDependenceofNetExportsonGDP

13-2 ACS TheRiseintheDollar,1979–1982

13-3 LS CanWorldFinancialMarketsUsurpthePoweroftheFederalReserve?

13-4 ACS BrettonWoods

13-5 ACS Finlandinthe1990s

13-6 LS TheMundell–FlemingModelinY–rSpace

13-7 AT UncoveredInterestParity

13-8 ACS InterestRateDifferentialsintheEuropeanMonetarySystem

13-9 AT TheDornbuschOvershootingModel

13-10 CSE Mexico’sForeignExchangeReserves(CaseStudy)

13-11 ACS Exchange-RateVolatility

13-12 CSE TheFederalReserveandtheEuropeanCentralBank(CaseStudy)

13-13 LS AdditionalReadings

CHAPTER14

14-1 LS TheSticky-WageModel

14-2 LS RealWagesovertheBusinessCycle

14-3 LS TheWorker-MisperceptionModel

14-4 CSE AnticipatedandUnanticipatedMoney(CaseStudy)

14-5 AT IsPriceFlexibilityStabilizing?

14-6 LS HowLongIstheLongRun?PartIII

14-7 AT PolicyIneffectiveness

14-8 CSE DidtheNAIRUDeclineinthe1990s?(CaseStudy)

14-9 CSE CostsofDisinflation(CaseStudy)

14-10 CSE TheUnequalCostsofDisinflation(CaseStudy)

14-11 ACS “ThePoincaréMiracle”

14-12 LS HysteresisandtheLong-RunPhillipsCurve

14-13 ACS UnemploymentintheUnitedKingdominthe1980s

14-14 LS AdditionalReadings

CHAPTER15

15-1 LS HowaRealBusinessCycleModelIsConstructed

15-2 LS TheMicroeconomicsofLaborSupply

15-3 LS QuitsandLayoffs

15-4 LS InvoluntaryUnemploymentandOverqualification

15-5 AT WhyTechnologyShocksAreSoImportantinRealBusinessCycleModels

15-6 AT RealBusinessCyclesandRandomWalks

15-7 LS InflationInertia

15-8 ACS VolatilityandGrowth

15-9 LS HowLongIstheLongRun?PartIV

15-10 LS AdditionalReadings

CHAPTER16

16-1 AT MenuCosts,ImperfectCompetition,andtheWelfare-ImprovingEffectsofPolicy

16-2 ACS ProfitSharingasanAutomaticStabilizer

16-3 ACS LeadingIndicatorsinAction

16-4 CSE ThePitfallsofForecasting(CaseStudy)

16-5 CSE AreForecastersRational?(CaseStudy)

16-6 LS MicrofoundationsandAggregation

16-7 CSE SpareaThoughtfortheEmpiricalMacroeconomist(CaseStudy)

16-8 CSE TheResponsetoRomer(CaseStudy)

16-9 ACS DistrustofPolicymakers

16-10 ACS ThePoliticalBusinessCycle

16-11 ACS ThePoliticalBusinessCycleatItsWorst

16-12 ACS TheEconomyUnderDemocraticandRepublicanPresidents

16-13 LS PriceLevelVersusInflationTargeting

16-14 CSE InflationTargeting(CaseStudy)

16-15 CSE Central-BankIndependenceandGrowth(CaseStudy)

16-16 CSE MeasuringCentral-BankIndependence(CaseStudy)

16-17 LS AdditionalReadings

CHAPTER17

17-1 ACS DebtandDeficits:TheData

17-2 CSE HowImportantIsCrowdingOut?(CaseStudy)

17-3 ACS StructuralandCyclicalDeficits

17-4 LS GenerationalAccounting

17-5 LS TheGovernmentBudgetConstraint

17-6 LS BorrowingConstr