中级宏观经济学(Macroeconomics)考试试题答案重点

1、2003-2004学年第二学期中级宏观经济学(Macroeconomics考试试题答案(经济试验班021、022I .Choose the best answers (210 x1. B2. A3. C4. B5. C6. A7. B8. C9. C 10.Dn . Explain the following terms. (20 points1. En doge nous variables经济模型中要解释的变量。Exoge nous variables模型给出作为既定的变量。2. Me nu costs企业因通货膨胀改变价格的成本。shoe-leather costs为减少持有货币的损失而

2、发生的成本。3. GDP deflator名义GDP/实际GDP,是相对于基年商品和劳务价格的那一年的 商品和劳务价格。CPI：即消费价格指数，是相对于某个基年一篮子物品与劳务价格的同样一篮子 物品与劳务的现期价格。4. Adaptive expectation人们根据过去的经验或数据来预测未来。ratio nal expectatio n人们尽可能地利用所有可以获得地信息，包括关于现在政府 政策地信息预测未来。5. Real excha nge rate两国物品的相对价格。nominal excha nge rate两国通货的相对价格。川.Answer the following quest

3、ions by drawing or calculating. (10' X41.We want to con sider the effects of a tax cut whe n the LM* curve depe nds on disposable in come in stead of in come: M/P = Lr, Y -T.A tax cut now shifts both the IS* and the LM* curves. Figure 122 shows the case of floating exchange rates. The IS* curve

4、shifts to the right, from IS to IS . The LM* curve shifts to the left, however, from LM to LM .We know that real balances M/P are fixed in the short run, while the interest rate is fixed at the level of the world in terest rate r*. Disposable in come is the on ly variable that can adjust to bring th

5、e money market into equilibrium: hence, the LM* equation determ ines the level of disposable in come. If taxes T fall, the n in come Y must also fall to keep disposable in come fixed. In Figure 1222, we move from an orig inal equilibrium at point A to a new equilibrium at point B. In come falls by t

6、he amount of the tax cut, and the excha nge rate appreciates. If there are fixed excha nge rates, theIS* curve still shifts to the right; but the in itial shift in the LM* curve no Ion ger matters. That is, the upward pressure on the exchange rate causes the central bank to sell dollars and buy fore

7、ig n excha nge; this in creases the money supply and shifts the LM* curve to the right, as show n in Figure 13. The new equilibrium, at point B, is at the intersection of the new IS* curve, IS , and the horizontal line at the level of the fixed excha nge rate. There is no differe nee betwee n this c

8、ase and the sta ndard case where money dema nd depe nds on in come.Figure 12222. a将生产函数两边同时除以效率工人，则有:zs；%丛；Figure 12-22(4.04.06.04.0k L E K L E L E K L E Y y = ? =?=? =b .s=0.25S =5% n=2% g=3%入经济稳定的条件38.15.275.01(*84.15.2*6.45.2*1.025.0(3/23/24.03/54.0 ? =-=5= =+=? y s c k y k kg n k f s Sc.当g变为5%时,

9、有:63.11225*4.31225*12.025.0(3/24.03/54.0 ? =? ? =?+=? k y k kk kg n k f s这种变化导致了效率工人的人均资本量减少,效率工人的人均产量下 降;但总产出会增加。3.The aggregate dema nd curve represe nts the n egative relati on ship betwee n the price level and the level of n ati onal in come. In Chapter 9, we looked at a simplified theory of agg

10、regate dema nd based on the qua ntity theory .In this chapter, we explore how the IS -_M model provides a more complete theory of aggregate dema nd. We can see why the aggregate dema nd curve slopes dow nward by con sideri ng what happe ns in the IS -_M model when the price level changes. As Figure

11、1 1(A illustrates, for a given money supply, an in crease in the price level from P 1 to P 2 shifts the LM curve upward because real bala nces decli ne; this reduces in come from Y 1 to Y 2. Theaggregate dema nd curve in Figure 1 (B summarizes this relatio nship betwee n the price level and in come

12、that results from the IS -LM model.t i iif r iupwih冰7农八和甲皿It.The £jjiigiik Drwwidluni4.a. Recall from Chapter 4 that we can express the quantity equation in terms of perce ntage cha nges: % in M + % in V = % in P + % in Y.If we assume that velocity is constant, then the % in V = 0. Therefore, %

13、 in M = % in P + % in Y.We know that in the short run, the price level is fixed. This implies that the % in P =0. Therefore,% in M = % in Y.Based on this equati on, we con clude that in the short run a 5-perce nt reducti on in the money supply leads to a 5-perce nt reducti on in output. This is show

14、 n in Figure9-9.In the long run we know that prices are flexible and the economy returns to its natural rate of output. This implies that in the long run, the % in Y = 0. Therefore, % in M=% in P. Based on this equati on, we con elude that in the long run a 5-perce nt reducti on in the money supply

15、leads to a 5-perce nt reduct ion in the price level, as show n in Figure 9-9.b.Okun ' s law refers to the negative relatio nship that exists between unemployment and real GDP. Okun ' s law can be summarized by the equation:% in Real GDP = 3% -2 ? in Unemployment Rate. That is, output moves in the opposite directi on from un employme nt, with a ratio of 2 to 1. In the short run, whe n Y falls 5 perce nt, un employme nt in creases 2-1/2 perce nt. I n the long run, both output and unemploy