宏观经济学：理论与政策（第九版）题库 9-CH11-TB

CHAPTER11:NEWCLASSICALECONOMICS

ADDITIONALQUESTIONS

EssayQuestionsand/orProblems:

1.Definetheconceptof"rationalexpectations".Dorationalexpectationsmeanthatindividualsdonot

makemistakeswhenformingtheirexpectations?

Accordingtotherationalexpectationshypothesis,expectationsareformedonthebasisofallthe

availablerelevantinformationconcerningthevariablebeingpredicted.Furthermore,individuals

understandhowtheobservedvariableswillaffectthevariabletheyaretryingtopredict.

Rationalexpectationsdonotmeanthatpeopledonotmakemistakes;itonlymeansthattheydonot

makepredictablemistakesinonedirectionoranother.

2.Explainthenewclassicalpropositionof"policyineffectiveness^^.

Thenewclassicalpolicyineffectivenesspropositionstatesthatsystematicmonetaryandfiscal

policyactionsthatchangeaggregatedemanddonothaveanyeffectonoutputandemployment,even

intheshortrun.

3.TheFederalReservehasincreasinglybecomemoreopenintheirsharingofinformationabout

monetarypolicy.Accordingtonewclassicaltheory,whatimpactshouldthisopennesshaveontheir

abilitytostabilizeoutput?Explain.

Ifthepublichasbetterinformation,itwillbeharderfortheFederalReservetoconductunanticipated

monetarypolicy.Asaresult,monetarypolicyshouldhavefewerrealeffectsontheeconomyand

stabilizationislesslikelytobeeffective.

4.ExplainthenewclassicaltheoryexplanationoftheGreatDepression.WhatistheKeynesiancritique

ofthisexplanation?

NewClassicaleconomistssuchasRobertLucasarguethattheGreatDepressionwastheresultof

misperceptionsthatcreatedafallinaggregatedemand,primarilybecauseofanunexpectedfallinthe

moneysupply.Keynesiansarguethatitisridiculoustoarguethatmisunderstandingscreateda

depressionofthesizeandlengthoftheGreatDepression.

5.DiscussthenewclassicalcritiqueofKeynesianstabilizationpolicy.

Thenewclassicaleconomicsisthatstabilizationofrealvariablessuchasoutputandemployment

cannotbeachievedwithaggregatedemandmanagementbecausestabilizationpolicyhastobe

predictabletobestabilizing,andifitispredictable,peoplewillrespondinawaythatwilloffsetits

effects.Asaresult,stabilizationpolicyisunlikelytobeeffectiveinstabilizingoutputandislikelyto

onlyincreaseitsinstability.

6.Explainwhatismeantbyanauctionmarket.Isanauctionmarketperfectlycompetitive?

Intheauctionmarket,themoneywageisassumedtoadjustquicklytoclearthelabormarket,and

laborsupplyequalslabordemand.However,anauctionmarketdoesnotassumeperfect

information,soitisnotperfectlycompetitive.

7.TrueorFalse.IntheKeynesianmodel,individualsexplicitlymaximizetheirutilityandfirms

maximizetheirprofits.

False.IntheKeynesianmodel,thereisnodiscussionofindividualoptimization.Thisisespecially

truewhenitcomestotheformingofexpectations.Insteadofmodelingexpectationsformationas

balancingthemarginalcostsofadditionalinformationwiththemarginalbenefitsofbetter

expectations,Keynesmadethesimplisticthatindividualsareonlybackwardslooking.

8.SupposethattheFederalReservemakesanannouncementthatitisgoingtopermanentlyreducethe

inflationratetozero.Willinflationexpectationsimmediatelyadjust?Whatwilldeterminetheextent

towhichtheyadjust?

Thekeytosuchapolicyisthecredibilitybywhichthepublicviewsthisannouncement.Ifthepublic

viewsthiscommitmenttolowerinflationascredible,theywillreducetheirexpectedpriceleveland

moneywagedemands.However,ifthisannouncementisnotviewedascredible,theywillnot

responduntiltheFedisabletoprovetheircommitmenttolowerinflationotherwise.

9.Ifpolicyirrelevanceholdsinthenewclassicalmodel,doesthatmeanthatmonetaryandfiscalpolicy

canneverimpactoutput?Underwhatconditionscoulditimpactoutput?Explain.

Newclassicaltheoryarguedthatanticipatedchangesinmonetaryandfiscalpolicyareirrelevant,but

unanticipatedchangesinmonetaryandfiscalpolicycanaffectoutput.Thus,anypolicythatis

unpredictablewillhaverealeffects.

AdditionalEssayQuestionsand/orProblems:

10.HowdoesthecontracttheoryofthelabormarketintheKeynesianmodeldifferfromtheauction

marketofthenewclassicalmodel.Explainhowthisdifferencebetweenthemodelsexplainsthe

differentpolicyconclusionsregardingtheeffectivenessofstabilizationpolicy.

11.UsetheIS-LMcurveframeworkfrompreviouschapters,togetherwiththeaggregatedemandand

supplycurveforthenewclassicalcase,toanalyzetheeffectsontheinterestrateasaresultofan

increaseinthemoneysupply.Considerboththecasewheretheincreaseinthemoneystockis

anticipatedandthecasewhereitisunanticipated.

12.Analyzetheeffectsoftaxcutwithinthenewclassicalmodel.Considerboththecasewherethe

increaseisanticipatedandthecasewhereitisunanticipated.Ineachcase,includeinyouranswerthe

effectsofthispolicyshiftonthelevelsofoutput,employment,thepricelevel,andthelevelofthe

moneywage.

13.Howlongisthelongrun?Whatdetermineshowlongthelong-runis?DoyouthinkthatKeynesians,

Monetarists,andnewclassicaleconomistswouldhavedifferentopinionsabouthowlongthelongrun

is?Why?

14.Duringtheearly1980s,theU.S.economyexperiencedasharpreductionintherateofinflation,

whichwaswidelybelievedtobeduetoamorerestrictivemonetarypolicy.Thereductionininflation

wasaccompanied,however,byadeepandreasonablylongrecession(16monthsfrombusinesscycle

peaktotrough).ExplaintheseeventswithinaKeynesianandthenanewclassicalframework.

15.SupposethattheFederalReservethinksthatthenaturalrateofunemploymentis5%,wheninfactthe

naturalrateofunemploymentis6%.Ifexpectationsarerational,whatwillbetheimpactofa

discretionarymonetarypolicythatattemptstosustain5%unemployment?Explain.

Multiple-ChoiceQuestions:

1.Accordingtothenewclassicalmodel,

a.anticipateddeclinesinaggregatedemandwouldmoveoutputandemploymentbelowthefull­

employmentlevels.

b.announceddeclinesinaggregatedemanddonotchangeoutputandemploymentabovethefull­

employmentlevels.

c.anticipateddeclinesinaggregatesupplywouldonlyputemploymentbelowthefull-employment

level.

d.unanticipateddeclinesinaggregatedemandwouldcauseoutputandemploymenttofallbelowthe

full-employmentlevels.

e.bothcandd.*

2.Intheviewofthenewclassicaleconomists,anincreaseinthemoneystockwillaffectrealoutput

andemploymentonlyiftheincreaseinthemoneystock

a.wascausedbyanaggregatesupplyshock.

b.isaccompaniedbyanexpansionaryfiscalpolicyshift.

c.wasanticipated.

d.wasunanticipated.*

3.Theconceptof"rationalexpectations"isconsistentwiththenotionof

a.utilitymaximization.

b.profitmaximization.

c.strongmechanismstowardsequilibriuminmarkets

d.auctionmarkets.

e.alloftheabove.*

4.Newclassicaleconomists

a.acceptthemonetaristnotionthatmarketsareperfectlycompetitiveexceptforalackofperfect

information.

b.doacceptthedifferencebetweentheshort-runandlong-runresultsinthemonetaristanalysisof

theeffectsofaggregatedemandonoutputandemployment.

c.acceptthedifferencebetweentheshort-runandlong-runresultsintheKeynesiananalysisofthe

effectsofaggregatedemandonoutputandemployment,butnotinthemonetaristanalysis.

d.acceptthedifferencebetweentheshort-runandlong-runresultsinthemonetaristanalysisof

theeffectsofaggregatedemandonoutputandemployment,butnotintheKeynesiananalysis.

e.Bothaandb*

5.Inthenewclassicalmodel,ananticipatedincreaseinthemoneystockwouldcause

a.thepricelevelandlevelofrealoutputtorise.

b.thepriceleveltorisewithnoeffectonrealoutput.*

c.realoutputtorisewithnoeffectonthepricelevel.

d.nochangeinthepricelevelorlevelofrealoutput.

6.Newclassicalmacroeconomistsbelievethat

a.marketscleareachandeveryperiod.

b.thelabormarketdoesnotclear.

c.individualsarelockedintomoneywageconstraints.

d.individualsfacemarketconstraintsintheirabilitytoactintheirownself-interest.

e.noneoftheabove.*

7.Adifferencebetweentheclassicalandnewclassicalmodelsisthat

a.classicaleconomistsassumedthatlaborsuppliersknewtherealwage,whilethenewclassical

economistsassumetheyformarationalexpectationoftherealwage.

b.classicaleconomistsassumedthatthemoneywagewasflexiblewhilethenewclassical

economistsassumeitwasfixed.

c.newclassicalmodelsdonotassumeperfectcompetition.

d.laborsupplyintheclassicalmodelisafunctionoftherealwagewhilelaborsupplydependson

themoneywageinthenewclassicalmodel.

e.bothaandc.*

8.Anunanticipateddeclineininvestmentdemandwithinthenewclassicalmodelwillcause

a.thepriceleveltofallwithnoeffectonoutput.

b.outputtofallwithnoeffectonthepricelevel.

c.boththepricelevelandoutputtofall.*

d.nochangeineitherthelevelofpriceoroutput.

9.Aggregatesupplyinthenewclassicalaggregatesupply

a.isverticalintheshort-run.

b.ishorizontalintheshort-run.

c.isupwardslopingintheshort-run.*

d.Noneoftheabove

10.WhichofthefollowingstatementsaboutthehistoryofinflationintheU.S.istrue?

a.Inflationaveragedroughly2%from1950-19-65,buthasfallensincethen.

b.Inflationhasaveragedroughly2%since1950.

c.Inflationaveragedroughly2%from1950-1965,roseuntiltheearly1980s,andhasfallen

slowlysince.*

d.Inflationhasgraduallyclimbedsincethe1950s.

11.Adifferencebetweenthenewclassicalandmonetaristmodelsisthatexpectationsinthenew

classicalmodelarewhiletheyareinthemonetaristmodel

a.forwardlooking;backwardlooking.

b.rational;adaptive.

c.correct;mistaken.

d.perfectlycompetitive;imperfectlycompetitive.

e.bothaandb.*

12.Ifthestockmarketbehavesaccordingtotheefficientmarkethypothesis,then

a.investmentinstockscannotbeprofitable.

b.futurechangesinstockmovementsarecompletelypredictable.

c.currentstockpricesreflectallcurrentlyavailableinformation.*

d.bothbandc.

e.alloftheabove.

13.Inthenewclassicalview,ananticipateddecreaseingovernmentspendingwouldbeexpectedto

a.loweroutputandthepricelevel.

b.loweroutputbutleavethepricelevelunchanged.

c.leaveoutputunchangedandraisethepricelevel.

d.leaveoutputunchangedandlowerthepricelevel.*

e.leavebothoutputandthepricelevelunchanged.

14.Fromthenewclassicalperspective,thedisinflationintheearly1980sresultedinasignificant

recessionbecause

a.thepolicychangetodisinflationwasunanticipated.

b.thepolicywasnotcredible.*

c.inflationaryexpectationswerebackwardlooking.

d.Noneoftheabove

e.bothaandb.

15.Newclassicaleconomics

a.resultedfromthehighinflationandunemploymentofthe1970s.

b.developedinaneraofhighinflationandunemploymentduringthe1970s.

c.resultedfromthedissatisfactionassociatedwiththeprevailingKeynesianorthodoxy.

d.Bothbandc.

e.alloftheabove.*

16.Inthenewclassicalmodel,anunanticipatedincreaseinthemoneystockwouldcause

a.thepricelevelandthelevelofrealoutputtorise.*

b.thepriceleveltorisewithnoeffectonrealoutput.

c.realoutputtorisewithnoeffectonthepricelevel.

d.nochangeinthepricelevelorlevelofrealoutput.

17.Accordingtonewclassicalmodel,realwages

a.risewhenincomerises.

b.fallswhenincomerises.*

c.donotmovewithinincome.

d.falliftheexpectedpricelevelistoohighandriseiftheexpectedpricelevelistoolow.

e.noneoftheabove.

18.Achangeinexpectationsinthenewclassicalmodel

a.shiftstheaggregatesupplycurve.

b.mustreflectachangeintheanticipatedchangesintheeconomy.

c.shiftstheaggregatedemandcurve.

d.bothaandb.*

e.noneoftheabove.

19.Ifrationalexpectationshold,aggregatedemandpolicyactionsonlyaffectoutputif

a.theyarepredictable.

b.theyareunpredictable.*

c.theyaresystematic.

d.theyarepermanent.

e.bothbandd.

20.Accordingtowhichofthefollowingmodelsareeconomicagentsassumedtohaveperfect

information?

a.Thenewclassicalmodel

b.Theclassicalmodel*

c.Themonetaristmodel

d.TheKeynesianmodel

21.Inaneconomywithhigherandmorevariableinflation,thenewclassicalmodelwouldpredictthat

theshortrunaggregatesupplycurvewould

a.behorizontal.*

b.bemorehorizontal.

c.besteeper.

d.shiftmorerapidly.

22.Whenexpectationsarerational,

a.aforeseenexpansionarypolicyactiondoesnotalteroutput.*

b.therecannotbeanyinflation.

c.aforeseenexpansionarypolicyactionchangesoutput.

d.thereiszerounemployment.

23.Likethemonetarists,newclassicaleconomistsfavor

a.moneygrowthaimedatachievinganominalGDPtarget.

b.discretionarypolicyaction.

c.amoneygrowthratethatstabilizesoutput.

d.amoneygrowthrulethatguidesmonetarypolicy.*

24.Regardingfiscalpolicy,thenewclassicaleconomists

a.areinfavorofstability.

b.attempttoavoidexcessiveandinflationarystimulus.

c.wanttoavoiderraticgovernmentdeficitspending.

d.Alloftheabove*

e.Noneoftheabove

25.Rationalexpectationsimply

a.marketsalwaysclear.

b.thatpricesare“sticky”

c.policythatisunpredictableisirrelevanttoeconomicoutcomes.

d.bothaandc.

e.Noneoftheabove.*

26.Onesimilaritybetweenthepolicyrecommendationsofthenewclassicalandmonetaristmodelsis

that

a.bothbelievethatmonetarypolicyhasmuchstrongeremploymenteffectsthandoesfiscalpolicy.

b.arepolicyactivists.

c.bothbelieveinthenaturalrateofoutput.*

d.bothbelievethatdiscretionispreferabletorules.

e.noneoftheabove.

27.Assumethatacentralbankwithahistoryofinflationannouncesthatitisgoingtoreducemoney

growthandinflation.Accordingtotherationalexpectationsmodel,thepublicwill

a.immediatelyreducetheirexpectedpricelevelandinflation.

b.reducetheirexpectedpricelevelifthisannouncementiscredible.

c.reducetheirmoneyandrealwagesifthisannouncementiscredible.

d.immediatelybeopentoreducingtheirmoneywage.

e.bothbandc.*

28.NewclassicaleconomistslikeRobertLucasarguethattheGreatDepressionwasprimarilycausedby

a.lotsofmistakenexpectationsaboutthefuture.*

b.significantfallsininvestment.

c.significantfallsinthemoneysupply.

d.significantincreasesintaxes.

e.alloftheabove.

29.Accordingtothenewclassicalmodel,theoutputcostofreducinginflation

a.isthecostsoftherevenuelostbyprintinglessmoney.

b.isthelostincomefromthelargerecessionthatwilloccurasaggregatedemandfalls.

c.maybesmallifthepolicytoreduceinflationisseenascrediblebythepublic.*

d.willbezeroifitisunanticipated.

30.Whichofthefollowingwouldbeevidenceagainstrationalexpectations?

a.unpredictablechangesinpolicyhaverealeffects.

b.newinformationleadstochangesinoutput.

c.thepublicnevermakemistakeswithrespecttopricelevelpredictions.

d.changesinstockpriceschangemuchmoreoftenthannewinformationbecomesavailable.*

31.Keynesiansdisagreewiththenewclassicalmodelbecause

a.peopleareoftenirrational.

b.wagesareoftennegotiatedthroughcontracts,notauctions.*

c.peopledonotformexpectations.

d.wagesaresettoclearauctionmarketsinboththeshortrunandlongrun.

e.alloftheabove

32.Inamovetoincreaseitsopenness,theFedhasconsistentlyincreasedtheamountofinformation

availabletothepublic.Accordingtothenewclassicalmodel,,thePhillipscurvetheFedfaces

shouldbecomemore:

a.horizontal.

b.verysteep.

c.vertical.*

d.unstable.

33.Accordingtothenewclassicaltheory,amonetarysurprisewill

a.shiftthelaborsupplycurvetotherightintheshortrun.

b.shiftthelaborsupplycurvetotheleftintheshortrun.

c.notshiftthelaborsupplycurveintheshortrun.*

d.shifttheaggregatesupplycurvetotheleftintheshortrun.

e.shifttheaggregatesupplycurvetotherightintheshortrun.

34.Newclassicaleconomistsbelievethattheclassicalmodel

a.withtherationalexpectationsassumptionaddedprovidesaroleforactiviststabilizationpolicies,

b.isapoorstartingpointtoconstructnewmacroeconomicmodels.

*c.withtherationalexpectationsassumptionsubstitutedfortheperfectinformationassumption

providesastartingpointforconstructingusefulmacroeconomicmodels.

d.isequivalenttothemonetaristmodel.

e.bothcandd.

35.MonetaristsandKeynesiansagreethatexpectationsare

a.backwards-looking.*

b.rational.

c.unstable.

d.forwards-looking.

36.Inthenewclassicalmodel,stabilizationpolicies

a.cannotaffectoutputandemploymentineithertheshortrunorthelongrun.

b.affectoutputandemploymentonlyintheshortrun.

c.havenoeffectonoutputandemployment,evenintheshortrun.*

d.affectoutputandemploymentonlyinthelongrun.

37.Thetheoryofrationalexpectationsstatesthat

a.expectedinflationwillbenodifferentfromactualinflation,onaverage.*

b.expectationsarebasedonallpossibleinformation.

c.individualsalwaysactoptimally.

d.expectedinflationwillbelowerthanactualinflation.

38.Ifgovernmentpolicymakersbecomemoresecretive,thentheshortrunaggregatesupplycurve

shouldget

a.flatter.

b.morehorizontal.*

c.vertical.

d.steeper.

39.Whichofthefollowingstatementsis(are)correct?Keynesianscriticizethenewclassicaltheory

because

a.thenewclassicalmodelcannotexplainchangesinexpectations.

b.ofthecontractingmarketcharacterizationofthelabormarket.

c.therationalexpectationsassumptionascribesanextremeandunrealisticavailabilityofinformation

tomarketparticipants.*

d.Alloftheabove

40.“Allavailableinfbrmation,,inthedefinitionofrationalexpectationsmeansthat

a.agentsuseallpossibleinformationthatcouldbeoutthere.

b.agentsuseallpossiblepublicinformationthatcouldbeoutthere.

c.agentsuseallinformationthatisrelevant.

d.agentsuseallinformationthatisavailableinwhichthemarginalbenefitsoftheinformationare

greaterthanthemarginalcostsofgatheringtheinformation.*

41.AccordingtoThomasSargentandothernewclassicaleconomists,

a.acrediblepolicytoprovidelowstablemoneygrowthcanexistwithafiscalpolicythatgenerates

largedeficits.

b.acrediblepolicytoprovidelowstablemoneygrowthcannotcoexistwithafiscalpolicythat

generateslargedeficits.*

c.thereisnoneedforacredible,noninflationarymonetarypolicytocontrolthegovernment

budgetarydeficit.

d.Noneoftheabove

42.Accordingtonewclassicaleconomists,

a.deficitsshouldhavealargeandnegativeimpactonoutput.

b.deficitsshouldhavenodiscernableimpactonoutput.*

c.deficitswillhavenoimpactonprivateconsumption.

d.growthinthe1990swasdrivenbyfallsinthedeficit.

e.Noneoftheabove

43.Intherationalexpectationsmodel

a.marketsareperfectlycompetitiveandinequilibrium.*

b.marketsmaynotclearevenifwagesandpricesareotherwiseperfectlyflexible.

c.marketsmaytemporarilybeindisequilibrium.

d.onlyanticipatedchangesinaggregatedemandaffectoutput.

44.Intheearly1980s,thedisinflationintheUnitedStates

a.wasaccompaniedbyrapidlygrowingdeficits.*

b.wascostlessintermsofoutputandemploymenteffects.

c.wastheresultofawell-publicizedexpansionarymonetarypolicy.

d.didnotresultinasevererecession.

45.Accordingtothenewclassicalview,ifthemoneysupplyandpricesfallbutoutputremainsthesame

indicatesthat

a.expectationsmustbeadaptive.

b.thischangeinthemoneysupplywasanticipated.*

c.aggregatesupplymusthaveshiftedupward.

d.noneoftheabovecanexplainthis.

46.Whichofthefollowingstatementsis(are)correct?

a.Thecentralpolicytenetofthenewclassicaleconomicsisthataggregatedemandmanagement

cannotachievestabilizationofrealvariables.

b.Accordingtothenewclassicalview,systema