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1、Chapter16:MoneyandBusinessCyclesII:StickyPricesandNominalWageRatesAnswerstoreviewquestions,pg.4121.Involuntaryunemploymentoccurswhenqualifiedjobseekersarewillingtoworkatthemarketwagerate,butcannotdosobecauseofthelackofjoboffers.Intheflexiblepricemodel,involu
2、ntaryunemploymentiseliminatedbyafallingrealwage,butinthestickynominalwagemodeldiscussedhere,therealwagedoesnotclearthemarket.2.Foragivenlevelofmoneydemand,anincreaseinthesupplyofmoneywillcreateadisequilibriuminthemoneymarket;peoplewillhavehighermoneybalances
3、thantheywishtohold.Inthatcase,peoplewillseektoadjusttheirportfoliosbypurchasingmorebonds(amongotherthings),causingthebondpricestoriseandnominalinterestratestofall.IntheU.S.,themoneysupplywouldincreasewhentheFederalReserveBankingSystemengagesinopenmarketopera
4、tions,usingbondpurchasestoinjectmoneyintotheeconomy.Thisleadstohigherbondpricesandlowernominalrates.Inaworldofflexibleprices,thesehighernominalrateswouldbeoffsettoacertainextentbyanincreaseininflationrates,butinthiscase,theassumptionof“stickyprices”preventst
5、hatfromhappening.B.Problemsfordiscussion,pg.412-4133.a.ThenewKeynesianmodelassumesthatpricesandnominalwagesareslowtorespondtochangesinmarketconditions;andthattechnologyisfixed,anditisshocksinaggregatedemandratherthansupplywhichcausecyclicalfluctuationsinGDP.
6、b.InthenewKeynesianmodel,achangeinMhasrealeffectsontheeconomy.Increasesinthemoneysupplyleadtoincreasesinaggregatedemandwhichtranslateintoincreasesinrealoutput.Imperfectcompetitionamongproducersisnotsufficienttoguaranteethisresult;afterall,firmscouldraisepric
7、esandwagesinresponsetotheincreaseinthemoneysupply,leavingboththerealwagerateandtheratioofeachfirm’spricetotheaveragepriceunchanged.However,theimperfectcompetitionassumptionisnecessaryinthethesensethatitgivesfirmssome“wiggle-room”toraiserealwages.Inthiscase,t
8、headditionaldemandcanbefilledbyanincreaseinemploymentandoutputwithoutimposingeconomiclossesonthefirms.c.Therearetwoexplanationsprovidedinthetext-imperfectcompetitionandmenucosts.d.Themodelwithst
