中级宏观经济学(布兰-查德)课后题答案

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1、ANSWERSTOEND-OF-CHAPTERPROBLEMSCHAPTER1QuickCheck1.a.True.b.True.c.True/Uncertain.Averagegrowthislowersince1973.However,sincethemid-1990s,outputperworkerhasgrowthataboutthepre-1973rate.It'stoosoontotellwhetherthismarksareturntopre-1973growthratesorsim

2、plyafewluckyyears.d.True.e.False.f.False.2.a.1960-20002001-2002US3.5%0.9%EU3.1%1.6%Japan5.5%-0.9%b.Probablyclosertolong-runaverage,becauseaveragesovershorttimeperiodsreflectbusinesscycles.However,Japanwasgrowingexceptionallyfastintheearlypostwarperiod

3、asitcaughtuptotheUnitedStates.EvenifJapanrecoversfromitscurrentslumpoverthenextdecade,itmaynotresumegrowthashighasitspreviousaverage.3.a.Lowunemploymentmightleadtoanincreaseininflation.b.Althoughmeasurementerrormaycontributetothemeasuredslowdowningrow

4、th,thereareotherrelevantissues,includingtheproductivityofnewresearchandtheaccumulationofnewcapital.c.Althoughlabormarketrigiditiesmaybeimportant,itisalsoimportanttoconsiderthattheserigiditiesmaynotbeexcessive,andthathighunemploymentmayarisefromflawedm

5、acroeconomicpolicies.d.AlthoughpoorregulationofthefinancialsystemmaybecontributingtothelengthofJapan'sslump,mosteconomistsbelievethatthecollapseinJapaneseassetpricestriggeredtheeconomicdownturn.Moreover,tighteningregulationwouldlikelyinvolvemorepainin

6、theshortrunsincesomebanksandfirmswouldbeforcedtoclose.e.AlthoughtheEurowillremoveobstaclestofreetradebetweenEuropeancountries,eachcountrywillbeforcedtogiveupitsownmonetarypolicy.DigDeeper4.Discussionquestion.5.a.10years:(1.01)10=1.10or10%higher;20year

7、s:22%higher;50years:64%higherb.29%;67%;261%higher171c.Takeoutputperworkerasameasureofthestandardofliving.10years:1.29/1.1=1.17,sothestandardoflivingwouldbeabout17%higher;20years:37%higher;50years:120%higherd.No.Laborproductivitygrowthfluctuatesalotfro

8、myeartoyear.Thelastfewyearsmayrepresentgoodluck.Itistoosoontotellwhethertherehasbeenachangeinthetrendobservedsince1973.6.9.9(1.03)t=1.1(1.08)t9=(1.049)tt=ln(9)/ln(1.049)≈46yrsExploreFurther7.a-c.AsofJune2002,therehavebeen8recessions.Thenumbers