Blanchard4e-solutions.pdf

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1、1ANSWERSTOEND-OF-CHAPTERPROBLEMSlikelyinvolvemorepainintheshortrunsincesomebanksandfirmswouldbeforcedtoclose.CHAPTER1QuickChecke.AlthoughtheEurowillremoveobstaclestofreetradebetween1.a.True.Europeancountries,eachcountrywillbeforcedtogiveupitsb.True.ownmonetarypolicy.c.True.DigDeeperd.Uncertain.I

2、tistruethatthegrowthofoutputperworker4.Thisisadiscussionquestion,soanswerswillvary.Basedontheincreasedinthemid-1990s,butdiscussioninthetext,thereareeconomistsdisagreeaboutthedegreetowhichthisincreaseinclearsimilaritiesinthepolicyresponsesoftheU.S.andJapanesegrowthwillpersist.Thegovernments.Centr

3、albanksinbothcountriesreducedinterestrates,growthofoutputperworkerfluctuatesagreatdealfromyeartoandgovernmentsinbothcountriestriedtostimulatetheeconomywithyear,whichmakesitdifficulttodrawinferencesfromthedata.lowertaxes.Governmentspendingalsoincreasedinbothcountries;e.True.explicitlyforeconomics

4、timulusinJapan,andaspartofforeignandf.False.TheEuropean“unemploymentmiracle”referstothelowmacroeconomicsBlancharsecuritypolicyintheUnitedStates.Asforthedifferences,thetextrateofunemploymentleavestheimplicationthatJapanesebankingsystemislessefficientinEuropeinthe1960s.thantheU.S.bankingsystem,whi

5、chperhapsallowsforeasierrecoveryg.False.TheslumpwastriggeredbythecollapseoftheintheUnitedStates.ThereisalsoanallusiontotheliquiditytrapinJapanesestockmarket.Japan,sinceinterestratesarezero.However,themechanicsoftheh.False.liquiditytraparenotdiscussedindetailuntilChapter22.102.a.1960-20001994-200

6、02001-20045.a.10years:(1.01)≈1.10or10%higher;20years:22%higher;50years:64%higherUS3.2%3.9%2.45%b.22%;49%;169%higherEU3.1%2.3%2.3%c.Takeoutputperworkerasameasureofthestandardofliving.Japan4.7%1.4%2.3%10years:1.22/1.1≈1.11,sothestandardoflivingwouldbeGrowthratesinallthreeregionsarelowerinthemostre

7、centabout11%higher;periodthanovertheperiod20years:22%higher;50years:64%higher1960-2004.However,comparedtotheperiod1994-2000,U.S.d.No.Laborproductivitygrowthfluctuatesalotfromyeartoyear.growthislowerinthemostrecentperiod,Japa