斯蒂芬威廉森-宏观经济学第五版答案chapter5.pdf

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1、Chapter5AClosed-EconomyOne-PeriodMacroeconomicModelTeachingGoalsTherearethreekeypointstobelearnedfromthischapter.ThefirstpointisthatwhenweallowtheconsumersandfirmsthatwestudiedinChapter4tointeractwitheachotherandwiththegovernment,theeconomyisabletoachieveequilibriumthroughpriceadjustment.Inth

2、isparticularcase,the“price”istherelativepriceofleisure,therealwage.Thesecondimportantpointisthattheequilibriumthatmarketssettleuponisafavorableone,inthesenseofParetooptimality.ThispointisinkeepingwithAdamSmith’snotionthatthe“invisiblehand”ofself-interestedindividuals,meetinginacompetitivemarke

3、t,canworkforthecommongood.Thethirdpointisthatwecandirectlydiscovertheequilibriumpositionofamarketeconomybysolvinganeconomicplannerproblem.Althoughstudentsmayfindthispointtobesomewhatarcane,stressthepointthatitwillbemuchsimplertosolveproblems(e.g.,examproblems)byworkingwithaplannerproblemasoppo

4、sedtodirectlysolvinggeneralequilibriumproblems.Thestudents,however,needtobeawarewhenthissolutionmethodisnotapplicable.ThesectionabouttheLaffercurveisagoodwaytoshowwhensocialandprivateoptimadonotcoincide.Oncestudentshavemasteredthemechanicsofthemodel,thetwoproblemsforwhichthismodelisbestsuiteda

5、retheanalysesofchangesingovernmentspendingandtotalfactorproductivity.Inworkingtheseproblems,stresstheapplicabilityoftheseresultstohistoricalapplicationsandasaguidetounderstandingcurrentevents.Akeytacticofthetextbook’sapproachisthecriticalassessmentoftheusefulnessandcredibilityofcompetingmodels

6、.Therefore,itisimportanttostresstheextenttowhichmodelsfitthefacts.Doesthismodelfitthefactsoflong-rungrowth?Doesthismodelfitthefactsofthetypicalbusinesscycle?Thesekindsofquestionscomeupagainandagaininthecourseofmacroeconomicstudy.Stressagainandagainthatscientificstudyneedstorelatetoobservations

7、,inourcasethestylizedfactsofChapter2.ClassroomDiscussionTopicsAnalternativeapproachtothismaterialistostartwiththeexampleofRobinsonCrusoe(orCastaway,Gilligan’sIsland,etc.).Doesanisolatedindividualhaveanyeconomicchoices?Whatwouldguidethe