Blanchard中级宏观经济第三版答案.docx

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1、QuickCheck1.a.b.c.2.d.True.e.False.f.False.a.1960-20002001-2002us3.5%0.9%EU3.1%1.6%Japan5.5%-0.9%CHAPTER1True.True.True/Uncertain.Averagegrowthislowersince1973・However,sincethemid-1990s,outputperworkerhasgrowthataboutthe1973rate.It'stoosoontotellwhetherthismarksareturntopre-1973growthratesorsimply

2、afewluckyyears.b.Probablyclosertolong-runaverage,becauseaveragesovershorttimeperiodsreflectbusinesscycles・However，JapanwasgrowingexceptionallyfastintheearlypostwarperiodasitcaughtuptotheUnitedStates.EvenifJapanrecoversfromitscurrentslumpoverthenextdecade,itmaynotresumegrowthashighasitspreviousaver

3、age.3.a.Lowunemploymentmightleadtoanincreaseininflation.b.Althoughmeasurementerrormaycontributetothemeasuredslowdowningrowth,thereareotherrelevantissues,includingtheproductivityofnewresearchandtheaccumulationofnewcapital.c.Althoughlabormarketrigiditiesmaybeimportant,itisalsoimportanttoconsiderthat

4、theserigiditiesmaynotbeexcessive,andthathighunemploymentmayarisefromflawedmacroeconomicpolicies.d.AlthoughpoorregulationofthefinancialsystemmaybecontributingtothelengthofJapan'sslump,mosteconomistsbelievethatthecollapseinJapaneseassetpricestriggeredtheeconomicdownturn.Moreover,tighteningregulation

5、wouldlikelyinvolvemorepainintheshortrunsincesomebanksandfirmswouldbeforcedtoclose.AlthoughtheEurowillremoveobstaclestofi'eetradebetweenEuropeancountries,eachcountrywillbeforcedtogiveupitsownmonetarypolicy.DigDeeper4.Discussionquestion.5.a.10years:(1.01)10=1.10or10%higher;20years:22%higher;50years:

6、64%higherb.29%;67%;261%higherb.Takeoutputperworkerasameasureofthestandardofliving.10years:1.29/1.1=1.17,sothestandardoflivingwouldbeabout17%higher;20years:37%higher;50years:120%higherc.No.Laborproductivitygrowthfluctuatesalotfromyeartoyear.Thelastfewyearsmayrepresentgoodluck.Itistoosoontotellwheth

7、ertherehasbeenachangeinthetrendobservedsince1973・3.9.9(1.03)匚1.l(l・0M9=(1.049/t=ln(9)/ln(1.049)-46yrsExploreFurther7.a-c.AsofJune2002,therehavebeen8recessions・Thenumbersareseasonally・adjustedannualpercentagegrowt