布兰查德宏观习题答案Solutions.docx

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1、QuickCheck1.a.b.c.d.2.a.True.False.False.1960-20002001-2002US3.5%0.9%EU3.1%1.6%Japan5.5%-0.9%CHAPTER1True.True.True/Uncertain.Averagegrowthislowersince1973.However,sincethemid-1990s,outputperworkerhasgrowthataboutthepre-1973rate.It'stoosoontotellwhetherthismarksareturntopre・1973growthratesor

2、simplyafewluckyyears.b.Probablyclosertolong-runaverage,becauseaveragesovershorttimeperiodsreflectbusinesscycles・However,JapanwasgrowingexceptionallyfastintheearlypostwarperiodasitcaughtuptotheUnitedStates.EvenifJapanrecoversfromitscurrentslumpoverthenextdecade,itmaynotresumegrowthashighasits

3、previousaverage・3.a.Lowunemploymentmightleadtoanincreaseininflation.b.Althoughmeasurementerrormaycontributetothemeasuredslowdowningrowth,thereareotherrelevantissues,includingtheproductivityofnewresearchandtheaccumulationofnewcapital.c.Althoughlabormarketrigiditiesmaybeimportant,itisalsoimpor

4、tanttoconsiderthattheserigiditiesmaynotbeexcessive,andthathighunemploymentmayarisefromflawedmacroeconomicpolicies.d・AlthoughpoorregulationofthefinancialsystemmaybecontributingtothelengthofJapan'sslump,mosteconomistsbelievethatthecollapseinJapaneseassetpricestriggeredtheeconomicdownturn.Moreo

5、ver,tighteningregulationwouldlikelyinvolvemorepainintheshortrunsincesomebanksandfirmswouldbeforcedtoclose.e.AlthoughtheEurowillremoveobstaclestofreetradebetweenEuropeancountries,eachcountrywillbeforcedtogiveupitsownmonetarypolicy.DigDeeper4.Discussionquestion.5.a.10years:(1.01)l0=1.10or10%hi

6、gher;20years:22%higher;50years:64%higherb.29%;67%;261%higherb.Takeoutputperworkerasameasureofthestandardofliving・10years:1.29/1.1=1.17,sothestandardoflivingwouldbeabout17%higher;20years:37%higher;50years:120%higherc.No.Laborproductivitygrowthfluctuatesalotfromyeartoyear・Thelastfewyearsmayrep

7、resentgoodluck.Itistoosoontotellwhethertherehasbeenachangeinthetrendobservedsince1973・3.9・9(l・03)t=l・l(l・08)‘9=(1.049/t=ln(9)/ln(l.049)~46yrsExploreFurther4.a・c.AsofJune2002,therehavebeen8recessions・Thenumbersareseasonally・adjustedannualpercentageg