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1、Homework3(suggestedsolution)Duedate:Dec151.Supposethatthefollowingequationsdescribeaneconomy(C,I,G,T,andYaremeasuredinbillionsofdollarsandrismeasuredinpercent;forexample,r=10meansr=10percent):C=170+0.6(Y-T)T=200I=100-4rG=350(M/P)d=L=0.75Y−6rMs/P=M/P=735.a.GraphtheISandLMcurveandsho
2、wmetheslopesandintercepts.slopeofIScurve=−1/10;slopeofLMcurve=1/8b.CalculatetheequilibriumlevelsofrealoutputY,theinterestrater,plannedinvestmentI,andconsumptionC.r=15(percent);Y=1,100;I=40;C=710c.AttheequilibriumlevelofrealoutputY,calculatethevalueofthegovernmentbudgetsurplus.-150d
3、.SupposethatGincreasesby36to386.DerivethenewISandLMequationsandplotanddrawthesecurvesonthegraphyoudrewforParta.TheLMequationremainsunchanged.ThenewISequationisY=1,340-10r.e.WhatisthehorizontalshiftintheIScurveand/ortheLMcurveinPartd(i.e.,ifrremainsconstant,byhowmuchdoesYincreaseone
4、achcurve)?TheshiftintheIScurveisequalto90.TheLMcurvedoesnotshift.f.RefertotheISandLMequationsyouderivedinPartd.WithYontheleft-handsideoftheequations,calculatethenewequilibriumlevelsofrealoutputY,theinterestrater,plannedinvestmentI,andconsumptionC.Y=1,140;r=20;I=20;C=734g.Insteadofi
5、ncreasingG,supposethattheFedsoughttoachievetheequilibriumlevelofrealoutputYinParththroughexpansionarymonetarypolicyalone.ByhowmuchwouldtheFedhavetoincreasethemoneysupply?54h.ComparetheequilibriumlevelsofconsumptionC,governmentspendingG,andplannedinvestmentIinPartsfandg.Basedonthisc
6、omparison,whymightsomeeconomistspreferexpansionaryfiscalpolicywhileotherspreferexpansionarymonetarypolicy?GovernmentpurchasesarehigherinPartf.SincetaxesandoutputarethesameasPartsfandg,consumptionisalsothesame.SincetheinterestrateislowerinPartg,investmentishigher.Advocatesofexpansio
7、naryfiscalpolicymayarguethattheUnitedStatesisbadlyinneedofpublicspendinginareaslikeeducation,defense,andinfrastructure.Advocatesofexpansionarymonetarypolicy,ontheotherhand,wouldtoutitseffectoninvestment,whichmightspureconomicgrowthasthecapitalstockgrows.2.a.In2009,PresidentObamainc
8、reasedgovernmentspendingan
