宏观经济学-课后思考题答案-史蒂芬威廉森005

Chapter5AClosed-EconomyOne-PeriodMacroeconomicModel„TeachingGoalsTherearethreekeypointstobelearnedfromthischapter.ThefirstpointisthatwhenweallowtheconsumersandfirmsthatwestudiedinChapter4tointeractwitheachotherandwiththegovernment,theeconomyisabletoachieveequilibriumthroughpriceadjustment.Inthisparticularcase,the“price”istherelativepriceofleisure,therealwage.Thesecondimportantpointisthattheequilibriumthatmarketssettleuponisafavorableone,inthesenseofParetooptimality.ThispointisinkeepingwithAdamSmith’snotionthatthe“invisiblehand”ofself-interestedindividuals,meetinginacompetitivemarket,canworkforthecommongood.Thethirdpointisthatwecandirectlydiscovertheequilibriumpositionofamarketeconomybysolvinganeconomicplannerproblem.Althoughstudentsmayfindthispointtobesomewhatarcane,stressthepointthatitwillbemuchsimplertosolveproblems(e.g.,examproblems)byworkingwithaplannerproblemasopposedtodirectlysolvinggeneralequilibriumproblems.Thestudents,however,needtobeawarewhenthissolutionmethodisnotapplicable.ThenewsectionabouttheLaffercurveisagoodwaytoshowwhensocialandprivateoptimadonotcoincide.Oncestudentshavemasteredthemechanicsofthemodel,thetwoproblemsforwhichthismodelisbestsuitedaretheanalysesofchangesingovernmentspendingandtotalfactorproductivity.Inworkingtheseproblems,stresstheapplicabilityoftheseresultstohistoricalapplicationsandasaguidetounderstandingcurrentevents.Akeytacticofthetextbook’sapproachisthecriticalassessmentoftheusefulnessandcredibilityofcompetingmodels.Therefore,itisimportanttostresstheextenttowhichmodelsfitthefacts.Doesthismodelfitthefactsoflong-rungrowth?Doesthismodelfitthefactsofthetypicalbusinesscycle?Thesekindsofquestionscomeupagainandagaininthecourseofmacroeconomicstudy.Stressagainandagainthatscientificstudyneedstorelatetoobservations,inourcasethestylizedfactsofChapter2.„ClassroomDiscussionTopicsAnalternativeapproachtothismaterialistostartwiththeexampleofRobinsonCrusoe(orCastaway,Gilligan’sIsland,etc.).Doesanisolatedindividualhaveanyeconomicchoices?Whatwouldguidethesechoices?Wouldyouratherbeonanislandwithamoreplentifulfoodsupply?Apureincomeeffectcanthenbepresentedintheformofextrafood(oravolleyball)washinguponshore,orintheformof“pirates”(government?)demandingtribute.Anincreaseintotalfactorproductivitycanbeintheformofobtainingafishingnetoraladdertoclimbcoconuttrees.Achangeincapitalcanbetheconsequenceofahurricane,etc.Thenextstepwouldbetoaskthestudentsaboutthelikelyconsequencesofadditionalindividualsontheisland.Iftheyareallidentical,andtherearenoeconomiestoteamproduction,willtherebeanyreasonformarketstoexist?Couldamarketimprovethings?Howandwhy?Typically,marketsimprovethingsonlytotheextentthatpeoplearedifferent.However,thesetypesofdifferencesarewhatwearewillingtoignorewhenweadoptthefictionofarepresentativeconsumer.Chapter5AClosed-EconomyOne-PeriodMacroeconomicModel43„OutlineI.CompetitiveEquilibriumA.AOne-PeriodModel1.NoBorrowingorLending2.G=TB.EquilibriumModeling1.EndogenousVariables2.ExogenousVariables3.HypotheticalExperimentsC.PropertiesofaCompetitiveEquilibrium1.RepresentativeConsumerMaximizesUtilitySubjecttoBudgetConstraint2.RepresentativeFirmMaximizesProfits3.MarketsClear4.GovernmentBudgetConstraintSatisfied5.,,lClCNwMRSMRTMP===II.OptimalityA.ParetoOptimalityB.WelfareTheorems1.1stTheorem:ACompetitiveEquilibriumCanBeParetoOptimal2.2ndTheorem:AParetoOptimumCanBeaCompetitiveEquilibriumC.Inefficiencies1.Externalities2.DistortingTaxes3.MonopolyPowerD.UsingtheSecondTheorem1.ParetoOptimaAreEasiertoIdentify2.EffectsofDisturbancesonParetoOptimaIII.EffectsofanIncreaseinGovernmentSpendingA.ImpactEffect1.ParallelDownwardShiftinPPF2.PureIncomeEffectB.EquilibriumEffects1.ReducedConsumption2.ReducedLeisureandIncreasedHoursofWork3.IncreasedOutput4.LowerRealWageC.Crowding-OutD.GovernmentSpendingaSourceofBusinessCycles?1.GovernmentSpendingShocksWronglyPredictCountercyclicalConsumption2.GovernmentSpendingShocksWronglyPredictCountercyclicalRealWages44Williamson�Macroeconomics,ThirdEditionIV.EffectsofanIncreaseinTotalFactorProductivityA.ImpactEffect1.UpwardShiftinPPF2.SteeperPPF3.IncomeandSubstitutionEffectsB.EquilibriumEffects1.IncreasedConsumption2.LeisureandHoursWorkedMayRiseorFall3.IncreasedOutput4.HigherRealWageC.ProductivityandLong-RunGrowth1.ConsumptionGrowsoverTime2.HoursWorkedRemainaboutConstant3.OutputIncreasesoverTime4.RealWagesRiseoverTimeD.ProductivityasSourceofBusinessCycles?1.ConsumptionIsProcyclical2.CyclicalPropertiesofHoursWorkeda.ProcyclicalHoursWorkedIsaBusinessCycleFactb.NeedStrongSubstitutionEffecttoPredictProcyclicalHoursc.IntertemporalSubstitutionofLeisure3.IncreasedOutputDefinestheCycle4.ProcyclicalRealWageRateV.IncomeTaxRevenueandtheLafferCurveA.TaxRevenue1.TheTaxBaseDependsontheProportionalTaxRate2.TheLafferCurveMeasuresTaxRevenueasaFunctionoftheTaxRate3.UnlesstheTaxRateIsOptimal,TwoTaxRatesYieldtheSameTaxRevenue4.Supply-SideEconomistsClaimtheU.S.EconomyIsattheBadTaxRate5.EmpiricalEvidenceTendstoProveSupply-SideEconomistsWrong„TextbookQuestionSolutionsQuestionsforReview1.Aclosedeconomyiseasiertowor