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布兰查德《宏观经济学》课后习题答案第8章

发布人：圣才学习网  发布日期：2010-06-21 09:46  共人浏览[大] [中] [小]
　　CHAPTER 8
　　1.　 a.　True. b.　False. c.　False. d.　True. e.　False. f.　True.
　　2.　 a.　No.　In the 1970s， we experienced high inflation and high unemployment.　The expectations- augmented Phillips curve is a relationship between inflation and unemployment conditional on the natural rate and inflation expectations.　Given inflation expectations， increases in the natural
　　rate （which result from adverse shocks to labor market institutions—increases in z—or from increases in the markup—which encompass oil shocks） lead to an increase in both the unemployment rate and the inflation rate.　In addition， increases in inflation expectations imply higher inflation for any level of unemployment and tend to increase the unemployment rate in
　　the short run （think of an increase in the expected price level， given last period’s price， in the AD-AS framework）.　In the 1970s， both the natural rate and expected inflation increased， so both unemployment and inflation were relatively high.
　　b.　No.　The expectations-augmented Phillips curve implies that maintaining a rate of unemployment below the natural rate requires increasing （not simply high） inflation.　This is because inflation expectations continue to adjust to actual inflation.
　　3.　 a.　un=0.1/2 =5%
　　b.　?t=0.1-2*.03 = 4% every year beginning with year t.
　　c.　?e = 0 and ? =4% forever. Inflation expectations will be forever wrong.　This is unlikely.
　　tt
　　d.　? might increase because people’s inflation expectations adapt to persistently positive
　　inflation.　The increase in ? has no effect on un.
　　e.　?5=?4+.1-.06=4%+4%=8%
　　For t>5， repeated substitution implies， ?t=?5+（t-5）*4%.
　　So， ?10=28%；　?15=48%.
　　f.　Inflation expectations will again be forever wrong.　This is unlikely.
　　4.　 a.　?t=?t-1　+ 0.1 - 2ut=?t-1　+ 2%
　　?t　=2%； ?t+1=4%； ?t+2=6%； ?t+3=8%.
　　b.　?t=0.5?t　+ 0.5?t-1　+ 0.1 - 2ut
　　or， ?t=?t-1　+ 4%
　　
　　4.　 c.　?t　=4%； ?t+1=8%； ?t+2=12%； ?t+3=16%
　　d.　As indexation increases， low unemployment leads to a larger increase in inflation over time.
　　5.　 a.　A higher cost of production means a higher markup.
　　b.　un=（0.08+0.1?）/2；　Thus， the natural rate of unemployment increases from 5% to 6% as ?
　　increases from 20% to 40%.
　　6.　 a.　 Yes.　The average rate of unemployment is down.　In addition， the unemployment rate is at a historical low and inflation has not risen.
　　b.　The natural rate of unemployment has probably decreased.
　　7.　 An equation that seems to fit well is： ?t-?t-1=6-ut　， which implies a natural rate of approximately
　　6%.
　　8.　 The relationships imply a lower natural rate in the more recent period.
　　
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