布兰查德《宏观经济学》课后习题答案第5章
Chapter 5
1. a. True. b. True. c. False.
d. False. The balanced budget multiplier is positive （it equals one）， so the IS curve shifts right.
e. False.
f. Uncertain. An increase in G leads to an increase in Y （which tends to increase investment）， but an increase in the interest rate （which tends to reduce investment）.
g. True.
*2. Firms deciding how to use their own funds will compare the return on bonds to the return on investment. When the interest rate on bonds increases， they become more attractive， and firms are more likely to use their funds to purchase bonds， rather than to finance investment projects.
3. a. Y=[1/（1-c1）]*[c0-c1T+I+G] The multiplier is 1/（1-c1）.
b. Y=[1/（1-c1-b1）]*[c0-c1T+ b0-b2i +G]
The multiplier is 1/（1-c1-b1）. Since the multiplier is larger than the multiplier in part a， the
effect of a change in autonomous spending is bigger than in part a.
c. Substituting for the interest rate in the answer to part b： Y=[1/（1-c1-b1+ b2d1/d2）]*[c0-c1T+ b0+（b2*M/P）/d2 +G]
The multiplier is 1/（1-c1-b1+ b2d1/d2）.
d. The multiplier is greater （less） than the multiplier in part a if （b1- b2d1/d2） is greater （less） than zero. The multiplier is big if b1 is big， b2 is small， d1 is small， and/or d2 is big， i.e.， if investment is very sensitive to Y， investment is not very sensitive to i， money demand is not very sensitive to Y， money demand is very sensitive to i.
4. a. The IS curve shifts left. Output and the interest rate fall. The effect on investment is ambiguous because the output and interest rate effects work in opposite directions： the fall in output tends to reduce investment， but the fall in the interest rate tends to increase it.
b. From 3c： Y=[1/（1-c1-b1）]*[c0-c1T+ b0-b2i +G]
c. From the LM relation： i= Y*d1/d2 – （M/P）/d2
To obtain the equilibrium interest rate， substitute for Y from part b.
d. I= b0+ b1Y- b2i= b0+ b1Y- b2Y* d1/d2+ b2（M/P）/d2
To obtain equilibrium investment， substitute for Y from part b.
e. Holding M/P constant， I increases with equilibrium output when b1>b2 d1/d2.
Since a decrease in G reduces output， the condition under which a decrease in G increases
investment is b1<b2 d1/d2.
f. The interpretation of the condition in part e is that the effect on I from Y has to be less than the effect from i after controlling for the endogenous response of i and Y， determined by the slope of the LM curve， d1/d2.
5. a. Y=C+I+G=200+.25*（Y-200）+150+.25Y-1000i+250
Y=1100-2000i
b. M/P=1600=2Y-8000i i=Y/4000-1/5
c. Substituting b into a： Y=1000
d. Substituting c into b： i=1/20=5%
e. C=400； I=350； G=250； C+I+G=1000
f. Y=1040； i=3%； C=410； I=380. A monetary expansion reduces the interest rate and increases output. The increase in output increases consumption. The increase in output and the fall in the interest rate increase investment.
g. Y=1200； i=10%； C=450； I=350. A fiscal expansion increases output and the interest rate. The increase in output increases consumption.
h. The condition from problem 3 is satisfied with equality （.25=1000*（2/8000））， so contractionary fiscal policy will have no effect on investment. When G=100： i=0%； Y=800； I=350； and C=350.
*6. a. The LM curve is flat
b. Japan was experiencing a liquidity trap. c. Fiscal policy is more effective.
7. a. Increase G （or reduce T） and increase M.
b. Reduce G （or increase T） and increase M. The interest rate falls. Investment increases， since the interest rate falls while output remains constant.
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