曼昆经济学原理课件(下)宏观部分，北大作业作业2A_24_03_09_宏观经济学课件曼昆
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经济学原理II（2009年春季学期）作业2
第一部分：教材习题
第26章，问题与应用，4, 5，6，8，9，11 第27章，问题与应用，1，2，7，8 第28章，问题与应用，1，5，6, 8，9 Answers for Chapter 26 4.Companies encourage their employees to hold stock in the company because it gives the employees the incentive to care about the firm’s profits, not just their own salary.Then, if employees see waste or see areas in which the firm can improve, they’ll take actions that benefit the company because they know the value of their stock will rise as a result.And it also gives employees an additional incentive to work hard, knowing that if the firm does well, they will profit.But from an employee’s point of view, owning stock in the company for which she or he works can be risky.The employee’s wages or salary are already tied to how well the firm performs.If the firm has trouble, the employee could be laid off or have her or his salary reduced.If the employee owns stock in the firm, then there’s a double whammythe employee is unemployed or gets a lower salary and the value of the stock falls as well.So owning stock in your own company is a very risky proposition.Most employees would be better off diversifyingowning stock or bonds in other companiesso their fortunes wouldn’t depend so much on the firm for which they work.5.To a macroeconomist, saving occurs when a person’s income exceeds her consumption, while investment occurs when a person or firm purchases new capital, such as a house or busine equipment.a.When your family takes out a mortgage and buys a new house, that’s investment, because it’s a purchase of new capital.b.c.d.6.When you borrow $1,000 from a bank to buy a car to use in your pizza-delivery busine, that’s investment, because the car is a capital good.When your roommate earns $100 and deposits it in her account at a bank, that’s saving, because the money isn’t spent on consumption goods.When you use your $200 paycheck to buy stock in AT&T, that’s saving, because your income of $200 isn’t being spent on consumption goods.We’re given the numbers Y = 8, T = 1.5, Sprivate = 0.5 = YC, Spublic = 0.2 = TTT1.5G, then rearranging gives G = T0.2 = 1.3.Since S = national saving = Sprivate + Spublic = 0.5 + 0.2 = 0.7.Finally, since I = investment = S, I = 0.7.8.a.Figure 25-2 illustrates the effect of the $20 billion increase in government borrowing.Initially, the supply of loanable funds is curve S1, the equilibrium real interest rate is i1, and the quantity of loanable funds is L1.The increase in government borrowing by $20 billion reduces the supply of loanable funds at each interest rate by $20 billion, so the new supply curve, S2, is shown by a shift to the left of S1 by exactly $20 billion.As a result of the shift, the new equilibrium real interest rate is i2.The interest rate has increased as a result of the increase in government borrowing.Since the interest rate has increased, investment and national saving decline and private saving increases.The increase in government borrowing reduces public saving.From the figure you can see that total loanable funds(and thus both investment and national saving)decline by le than $20 billion, while public saving declines by $20 billion and private saving rises by le than $20 billion.b.Figure 25-2
c.The more elastic is the supply of loanable funds, the flatter the supply curve would be, so the interest rate would rise by le and thus national saving would fall by le, as Figure 25-3 shows.Figure 25-3
d.The more elastic the demand for loanable funds, the flatter the demand curve would be, so the interest rate would rise by le and thus national saving would fall by more, as Figure 25-4 shows.If households believe that greater government borrowing today implies higher taxes to pay off the government debt in the future, then people will save more so they can pay the higher future taxes, so private saving will increase, as will the supply of loanable funds.This will offset the reduction in public saving, thus reducing the amount by which the equilibrium quantity of investment and national saving decline, and reducing the amount that the interest rate rises.e.Figure 25-4
If the rise in private saving was exactly equal to the increase in government borrowing, there would be no shift in the national saving curve, so investment, national saving, and the interest rate would all be unchanged.This is the case of Ricardian equivalence.9.Since new computer technology enables firms to reduce inventory investment, the demand curve for loanable funds shifts to the left, as shown in Figure 25-5.As a result, the equilibrium quantity of loanable funds declines, as does the interest rate.The decline in the interest rate then increases investment in factories and equipment, but overall investment still declines.Figure 25-5
Investment can be increased by reducing taxes on private saving or by reducing the government budget deficit.But reducing taxes on private saving has the effect of increasing the government budget deficit, unle some other taxes are increased or government spending is reduced.So it is difficult to engage in both policies at the same time.11.a.b.To know which of these policies would be a more effective way to raise investment, you'd need to know:(1)what the elasticity of private saving is with respect to the after-tax real interest rate, since that would determine how much private saving would increase if you reduced taxes on saving;(2)how private saving responds to changes in the government budget deficit, since, for example, if Ricardian equivalence holds, the decline in the government budget deficit would be matched by an equal decline in private saving, so national saving wouldn't increase at all;and(3)how elastic investment is with respect to the interest rate, since if investment is quite inelastic, neither policy will have much of an impact on investment.Answers for chapter 27 1.The future value of $24 invested for 400 years at an interest rate of 7 percent is(1.07)400 $24 = $13,600,000,000,000 = $13.6 trillion.2.a.The present value of $15 million to be received in four years at an interest rate of 11 percent is $15 million/(1.11)4 = $9.88 million.Since the present value of the payoff is le than the cost, the project should not be undertaken.The present value of $15 million to be received in four years at an interest rate of 10 percent is $15 million/(1.10)4 = $10.25 million.Since the present value of the payoff is greater than the cost, the project should be undertaken.The present value of $15 million to be received in four years at an interest rate of 9 percent is $15 million/(1.09)4 = $10.63 million.Since the present value of the payoff is greater than the cost, the project should be undertaken.The present value of $15 million to be received in four years at an interest rate of 8 percent is $15 million/(1.08)4 = $11.03 million.Since the present value of the payoff is greater than the cost, the project should be undertaken.b.The exact cutoff for the interest rate between profitability and nonprofitability is the interest rate that will equate the present value of receiving $15 million in four years with the current cost of the project($10 million):
Therefore, an interest rate of 10.67 percent would be the cutoff between profitability and nonprofitability.7.Shareholders will likely demand a higher return due to the stock’s idiosyncratic risk.Idiosyncratic risk is risk that affects only that particular stock.All stocks in the economy are subject to aggregate risk.8.a.If a roommate is buying stocks in companies that everyone believes will experience big profits in the future, the price-earnings ratio is likely to be high.The price is high because it reflects everyone’s expectations about the firm’s future earnings.The largest disadvantage in buying these stocks is that they are currently overvalued and may not pay off in the future.b.Firms with low price-earnings ratios will likely have lower future earnings.The reason why these stocks are cheap is that everyone has lower expectations about the future profitability of these firms.The largest disadvantage to buying this stock is that the market may be correct and the firm's stock may provide a low return.$10 =15/(1 + x)4 10(1 + x)4 = 15(1 + x)4 = 1.5 1 + x =(1.5)0.25 1 + x = 1.1067 x = 0.1067
Answers for chapter 28 1, 我没有做答案。抱歉！你们帮我补上。5.The fact that employment has increased 1.5 million while unemployment has declined 0.6 million is consistent with growth in the labor force of 1.6 million workers.The labor force constantly increases as the population grows and as labor-force participation increases, so the increase in the number of people employed may always exceed the reduction in the number unemployed.6.a.b.c.d.e.8.a.b.A construction worker who is laid off because of bad weather is likely to experience short-term unemployment, since the worker will be back to work as soon as the weather clears up.A manufacturing worker who loses her job at a plant in an isolated area is likely to experience long-term unemployment, since there are probably few other employment opportunities in the area.She may need to move somewhere else to find a suitable job, which means she'll be out of work for some time.A worker in the stagecoach industry who was laid off because of the growth of railroads is likely to be unemployed for a long time.The worker will have a lot of trouble finding another job when his entire industry is shrinking.He'll probably need to gain additional training or skills to get a job in a different industry.A short-order cook who loses his job when a new restaurant opens is likely to find another job fairly quickly, perhaps even at the new restaurant, so will probably have only a short spell of unemployment.An expert welder with little education who loses her job when the company installs automatic welding machinery is likely to be without a job for a long time, since she lacks the technological skills to keep up with the latest equipment.To remain in the welding industry, she may need to retool by going back to school and learning the newest techniques.Figure 26-3 illustrates the effect of a union being established in one labor market.When one labor market is unionized, shown in the figure on the left, the wage rises from w1U to w2U and the quantity of labor demanded declines from U1 to U2D.Since the wage is higher, the supply of labor increases to U2S, so there are U2S-U2D unemployed workers in the unionized sector.The quantity of labor employed in this market is inefficient, since more workers would like to have jobs at the existing wage.When those workers who become unemployed in the union sector seek employment in the nonunionized market, shown in the figure on the right, the supply of labor shifts to the right from S1 to S2.The result is a decline in the wage in the nonunionized sector from w1N to w2N and an increase in employment in the nonunionized sector from N1 to N2.Figure 26-3
When the Japanese developed a strong auto industry, U.S.auto demand became more elastic as a result of increased competition.With more elastic demand for autos, the elasticity of demand for American autoworkers increased.Since the rise in auto imports made the demand for autoworkers more elastic, to maintain a higher-than-competitive wage rate requires a greater reduction in the quantity of labor demanded.So the union had to choose between allowing the union wage to decline or facing the lo of many jobs.Given the tradeoff faced by the union, they allowed the union wage to get closer to the competitive wage.9.a.b.c.第二部分：补充英文题目
1.Henry buys a bond iued by Speedo Corporation, which uses the funds to buy new machinery for one of its factories.a.Henry and Speedo are both investing.b.Henry and Speedo are both saving.c.Henry is investing;Speedo is saving.d.Henry is saving;Speedo is investing.2.Your eccentric Uncle has promised to give you $50,000 when you graduate.You think that you will graduate in three years and could get about 7 percent on any money you saved.What is the present value of the $50,000? a.$50,000 b.$50,000(1.07)3 c.$50,000/(1.07)3
3.4.d.None of the above are correct.Jeff has just finished school, but has not yet begun to look for a job.As a result, a.the unemployment rate is unaffected, and the labor-force participation rate is unaffected b.the unemployment rate increases, and the labor-force participation rate decreases.c.the unemployment rate increases, and the labor-force participation rate is unaffected.d.the unemployment rate increases, and the labor-force participation rate increases.Better management techniques of monitoring employee work effort would a.increase real wages.b.increase shirking.c.increase labor-force participation rates.d.reduce unemployment by reducing the need for efficiency wages.
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