高级国际金融学教程习题答案3.pdfVIP

Foundations of International Macroeconomics1 Workbook2 Maurice Obstfeld, Kenneth Rogoff, and Gita Gopinath Chapter 10 Solutions 1. (a) With a positive steady-state gross money supply growth rate of 1 +µ, eq. (26) in Chapter 10 is replaced by ∗ χ 0 m0 = m = y , (26 ) 0 1 0 1 − (1 + µ) (1 + δ) where (for this problem only) m ≡ M/P denotes the real money supply. The value for y0 is the same as in the case with zero steady-state money growth. The log-linear version of the money demand equation becomes δ 1 0 m = c − r − ∆p , (37 ) real,t t (1 + µ) (1 + δ)2 − (1 + δ) t+1 (1 + µ) (1 + δ) − 1 t+1 where m = dm /m denotes the percentage deviation of real money bal- real,t t ances from their steady-state level, ∆p ≡ [(P /P ) /(1+µ)] − 1 denotes the t t t−1 percentage deviation of inflation from its (gross) steady-state level of 1 + µ, and the other variables are as defined in the text. The foreign counterpart to (370 ) is δ 1 ∗ ∗ ∗ 0 m = c − rt+1 −