高级国际金融学教程习题答案ch9ans.pdfVIP

Foundations of International Macroeconomics1 Workbook2 Maurice Obstfeld, Kenneth Rogoff, and Gita Gopinath Chapter 9 Solutions 1. (a) In the problem, the government unexpectedly freezes the money supply, which had previously been growing predictably at the proportional rate µ, at the previous periodís level m, say. Since the economy was initially in a steady state, we have that p0 = m + (1 + η)µ, which, together with eq. (12) in Chapter 9, implies that q0 = e0 − m − (1 + η)µ. (1) (Recall that ∗ ∗ y, i , p ≡ 0. This problem differs from the one in section 9.2.5 in that here, there is a forecast error in the level of the date 0 money supply, whereas in the chapter, there is no surprise concerning the date 0 money supply.) Let us reproduce eq. (18) from Chapter 9 (which assumes a constant long-run real exchange rate): flex 1 − φδ et − et = (qt − q). 1 + ψδη For t = 0, we may use eq. (1) to eliminate q0 from the preceding equation: flex 1 − φδ e0 − e0 = [e0 − m − (1 + η)µ − q] . 1 + ψδη 1By Maurice Obstfeld (University of California, Berkeley) and Kenneth Rogoff (Prince- c ton University). MIT Press, 1996. 2 c MIT Press, 1998. Version 1.1, February 27, 1998. For online updates and correc- tions, see /ObstfeldRogoffBook.html 96 Observe that eflex , the post-disturbance flexible-price exchange rate, simply 0 equals q + m (because the money supply has been frozen at its date t = −1 leve