Blanchard宏观小经济学4e习题答案.docVIP

PAGE 134 PAGE 133 Answers to end-of-chapter problems Chapter 1 Quick Check 1. a. True. b. True. c. True. d. Uncertain. It is true that the growth of output per worker increased in the mid-1990s, but economists disagree about the degree to which this increase in growth will persist. The growth of output per worker fluctuates a great deal from year to year, which makes it difficult to draw inferences from the data. e. True. f. False. The European “unemployment miracle” refers to the low rate of unemployment in Europe in the 1960s. g. False. The slump was triggered by the collapse of the Japanese stock market. h. False. 2. a. 1960-2000 1994-2000 2001-2004 US 3.2% 3.9% 2.45% EU 3.1% 2.3% 2.3% Japan 4.7% 1.4% 2.3% Growth rates in all three regions are lower in the most recent period than over the period 1960-2004. However, compared to the period 1994-2000, U.S. growth is lower in the most recent period, Japanese growth is higher, and European growth is unchanged. b. Answers will vary. 3. a. Low unemployment might lead to an increase in inflation. b. Tax cuts may have been useful to stimulate the U.S. economy during the 2001 recession. However, the tax cuts were permanent. The recession is over and the deficit remains high. c. Although labor market rigidities may be important, it is also important to consider that these rigidities may not be excessive, and that high unemployment may arise from flawed macroeconomic policies. d. Although poor regulation of the financial system may be contributing to the length of Japans slump, most economists believe that the collapse in Japanese asset prices triggered the economic downturn. Moreover, tightening regulation would likely involve more pain in the short run since some banks and firms would be forced to close. e. Although the Euro will remove obstacles to free trade between European countries, each country wil