多恩布什宏观经济学第十版课后习题答案09.pdfVIP

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多恩布什宏观经济学第十版课后习题答案09

CHAPTER9

INCOMEANDSPENDING

SolutionstotheProblemsintheTextbook:

ConceptualProblems:

1.IntheKeynesianmodel,thepricelevelisassumedtobe

fixed,thatis,theAS-curveishorizontaland

thelevelofoutputisdeterminedsolelybyaggregate

demand.Theclassicalmodel,ontheotherhand,assumesthat

pricesalwaysfullyadjusttomaintainafull-employmentlevelof

output,thatis,theAS-curveisvertical.Sincethemodelofincome

determinationinthischapterassumesthatthepricelevelisfixed,

itisaKeynesianmodel.

2.Anautonomousvariable’svalueisdeterminedoutsideof

agivenmodel.Inthischapterthefollowing

componentsofaggregatedemandhavebeenspecifiedas

beingautonomous:autonomousconsumption(C*)autonomous

investment(Io),governmentpurchases(Go),lumpsumtaxes

(TAo),transferpayments(TRo),andnetexports(NXo).

3.Sinceitoftentakesalongtimeforpolicymakerstoagree

onaspecificfiscalpolicymeasure,itis

quitepossiblethateconomicconditionsmaydrastically

changebeforeafiscalpolicymeasureisimplemented.Inthese

circumstancesapolicymeasurecanactuallybedestabilizing.

Maybetheeconomyhasalreadybeguntomoveoutofa

recessionbeforepolicymakershaveagreedtoimplementatax

cut.Ifthetaxcutisenactedatatimewhentheeconomyis

alreadybeginningtoexperiencestronggrowth,inflationary

press