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本帖最後由 PinkyPYC 於 12-5-6 12:45 PM 編輯
1. Over the past decade, some of Japanese saving has been used to finance American investment. That is, the Japanese have been buying American capital assets.
(a) If the Japanese decided they no longer wanted to buy U.S. assets, what would happen in the U.S. market for loanable funds? In particular, what would happen to U.S. interest rates, U.S. saving, and U.S. investment?
(b) What would happen in the market for foreign-currency exchange? In particular, what would happen to the value of the dollar and the U.S. trade balance?
Use graphs to illustrate your answers.
2. In September 2006, the Bureau of Economic Analysis reported that real GDP during the second quarter of 2006 was $11,388 billion compared to $11,002 billion in the same quarter of 2005. The GDP deflator was 115.9, up from 112.2 in the second quarter of 2005. The congressional Budget Office estimated potential GDP to be $11,491 billion in the second quarter of 2006 and $11,146 billion a year earlier.
(a) Draw a graph of the aggregate demand curve, the short-run aggregate supply curve, and the long-run aggregate supply curve in 2005 that is consistent with these numbers.
(b) On the graph, show how the aggregate demand curve, the short-run aggregate supply curve, and the long-run aggregate supply curve shifted during the year to the second quarter of 2006.
3. The Federal Reserve expands the money supply by 5 percent.
(a) Use the theory of liquidity preference to illustrate in a graph the impact of this policy on the interest rate.
(b) Use the model of aggregate demand and aggregate supply to illustrate the impact of this change in the interest rate on output and the price level in the short run.
(c) When the economy makes the transition from its short-run equilibrium to its long-run equilibrium, what will happen to the price level?
(d) How will this change in the price level affect the demand for money and the equilibrium interest rate?
(e) Is this analysis consistent with the proposition that money has real effects in the short run but is neutral in the long run?
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