6th edition(伯南克教材习题答案)Abel_Bernanke_IM_C11
英语专业综合英语教程-第六册-课后练习答案(全)

Key to the Exercises--- An Integrated English Course - Book 6Unit 1 Technology in Reverse●Text ComprehensionI. CII. 1. F. Not all technology makes things complicated and wasteful; it is only retarded technology that makes things complicated and wasteful. Refer to Paragraph 1.2. T. Refer to Paragraph 5.3. F. It is true that the author acknowledges the great changes brought about by new technology, buthe believes these advantageous changes are often offset by a lot of technology-related waste. Refer to Paragraph 7.4. T. Refer to Paragraph 7.5. F. The author expresses his doubt in a sarcastic tone that cellular phones could really improvemarriages and save “family values”. Refer to Paragraph 9.● Language WorkI. Explain the italicized part in each sentence in your own words.1. highly regarded, intricate, attractive2. a sudden increase3. an event that will make you feel upset for a long time4. can supposedly help, at the same time5. need to be able to use6. we receive so many press releases that we find it difficult to deal with them7. an age where hi-tech has brought us noticeably great changes8. supposed, get away from us/be unattainable9. consequence, people who know nothing about technology, impeding10. usually, insignificantII. Fill in the banks with the appropriate forms of the given words.1. customized2. traumatized3. promotional4. paradoxical5. frivolity6. subscribers7. successors8. inanities9. institutionalized10. subsidyIII. Fill in each of the blanks with a word or phrase taken from the box in its appropriate form.1. are clogged with2. purports to3. a vista of4. bombarded…with5. exulted over6. scribbled all over7. find… alluring8. make a comeback9. call up10. tossed … into11. was eliminated12. compress… intoIV. Explain the meaning of the underlined word or phrase in each sentence.1. weak2. entrance to3. full of4. be compensated for by having the same amount deducted from his tax5. shows all the signs of6. excitement and danger7. spent the afternoon discussing8. increase her confidence9. very often10. quick diveV. Correct the errors in the following passage.VI. Fill in each blank in the passage below with ONE appropriate word.1. millionaires2. computer3. breed4. programs5. companies6. generation7. popularity8. provide9. sales10. times11. valuable12. life● Translation1.The program offers long-term care for the mentally retarded.2.He’s got a cumbersome, bulky, old computer—it’s slow and complicated to use.3. He tried not to look conspicuous and moved slowly along the back of the room.4. It would cause a tremendous upheaval to install a different computer system.5. The gold medal continues to elude her.6. Yo u’d be a fool not to embrace an opportunity as good as that.7. Her salary will go up by a hefty 10%.8. I scrawled a quick note to Hilary and put it under her door.9. There’s a smashing view from her office.10 The trip out there was swell, but the hotel was a bit crummy.II. Translate the following passage into Chinese.在我成长的房子里有一间屋子,我们把它称作图书馆。
Book6_Workbook答案

Book 6Unit1 Art1.虽然我不是现代艺术方面的学者,但是去看展览的主意对我很有吸引力。
Although I’m not a scholar in contemporary art, the idea of going to the exhibiti6on appeals to me.2.你知道几何学在传统的西方艺术中曾被用来勾画绘画作品吗?Do you know the geometry was used to plan paintings in tradition Western art?3.埃及文明吸引着来自全世界各地的旅游者。
The civilization of Egypt attracts tourists from all over the world.4.陶土罐非常脆弱,所以需要小心处理。
The clay vases are fragile and so should be handled with care.5.我不仅见过那个伟大的雕塑家本人,还亲眼目睹他如何雕刻大理石像。
I have not only seen the great sculptor in the flesh, but also watched him carve a marble figure.6.你说你住在西城区,能具体一点吗?在哪条大街或哪条路?You said you lived in the West City District. Could you be a bit morespecific? In which avenue or street? 7.文艺复兴时期的壁画作品的视觉效果到今天仍让人印象深刻。
The visual effect of Renaissance wall paintings is still impressive today.Unit2.Poems1.报告的第二部分提到很多具体的问题,需要马上解决。
新编英语教程第六册练习册paraphrase答案

Unit 11. Nothing in life is more exciting and rewarding than the sudden flash of light that leaves you a changed person--not only changed, but changed for the better.The most inspiring and gratifying fact of life is the unexpected spark of enlightenment that makes you different and a better person than before.2. He came across the street, finally, muffled in his ancient overcoat, shapeless felt hat pulled down over his bald head, looking more like an energetic gnome than an eminent psychiatrist.A t last he walked over from the other side of the street, wrapped in his old-fashioned overcoat, his bald head covered by a shapeless felt hat. He looked like a dwarfish old man full of energy rather than a well-known psychiatrist.3. The woman who spoke next had never married because of a sense of obligation to her widowed mother; she recalled bitterly all the marital chances she had let go by.The next speaker on the tape was a woman who had remained single because she thought she was obliged to take care of her mother who was a widow. She still remembered and told others miserably about all the chances of marriage she had missed.4. In the end, if you let it become a habit, it can become a real roadblock, an excuse for not trying any more.Eventually, if you f orm a habit of saying “if only”, the phrase can really turn to an obstruction, providing you with an excuse for giving up trying anything at all.5. ... you never got out of the past tense. Not once did you mention the future.…you are always thinking of the past, regretting and lamenting. You did not look forward to what you can do in the future at all.6. ''My, my,'' said the Old Man slyly. ''If only we had come down ten seconds sooner, we'd have caught that cab, wouldn't we?''The Old Man said to me tr ickily, using the phrase “if only” on purpose, “If only we’d got here ten seconds earlier, we’d have caught the cab.” I laughed and understood what he meant. So I followed his advice and said, “Next time I’ll run faster”.Unit 21. Moses pleaded a speech defect to rationalize his reluctance to deliver Jehovah's edict to Pharaoh. Moses justified his unwillingness to pass Jehovah’s order to Pharaoh, saying that he was “slow of speech”.2. Yet for all the trouble procrastination may incur, delay can often inspire and revive a creative soul.Delay leads to problems. However, in many cases, it can often stimulate the creativity in an artist.3. He notes that speedy action can be embarrassing or extremely costly.He points out that hastiness may give rise to decision which turn out to be humiliating or expensive.4. Bureaucratization, which flourished amid the growing burdens of government and the greater complexity of society, was designed to smother policymakers in blankets of legalism, compromise and reappraisal---and thereby prevent hasty decisions from being made.Excessive red-tape(官样文章;繁文缛节) developed because public administration was expanding in scope and because society was growing more and more complicated. In this sense, red-tape helped those in charge of policy to be fully engaged in enormous amount of paperwork and judgment, thus making it impossible for an immature decision to result.5. ...many of my friends go through agonies when they face a blank page.…many of my friends have a hard time the moment they attempt to put pen to paper.Unit 31. Of course, my father is a gentleman of the old school, a member of the generation to whom a good deal of modern architecture is unnerving; but I suspect---I more than suspect, I am convinced---that his negative response was not so much to the architecture as to a violation of his concept of the nature of money.Brought up in the old tradition, my father is naturally not prepared to accept the idea of modern architecture; his objection to it, I would assume, indeed I should say I am pretty sure, is not a result of his strong dislike of the physical building itself, but rather that of his refusal to change his attitude towards money.2. If a building's design made it appear impregnable, the institution was necessarily sound, and the meaning of the heavy wall as an architectural symbol dwelt in the prevailing attitude toward money, rather than in any aesthetic theory.If a building was made to look sturdy/invulnerable, it would be accordingly regarded as reliable, and the significance of the thick walls would be measured not by their artistic value, but by their seeming ability to provide a safe location for money.3. In a primitive society, for example, men pictured the world as large, fearsome, hostile, and beyond human control.P eople in a primitive society, for example, saw the world as an enormous planet full of fear, hatred and disorder.4.The principal function of today's wall is to separate possible undesirable outside air from the controlled conditions of temperature and humidity which we have created inside.Today a wall serves mainly as a physical means to protect the desired atmosphere inside from being disturbed by anything unwelcome outside.5. To repeat, it is not our advanced technology, but our changing conceptions of ourselves in relation to the world that determine how we shall build our walls.Again, the decisive factor that can influence the design of a wall is not the advancement of science and technology, but our ever-changing attitude towards our place in this world.Unit 41. He was a man of exuberant fancy, and, withal, of an authority so irresistible that, at his will, he turned his varied fancies into facts.He was a man rich in whimsies, and intolerant of any act bold enough as to challenge his authority. When his mind caught upon something, absurd as it might be, he would do everything to make sure that it was done in the way he wished.2. When every member of his domestic and political systems moved smoothly in its appointed course, his nature was bland and genial; but whenever there was a little hitch, and some of his orbs got out of their orbits, he was blander and more genial still, for nothing pleased him so much as to make the crooked straight, and crush down uneven places.When all his subjects behaved in such a manner as they were told to, he could be gentle and kind. And he could even be more so, if anything not conforming to what he expected should occur, because that offered a great chance for him to see the undesirable removed, a thing he was most delighted in doing.3. He could open either door he pleased: he was subject to no guidance or influence but that of the aforementioned impartial and incorruptible chance.He enjoyed total freedom to choose what to do: he was not directed or influenced by anyone as to which door to open. The only thing that was decisive in terms of his fate was the above-mentioned chance, granted to all the accused alike.4. This element of uncertainty lent an interest to the occasion which it could not otherwise have attained.The fact that no one could tell for sure what might happen (to the accused) made this from of trial more attractive than any other form of justice.5. Thus the masses were entertained and pleased, and the thinking part of the community could bring no charge of unfairness against this plan; for did not the accused person have the whole matter in his own hands?Thus people enjoyed coming here to watch, and those guided by reason in the society could not possibly question the fairness of this form of trial; for was it not the fact that all the accused were given equal chances to make decisions upon their won destiny?Unit51. This semi-barbaric king had a daughter as blooming as his most florid fancies, and with a soul as fervent and imperious as his own.This semi-barbaric king had a daughter as exuberant as the wildest of his notions, a daughter who possessed a nature as fierce and tyrannical as his own.2. Of course, everybody knew that the deed with which the accused was charged had been done.It was, of course, known to all that he was guilty of the offense of conducting an affair with the princess.3. ...; but the king would not think of allowing any fact of this kind to interfere with the workings of the tribunal, in which he took such great delight and satisfaction.…,even though the ki ng was well aware that the love affair had taken place, he would still refuse to let the normal method of deciding guilt or innocence be disturbed, because he was extremely enthusiastic about his way of setting matters of this kind.4. ...; but gold, and the power of a woman's will, had brought the secret to the princess..…; but because she had the money, and above all, because her determination was so irresistible, the princess was able to get access to the secret.5. He understood her nature, and his soul was assured that she would never rest until she had made plain to herself this thing, hidden to all other lookers-on, even to the king.He knew her so well that he was perfectly positive that she would never cease to search for the secret, which remained unknown to all other spectators, even to the king himself.Unit 61. There seems to be a general assumption that brilliant people cannot stand routine; that they needa varied, exciting life in order to do their best.It is generally believed that a colorless life can freeze a creative mind, and that only a colorful life can inspire a man to creative work.2. The outstanding characteristic of man's creativeness is the ability to transmute trivial impulses into momentous consequences.One of the wonders human creativity works is that man can make full use of even insignificant feelings to produce far-reaching results.3. An eventful life exhausts rather than stimulates.A life full of diversions stops man’s creativity instead of activating it.4. It is usually the mediocre poets, writers, etc.,who go in search of stimulating events to release their creative flow.Only literary artists of an average type rely on excitements in life as a source for their creative work./ Great poets, writers, etc., create works of art out of trivial and common subject.5. People who find dull job unendurable are often dull people who do not know what to do with themselves when at leisure.People who are unable to see how to be patient with repetitious work are usually those who are unable to see where to find fun in life when it comes to relaxation.。
英语专业综合英语教程-第六册-课后练习答案(全)

Key to the Exercises--- An Integrated English Course - Book 6Unit 1 Technology in Reverse●Text ComprehensionI. CII. 1. F. Not all technology makes things complicated and wasteful; it is only retarded technology that makes things complicated and wasteful. Refer to Paragraph 1.2. T. Refer to Paragraph 5.3. F. It is true that the author acknowledges the great changes brought about by new technology, buthe believes these advantageous changes are often offset by a lot of technology-related waste. Refer to Paragraph 7.4. T. Refer to Paragraph 7.5. F. The author expresses his doubt in a sarcastic tone that cellular phones could really improvemarriages and save “family values”. Refer to Paragraph 9.● Language WorkI. Explain the italicized part in each sentence in your own words.1. highly regarded, intricate, attractive2. a sudden increase3. an event that will make you feel upset for a long time4. can supposedly help, at the same time5. need to be able to use6. we receive so many press releases that we find it difficult to deal with them7. an age where hi-tech has brought us noticeably great changes8. supposed, get away from us/be unattainable9. consequence, people who know nothing about technology, impeding10. usually, insignificantII. Fill in the banks with the appropriate forms of the given words.1. customized2. traumatized3. promotional4. paradoxical5. frivolity6. subscribers7. successors8. inanities9. institutionalized10. subsidyIII. Fill in each of the blanks with a word or phrase taken from the box in its appropriate form.1. are clogged with2. purports to3. a vista of4. bombarded…with5. exulted over6. scribbled all over7. find… alluring8. make a comeback9. call up10. tossed … into11. was eliminated12. compress… intoIV. Explain the meaning of the underlined word or phrase in each sentence.1. weak2. entrance to3. full of4. be compensated for by having the same amount deducted from his tax5. shows all the signs of6. excitement and danger7. spent the afternoon discussing8. increase her confidence9. very often10. quick diveV. Correct the errors in the following passage.VI. Fill in each blank in the passage below with ONE appropriate word.1. millionaires2. computer3. breed4. programs5. companies6. generation7. popularity8. provide9. sales10. times11. valuable12. life● Translation1.The program offers long-term care for the mentally retarded.2.He’s got a cumbersome, bulky, old computer—it’s slow and complicated to use.3. He tried not to look conspicuous and moved slowly along the back of the room.4. It would cause a tremendous upheaval to install a different computer system.5. The gold medal continues to elude her.6. Yo u’d be a fool not to embrace an opportunity as good as that.7. Her salary will go up by a hefty 10%.8. I scrawled a quick note to Hilary and put it under her door.9. There’s a smashing view from her office.10 The trip out there was swell, but the hotel was a bit crummy.II. Translate the following passage into Chinese.在我成长的房子里有一间屋子,我们把它称作图书馆。
高中英语(牛津译林版)选修六配套文档Unit 1 Period One Word版含答案

Mr. BeanYou must have seen this man somewhere—funny-looking,always in a jacket and a red tie. He seldom talks but always acts humorously.Who is he?He is the well-known Mr.Bean,who is very popular with most people all over the world and he always makes us laugh by means of his funny body language.Mr. Bean is the main character in the British comedy television series of the same name.It was written by Rowan Atkinson,Robin Driscoll,Richard Curtis and Ben Elton.The first episode was shown on 1st January 1990 and its final episode GoodNight,Mr. Bean was shown on 31st October 1995.During its five-year run,the series gained a large audience in the UK and throughout the world.People are most amused by the antics(滑稽动作) of Mr.Bean—a child in a grown man’s body.Mr.Bean often seems short of worldly(善于处事的)experience.The program usually shows his attempts to complete what would normally be considered simple tasks,such as going swimming or taking an exam.But he is quite not clever in dealing with the problems presented to him each time. The humor largely comes from his original solutions to any problem and his total disregard for others when solving them.The role of Mr.Bean is played by Rowan Atkinson—an Oxford University graduate.Atkinson is considered to be a great comedian in the style of Charlie Chaplin.People are very impressed by his humor.If you enjoy Mr. Bean,please enjoy his shows—Mr. Bean!阅读短文,判断正(T)误(F)1.Mr. Bean used to make the people laugh by his humorous words. (F)2.Mr. Bean always seems very clever when he deals with the problems in his life. (F)3.An Oxford University graduate plays the role of Mr. Bean.(T)Period OneWelcome to the unit & ReadingⅠ.重点单词1.comedy n.喜剧2.weekly n.周刊;周报;adj.每周的week n.周,星期3.tease v t.取笑;揶揄;戏弄4.previous adj.先前的,以往的5.variety n.(同一事物)不同种类;多种样式various adj.不同的,各种各样的vary v t.& v i.变化,不同6.style n.风格;方式;样式7.behave v i.&v t.表现behavio(u)r n.表现8.performance n.表演,演出;表现,业绩perform v t.& v i.表演,演出;做,履行;工作,运转performer n.演员;表演者9.little-known adj.鲜为人知的10.technical adj.技术的;技能的technology n.技术technically ad v.从技术上来说11.amuse v t.逗笑,逗乐;提供(消遣),(使)娱乐amusement n.娱乐12.saying n.格言,警句,谚语Ⅱ.重点短语1.stand up for支持,维护2.depend/rely on/upon依赖,依靠3.react to 对……做出反应4.queue up排队5.trip over绊倒6.make fun of拿……开玩笑;取笑,嘲弄7.have affection for喜爱,钟爱8.come up with想出;拿出9.follow in one’s footsteps/follow the footsteps of sb.效法某人,以某人为榜样10.pass away去世,亡故Ⅲ.重点句式1.while引导让步状语从句While this kind of humour may sound cruel,it usually only works if both the comedian and the audience have affection for or admire the person being made fun of.这种幽默听起来有点刻薄,但通常只有当喜剧演员和观众都喜欢或者崇拜这个被取笑的对象时,这种幽默才奏效。
高级英语 book one unit6mark twain课后练习答案

II.B. (P.125)
• 1. The first paragraph functions as a general introduction to the whole passage, through which we can get a glimpse of the great American writer, MarkTwain, who was not only adventurous,patriotic,romantic,and humorous,but also cynical,bitter and unhappy.
• 2. His experience immensely enriched his writing and helped him depict various characters successfully in his works.
II. (P. 124) A
• 3 The Celebrated Jumping Frog of Calaveras County. ’’
II. (P. 124) A
• 6. According to Twain, Americans should keep their daring and pioneering spirit by relaxing, resting,or staying away from the crazy struggle for success occasionally and keep their edges sharp.
• The author first makes the readers travel with Mark Twain to Nevada's Washoe region,where he succumbed to the epidemic of gold and silver fever,and accepted the job as a newspaper reporter due to his mining failure. From then on,he began working hard to gain regional fame as a newspaper reporter and humorist. Then the author makes the readers board with Mark Twain for San Francisco, then and now a hotbed of hopeful young writers.But because of some scathing columns he wrote, Mark Twain fled to the goldfields in the Sacramento Valley. There in Angels Camp he kept a notebook from which his first successful short story “The Celebrated Jumping Frog of Calaveras County” was born. Mark Twain’s national reputation was then well established as “the wild humorist of the Pacific slope. ”
高级英语 book one unit6mark twain课后练习答案

Key to Exercises of Mark Twain- Mirror of America
II. (P. 124) A
• 1. The other Mark Twain the author found was a man who grew cynical,bitter,saddened by the profound personal tragedies life dealt him, a man who became obsessed with the frailties of the human race,who saw clearly ahead a black wall of night.
• 2. His experience immensely enriched his writing and helped him depict various characters successfully in his works.
II. (P. 124) A
• 3 The Celebrated Jumping Frog of Calaveras County. ’’
• 4. He sharply satirized tourists who had no idea of the lands they sawexcept what the guide books fed them. The book became an instant best-sellerbecause it was full of scathing comments on Europe and the Holy Land, whichstimulated great interest am• 1. The first paragraph functions as a general introduction to the whole passage, through which we can get a glimpse of the great American writer, MarkTwain, who was not only adventurous,patriotic,romantic,and humorous,but also cynical,bitter and unhappy.
英语专业综合英语教程-第六册-课后练习答案(全)

Key to the Exercises--- An Integrated English Course - Book 6Unit 1 Technology in Reverse●Text ComprehensionI. CII. 1. F. Not all technology makes things complicated and wasteful; it is only retarded technology that makes things complicated and wasteful. Refer to Paragraph 1.2. T. Refer to Paragraph 5.3. F. It is true that the author acknowledges the great changes brought about by new technology, buthe believes these advantageous changes are often offset by a lot of technology-related waste. Refer to Paragraph 7.4. T. Refer to Paragraph 7.5. F. The author expresses his doubt in a sarcastic tone that cellular phones could really improvemarriages and save “family values”. Refer to Paragraph 9.● Language WorkI. Explain the italicized part in each sentence in your own words.1. highly regarded, intricate, attractive2. a sudden increase3. an event that will make you feel upset for a long time4. can supposedly help, at the same time5. need to be able to use6. we receive so many press releases that we find it difficult to deal with them7. an age where hi-tech has brought us noticeably great changes8. supposed, get away from us/be unattainable9. consequence, people who know nothing about technology, impeding10. usually, insignificantII. Fill in the banks with the appropriate forms of the given words.1. customized2. traumatized3. promotional4. paradoxical5. frivolity6. subscribers7. successors8. inanities9. institutionalized10. subsidyIII. Fill in each of the blanks with a word or phrase taken from the box in its appropriate form.1. are clogged with2. purports to3. a vista of4. bombarded…with5. exulted over6. scribbled all over7. find… alluring8. make a comeback9. call up10. tossed … into11. was eliminated12. compress… intoIV. Explain the meaning of the underlined word or phrase in each sentence.1. weak2. entrance to3. full of4. be compensated for by having the same amount deducted from his tax5. shows all the signs of6. excitement and danger7. spent the afternoon discussing8. increase her confidence9. very often10. quick diveV. Correct the errors in the following passage.VI. Fill in each blank in the passage below with ONE appropriate word.1. millionaires2. computer3. breed4. programs5. companies6. generation7. popularity8. provide9. sales10. times11. valuable12. life● Translation1.The program offers long-term care for the mentally retarded.2.He’s got a cumbersome, bulky, old computer—it’s slow and complicated to use.3. He tried not to look conspicuous and moved slowly along the back of the room.4. It would cause a tremendous upheaval to install a different computer system.5. The gold medal continues to elude her.6. Yo u’d be a fool not to embrace an opportunity as good as that.7. Her salary will go up by a hefty 10%.8. I scrawled a quick note to Hilary and put it under her door.9. There’s a smashing view from her office.10 The trip out there was swell, but the hotel was a bit crummy.II. Translate the following passage into Chinese.在我成长的房子里有一间屋子,我们把它称作图书馆。
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product of labor when the effort level is determined by the efficiency wage 3. The difference between labor supply and labor demand is the amount of unemployment 4. The fact that there’s unemployment puts no downward pressure on the real wage, since firms
226 Abel/Bernanke/Croushore • Macroeconomics, Sixth Edition
b. Another possibility is that a firm may want to pay high wages to get a stable labor force and avoid turnover costs—costs of hiring and training new workers
Chapter 11
Keynesianism: The Macroeconomics of Wage and Price Rigidity
Learning Objectives
I. Goals of Chapter 11 A) Present the central ideas of Keynesian macroeconomics 1. Wages and prices don’t adjust quickly to restore general equilibrium 2. The economy may be in disequilibrium for long periods of time 3. The government should act to stabilize the economy B) Discuss the potential causes of wage and price rigidity
Figure 11.1 4. The effort curve, plotting effort against the real wage, is S-shaped
a. At low levels of the real wage, workers make hardly any effort b. Effort rises as the real wage increases c. As the real wage becomes very high, effort flattens out as it reaches the maximum
5. Does the efficiency wage theory match up with the data? a. It seems to have worked for Henry Ford in 1914 b. Plants that pay higher wages appear to experience less shirking c. But the theory implies that the real wage is completely rigid, whereas the data suggests that the real wage moves over time and over the business cycle d. It is possible to jazz up the model to allow for the efficiency wage to change over time (1) Workers would be less likely to shirk and would work harder during a recession if the probability of losing their jobs increased (2) This would cause the effort curve to rise and may cause the efficiency wage to decline somewhat (3) This would lead to a lower real wage rate in recessions, which is consistent with the data
Chapter 11 Keynesianism: The Macroeconomics of Wage and Price Rigidity 227
E) Employment and Unemployment in the Efficiency Wage Model oyment and unemployment, depending on how far above the market-clearing wage is the efficiency wage (Figure 11.2)
know that if they reduce the real wage, effort will decline
Analytical Problem 5 takes a more sophisticated look at the labor market, dividing it into one sector with an efficiency wage and another sector in which the real wage equates labor demand and supply.
possible level D) Wage determination in the efficiency wage model
1. Given the effort curve, what determines the real wage firms will pay? 2. To maximize profit, firms choose the real wage that gets the most effort from workers for
II. Notes to Fifth Edition Users A) More recent evidence on sticky prices is discussed in Section 11.2 B) Box 11.2, “Japanese Macroeconomic Policy in the 1990s” was deleted C) An application on “The Zero Bound” was added, which explains the concern that monetary policymakers will face as interest rates approach zero D) A new Box 11.2 on “DSGE Models and the Classical-Keynesian Debate” was added
c. A third reason is that workers’ productivity may depend on the wages they’re paid—the efficiency wage model
C) The Efficiency Wage Model 1. Workers who feel well treated will work harder and more efficiently (the “carrot”); this is Akerlof’s gift exchange motive 2. Workers who are well paid won’t risk losing their jobs by shirking (the “stick”) 3. Both the gift exchange motive and shirking model imply that a worker’s effort depends on the real wage (Figure 11.1)
each dollar of real wages paid 3. This occurs at point B in Figure 11.1, where a line from the origin is just tangent to the effort
curve 4. The wage rate at point B is called the efficiency wage 5. The real wage is rigid, as long as the effort curve doesn’t change
F) Efficiency wages and the FE line 1. The FE line is vertical, as in the classical model, since full-employment output is determined in the labor market and doesn’t depend on the real interest rate 2. But in the Keynesian model, changes in labor supply don’t affect the FE line, since they don’t affect equilibrium employment
Teaching Notes
I. Real-Wage Rigidity (Sec. 11.1) A) Wage rigidity is important in explaining unemployment 1. In the classical model, unemployment is due to mismatches between workers and firms 2. Keynesians are skeptical, believing that recessions lead to substantial cyclical employment 3. To get a model in which unemployment persists, Keynesian theory posits that the real wage is slow to adjust to equilibrate the labor market B) Some reasons for real-wage rigidity 1. For unemployment to exist, the real wage must exceed the market-clearing wage 2. If the real wage is too high, why don’t firms reduce the wage? a. One possibility is that the minimum wage and labor unions prevent wages from being reduced (1) But most U.S. workers aren’t minimum wage workers, nor are they in unions (2) The minimum wage would explain why the nominal wage is rigid, but not why the real wage is rigid (3) This might be a better explanation in Europe, where unions are far more powerful