布兰查德《宏观经济学》课后习题及详解(汇率制度)【圣才出品】
布兰查德《宏观经济学》章节课后习题详解(商品市场和金融市场：IS-LM模型)【圣才出品】
第5章商品市场和金融市场：IS－LM模型一、概念题1．IS曲线（IS curve）答：IS曲线是指在商品的总产出等于总需求的情况下利率与总产出之间关系的曲线，它表示了产品市场的均衡条件，在IS曲线上的每一点都满足产品的总需求等于总产出。
财政扩张使得IS曲线向右移动，导致产出增长和利率上升；财政紧缩使得IS曲线向左移动，导致产出减少和利率下降。
2．LM曲线（LM curve）答：LM曲线是指在货币需求量等于货币供给量的情况下总产出与利率之间关系的曲线，它表示了金融市场的均衡条件，在LM曲线上的每一点均满足货币需求等于货币供给。
货币扩张使得LM曲线向下移动，产出增加，利率下降；货币紧缩使得LM曲线向上移动，产出减少，利率上升。
3．财政紧缩（fiscal contraction，fiscal consolidation）答：财政紧缩，是指政府在财政支出规模不变的前提下增加税收或是在财政收入规模不变的前提下减少政府支出，或是既增税又减少支出来收缩总需求的财政政策。
这是与扩张性财政政策相对应的财政政策，它可以通过减少公共支出或提高税收两条途径来实现。
（1）在减少公共支出方面，财政政策需要在维持债务性支出和基金性支出不变的前提下，减少经常性支出和建设性支出。
为了减少经常性支出，政府需要压缩国家机关和人员的支出、非营利性社会事业及其人员的支出、社会保障体系及其人员的支出。
为了减少建设性支出，政府需要大力压缩公共工程支出。
当然，政府在压缩公共支出总量的同时，还要根据经济建设的需要调整公共支出的结构。
（2）在提高税收方面，紧缩性财政政策可以从扩大税基（如缩小减免税或退税的企业范围、降低个人所得税的收入起征点）和提高税率（如提高个人所得税累进税率和将企业的消费型增值税改为生产型增值税）两方面着手。
财政支出的减少和税收的提高，既直接减少了投资和消费需求，又通过降低民间的收入而间接收缩了消费需求。
在财政预算上，财政支出降低和税收提高同步进行，意味着财政盈余的出现或赤字的减少。
布兰查德《宏观经济学》章节课后习题详解(预期：基本工具)【圣才出品】
第14章预期：基本工具一、概念题1．名义利率（nominal interest rates）答：名义利率又称“货币利率”，是包含了对通货膨胀风险补偿的利率。
与“实际利率”相对而言，是包括了物价变动的利息率，表现为银行挂牌执行的存款、贷款的利率。
现实的经济生活中物价水平具有不稳定性，并且物价水平的上涨是一种普遍的趋势。
划分名义利率和实际利率的理论意义在于其提供了分析通货膨胀条件下利率变动的工具。
在经济管理中，能操作的是名义利率，但对经济关系产生实质影响的是实际利率。
名义利率近似值的计算公式为：i＝π＋r。
其中，i为名义利率，r为实际利率，π为借贷期内物价的变动率（通货膨胀率）。
由于通货膨胀还会使利息部分贬值，名义利率还应作向上的调整。
这样，名义利率的计算公式可以写成：i＝（1＋π）（1＋P）－1。
名义利率随通货膨胀的变化而变化并非同步的。
由于人们对价格变化的预期往往滞后于通货膨胀的变化，所以相对于通货膨胀率的变化，名义利率的变化也往往有滞后的特点，但也不是绝对的。
2．实际利率（real interest rates）答：实际利率，与“名义利率”相对而言，是指名义利率扣除通货膨胀因素后的利率。
实际利率为正值时，有利于吸收储蓄、降低通货膨胀率；实际利率为负值时，则会减少储蓄、刺激金融投机、恶化通货膨胀。
其计算公式为：1-=+名义利率通货膨胀率实际利率通货膨胀率当通货膨胀率很低时，可近似记为：实际利率＝名义利率－通货膨胀率。
3．通货紧缩陷阱（deflation trap ）答：通货紧缩陷阱是指较低的经济活动水平使经济陷入通货紧缩后，由于与产出下降，实际利率升高将导致投资和消费下降，从而导致产出进一步下降，经济陷入通货紧缩的恶性循环之中的现象。
4．自然利率（natural interest rate ）答：自然利率是指假设所有价格具有充分弹性，令总需求与总供给永远相等时的利率水平，即与产出的自然水平相对应的利率值。
布兰查德《宏观经济学》课后习题及详解(预期：基本工具)【圣才出品】
第14章 预期：基本工具一、概念题1．名义利率（nominal interest rates ）答：名义利率又称“货币利率”，是包含了对通货膨胀风险补偿的利率。
与“实际利率”相对而言，是包括了物价变动的利息率，表现为银行挂牌执行的存款、贷款的利率。
现实的经济生活中物价水平具有不稳定性，并且物价水平的上涨是一种普遍的趋势。
划分名义利率和实际利率的理论意义在于其提供了分析通货膨胀条件下利率变动的工具。
在经济管理中，能操作的是名义利率，但对经济关系产生实质影响的是实际利率。
名义利率近似值的计算公式为：其中，为名义利率，为实际利率，为借贷期内物价的变动率（通货膨胀率）。
由于通货膨胀还会使利息部分贬值，名义利率还应作向上的调整。
这样，名义利率的计算公式可以写成：名义利率随通货膨胀的变化而变化并非同步的。
由于人们对价格变化的预期往往滞后于通货膨胀的变化，所以相对于通货膨胀率的变化，名义利率的变化也往往有滞后的特点，但也不是绝对的。
2．实际利率（real interest rates ）i r π=+i r π()()111i P π=++-答：实际利率，与“名义利率”相对而言，是指名义利率扣除通货膨胀因素后的利率。
实际利率为正值时，有利于吸收储蓄、降低通货膨胀率；实际利率为负值时，则会减少储蓄、刺激金融投机、恶化通货膨胀。
其计算公式为：当通货膨胀率很低时，可近似记为：3．预期贴现值（expected present discounted value ）答：预期贴现值，即贴现值或称现值，是指按现行利率为获得一个既定的未来货币量而在现期所需要的货币量。
现值可用倒求本金的方法计算。
由终值求现值，称为贴现。
在贴现时使用的利息率称为贴现率。
令为第期的价值，为现值，则现值的计算公式可由终值的计算公式导出：上述公式中的称为现值系数或贴现系数，可以写成，现值的计算公式可以写为： 。
4．贴现因子（discount factor ）答：贴现因子也称折现系数、折现参数。
布兰查德《宏观经济学》课后习题及详解(预期、产出和政策)【圣才出品】
第17章 预期、产出和政策一、概念题1．总私人支出（aggregate private spending ，or private spending ） 答：总私人支出包括消费和投资两部分，表示为：。
总私人支出是收入的递增函数：收入越高，消费和投资越高；它是税收的递减函数：高税收使得消费下降；它是实际利率的递减函数：高实际利率使得投资下降。
2．动物精神（animal spirits ）答：动物精神又称为“血气冲动”、“本能冲动”、“动物本能”、“创业冲动”，是指用来说明企业家作出投资决策时的心理状态，以及这种心理状态对投资的影响。
凯恩斯认为，企业家是否进行一项投资，并不是十分理性地进行冷静周密的计算后作出决定，而是一时“动物本能”的结果。
因此，投资是一种动物本能影响的活动。
私人投资不仅取决于企业家对未来投资收益的估算，而且还受到企业家一时一地的心理状态和情绪的影响。
以后，英国经济学家J.罗宾逊在分析投资问题时，也运用了动物本能这一概念。
3．适应性预期（adaptive expectations ）答：适应性预期是一种预期形成理论，指对某一经济变量，不仅依据其现期的实际值，而且依据其现期实际值与在上一期对其做出的本期的估计值之间的误差，进行相应调整，得()()(),,,A Y T r C Y T I Y r ≡-+Y T r出对其未来估计值的预期。
适应性预期产生于20世纪50年代，是由菲利普·卡甘在一篇讨论恶性通货膨胀的文章中提出来的，很快在宏观经济学中得到广泛的应用。
适应性预期假定经济人根据以前的预期误差来修正以后的预期。
适应性预期模型的要点是预期变量依赖于该变量的历史信息。
某个时期的适应性预期价格等于上一时期预期的价格加上常数与上期价格误差（上个时期实际价格与预期价格之差）之和。
即预期价格是过去所有实际价格的加权平均数，权数是常数的函数。
适应性预期在物价较为稳定的时期能较好地反映经济现实。
布兰查德《宏观经济学》课后习题及详解(开放经济中的物品市场)【圣才出品】
第19章 开放经济中的物品市场一、概念题1．国内产品的需求（demand for domestic goods ）答：在开放经济中，对国内产品的需求可表示为：其中，前面的三项——消费（）、投资（）和政府支出（）——构成了产品的国内需求；是实际汇率，即用国内产品形式表示的国外产品的价格，因此就是用国内产品表示的进口价值；是出口价值。
部分为对国内产品的国内需求，X 是对国内产品的国外需求，两者相加即表示对国内产品的总需求。
2．产品的国内需求（domestic demand for goods ）答：假定消费与可支配收入（）正相关；投资与产出（）正相关，与实际利率（）负相关；政府支出（）是给定的，暂时不考虑预期对影响支出的作用。
则产品的国内需求可以表示为：3．协调，七国集团（coordination ，G7）答：协调是指为了减少国际间的经济波动或金融动荡，政府间所进行的一系列谈判、合/Z C I G IM X ε≡++-+C I G ε/IM εX /C I G IM ε++-Y T -Y r G ()()()(),国内需求 C I G C I GY T Y r =++=++-++-，作、妥协的过程。
从实际情况看，由于各国间的利益冲突，国家间的宏观协调非常有限。
这可能有以下原因：①协调就意味着一些国家可能比其他国家贡献得更多，但它们可能并不愿意这样做。
②假定只有一些国家处于衰退中，那些并没有处于衰退之中的国家可能就不愿意提高它们自己的需求；但是如果它们不这么做，那些扩张的国家相对于不扩张的国家就可能会出现贸易赤字。
③假定一些国家已经有巨大的贸易赤字。
这些国家可能就不愿意削减税收或者进一步提高支出，因为这样会更加提高它们的贸易赤字。
它们会要求其他国家作出更多的调整，然而其他的国家可能并不愿意这么做。
④各个国家都会承诺协调，然后并不实现其诺言。
一旦所有的国家都同意提高支出，那么，每一个国家都会有不实行的动机，以从其他国家的需求提高中获益，从而改善其贸易状况。
《宏观经济学》课后答案(布兰查德版)
Chapter 11. a.True. b.True. c.False. d.True. e.False. f.False.2. a. 1960-98 1997-99-------------------US 3.1% 3.8%EU 3.1% 2.5%Japan 5.8%-1.0%While the US growth rate higher than its long-run average over the period, the growth rate has slowed relative to long-run averages in both the EU and Japan over the last few years.b. Sometimes the economy is growing quickly, other times it is growing slowly or even contracting. The last few years of rapid growth in the US do not imply that the long-run average rate of growth has increased back to its pre-1974 level.3. a. The data in the web page are: Real Gross Domestic Product,Real Final Sales of Domestic Product, and Real Gross National Product, Quarterly, 1959-96[Percent change from preceding quarter]--------------------------------------------------------Gross Final sales Grossdomestic of domestic nationalproduct product product-------------------------------------------------------1959: I 8.6 9.2 8.6II11.27.311.1III-0.3 5.3-0.2IV 1.7-1.3 1.91996: I 1.8 2.6 1.8II 6.0 5.2 5.7III 1.00.20.6IV 4.3 4.5 4.9--------------------------------------------------------suggesting that recessions typically last two-three quarters and that the most severe recessions in that period were the recessions of 1974-75 and 1981-82.b. Percentage Changes in:Output GrowthInflation1968: 4.7 4.4I7.5 4.7II7.1 4.1III 3.0 3.8IV 1.8 5.51969: 3.0 4.7I 6.2 3.8II 1.0 5.0III 2.3 5.8IV-2.0 5.11970: 0.1 5.3I-0.7 6.0II0.6 5.7III 3.7 3.4IV-3.9 5.41971: 3.3 5.2I11.3 6.4II 2.3 5.5III 2.6 4.4IV 1.1 3.3If history simply repeats itself, the United States might have a short recession (lasting perhaps oneyear) accompanied by an acceleration in the rate of inflation by about one percentage point.4. a. Banking services, business services.b. Not only has the relative demand for skilled workers increased but the industries wherethis effect is the strongest are making up a greater fraction of the economy.5. 1. Low unemployment might lead to an increase in inflation.2. Although measurement error certainly contributes to the measured slowdown ingrowth, there are other issues to consider as well, including the productivity of newresearch and accumulation of new capital.3. Although labor market rigidities may be important, it is also important to consider thatthese rigidities may not be excessive, and that high unemployment may arise from flawed macroeconomic policies.4. Although there were serious problems with regard to the management of Asian financial systems, it is important to consider the possibility that the flight of foreign capital from thesecountries worsened the situation by causing a severe stock market crash and exchange rate depreciation.5. Although the Euro will remove obstacles to free trade between European countries,each country will be forced to give up its own monetary policy.* 6. a. From Chapter 1: US output 1997=$8b; Ch ina output 1996=$.84b. Note that China’s outputin 1997 is $(.84)*(1.09) b. Equating output for some time t in the future:8*(1.03)t=(.84*1.09)*(1.09)t8/(.84*1.09)=(1.09/1.03)t8.737=(1.058)tt =ln(8.737)/ln(1.058) H38yrsb. From Chapter 1: US output/worker in 1997=$29,800; China output/per worker in1996=$70029.8*(1.03)t=(.7*1.09)*(1.09)tt H65 yearsChapter 21. a. False.b. Uncertain: real or nominalGDP. c. True.d. True.e. False. The level of the CPI means nothing. Its rate of change tells us about inflation.f. Uncertain. Which index is better depends on what we are trying to measure—inflationfacedby consumers or by the economy as a whole.2. a. +$100; Personal ConsumptionExpenditures b. nochange:intermediategoodc. +$200 million; Gross PrivateDomesticFixedInvestmentd. +$200 million; Net Exportse. no change: the jet was already counted when it was produced, i.e., presumably whenDelta(or some other airline) bought it new as an investment.*3. a. Measured GDP increases by $10+$12=$22.b. True GDP should increase by much less than $22 because by working for an extra hour,you are no longer producing the work of cooking within the house. Since cooking within the house is a final service, it should count as part of GDP. Unfortunately, it is hard to measure the value of work within the home, which is why measured GDP does not include it.4. a. $1,000,000 the value of the silver necklaces.b. 1st Stage:$300,000.2ndStage:$1,000,00-$300,000=$700,000.GDP: $300,000+$700,000=$1,000,000.c. Wages: $200,000 + $250,000=$450,000.Profits: ($300,000-$200,000)+($1,000,000-$250,000-300,000)=$100,000+$450,000=$550,000.GDP:$450,000+$550,000=$1,000,000.5. a. 1998 GDP: 10*$2,000+4*$1,000+1000*$1=$25,0001999 GDP: 12*$3,000+6*$500+1000*$1=$40,000Nominal GDP has increased by 60%.b. 1998 real (1998) GDP: $25,0001999 real (1998) GDP: 12*$2,000+6*$1,000+1000*$1=$31,000Real (1998) GDP has increased by 24%.c. 1998 real (1999) GDP: 10*$3,000+4*$500+1,000*$1=$33,0001999 real (1999) GDP: $40,000.Real (1999) GDP has increased by 21.2%.d. True.6. a. 1998 base year:Deflator(1998)=1; Deflator(1999)=$40,000/$31,000=1.29Inflation=29%b. 1999 base year:Deflator(1998)=$25,000/$33,000=0.76; Deflator(1999)=1Inflation=(1-0.76)/0.76=.32=32% c. Yes7. a. 1998 real GDP = 10*$2,500 + 4*$750 + 1000*$1 = $29,0001999 real GDP = 12*$2,500 + 6*$750 + 1000*$1 = $35,500b. (35,500-29,000)/29,000 = .224 = 22.4%c. Deflator in 1998=$25,000/$29,000=.86Deflator in 1999=$40,000/$35,500=1.13Inflation = (1.13 -.86)/.86 = .314 = 31.4%.8. a. The quality of a routine checkup improves over time. Checkups now may includeEKGs, for example. Medical services are particularly affected by this problem due toconstant improvements in medical technology.b. You need to know how the market values pregnancy checkups with and withoutultra-sounds in that year.c. This information is not available since all doctors adopted the new technologysimultaneously. Still, you can tell that the quality adjusted increase will be lower than20%.*9. a. approximately 2.5% b. 1992 real GDP growth: 2.7%;unemployment rate Jan 92: 7.3%; unemployment rate Jan 93: 7.3%Supports Okun's law because the unemployment rate does not change when the growth rate of real GDP is near 2.5% c. -2 percentage points change in the unemployment rate; 5percent GDP growth d. The growth rate of GDP must increase by 2.5 percentage points.Chapter 31. a. True.b. False. Government spending was 18% if GDP without transfers.c. False. The propensity to consume must be less than one for our model to be welldefined.d.True.false.f. False. The increase in output is one times the multiplier.2. a. Y=160+0.6*(Y-100)+150+150 0.4Y=460-60 Y=1000b. Y D=Y-T=1000-100=900c. C=160+0.6*(900)=7003. a. No. The goods market is not in equilibrium. Frompart 2a, Demand=1000=C+I+G=700+150+150b. Yes. The goods market is in equilibrium.c. No. Private saving=Y-C-T=200. Public saving =T-G=-50. National saving (or inshort, saving) equals private plus public saving, or 150. National saving equalsinvestment.4. a. Roughly consistent. C/Y=700/1000=70%; I/Y=G/Y=150/1000=15%.b. Approximately -2%.c. Y needs to fall by 2%, or from 1000 to 980. The parameter c0needs to fall by20/multiplier,or by 20*(.4)=8. So c0needs to fall from 160 to 152.d. The change in c0(-8) is less than the change in GDP (-20) due to the multiplier.5. a. Y increases by 1/(1-c1) b. Y decreases by c1/(1- c1)c. The answers differ because spending affects demand directly, but taxes affectdemand through consumption, and the propensity to consume is less than one.d. The change in Y equals 1/(1-c1) - c1/(1- c1) = 1. Balanced budget changes in G and Tare not macroeconomically neutral.e. The propensity to consume has no effect because the balanced budget tax increase abortsthe multiplier process. Y and T both increase by on unit, so disposable income, and hence consumption, do not change.*6. a. The tax rate ilessthanone.b.Y=c0+c1Y D+I+G impliesY=[1/(1-c1+c1t1)]*[c0-c1t0+I+G]c. The multiplier = 1/(1-c1+c1t1) <1/(1- c1), so the economy responds less to changes inautonomous spending when t1is positive.d. Because of the automatic effect of taxes on the economy, the economy responds less tochanges in autonomous spending than in the case where taxes are independent of income. So output tends to vary less, and fiscal policy is called an automatic stabilizer.*7. a. Y=[1/(1-c1+c1t1)]*[c0-c1t0+I+G] b. T = c1t0+ t1*[1/(1-c1+c1t1)]*[c0-c1t0+I+G]c. Both Y and T decrease.d. If G is cut, Y decreases even more.Chapter 41.a.True.b.Fals.c.True.d.True.e.False.f.False.g.True.2. a. i=0.05: Money demand = $18,000; Bond demand = $32,000i=.1: Money demand = $15,000; Bond demand = $35,000b. Money demand decreases when the interest rate increases; bond demand increases. Thisis consistent with the text.c. The demand for money falls by 50%. d. The demand formoney falls by 50%.e. A 1% increase (decrease) in income leads to a 1% increase (decrease) in money demand.This effect is independent of the interest rate.3. a. i=100/$P B–1; i=33%; 18%; 5% when $P B=$75; $85; $95.b. Negative.c. $P B=100/(1.08) $934. a. $20=M D=$100*(.25-i) i=5%b. M=$100*(.25-.15)M=$105. a. B D= 50,000 - 60,000 (.35-i)An increase in the interest rate of 10% increases bond demand $6,000.b. An increase in wealth increases bond demand, but has no effect on money demand.c. An increase in income increases money demand, but decreases bond demand.d. When people earn more income, this does not change their wealth right away. Thus,they increase their demand for money and decrease their demand for bonds.6. a. Demand for high-powered money=0.1*$Y*(.8-4i)b. $100 b = 0.1*$5,000b*(.8-4i) i=15%c. M=(1/.1)*$100 b=$1,000 b M= M d at the interest derived in part b.6. d. If H increases to $300, falls to 5%.e. M=(1/.1)*$300 b=$3,000 b7. a. $16 is withdrawn on each trip to the bank.Money holdings—day one: $16; day two: $12; day three: $8; day four: $4.b. Average money holdings are $10.c. $8 dollar withdrawals; money holdings of $8; $4; $8; $4.d. Average money holdings are $6.e. $16 dollar withdrawals; money holdings of $0; $0; $0; $16.f. Average money holdings are $4.g. Based on these answers, ATMs and credit cards have reduced money demand.8. a. velocity=1/(M/$Y)=1/L(i)b. Velocity roughly doubled between the mid 1960s and the mid 1990s.c. ATMS and credit cards reduced L(i) so velocity increased.Chapter 51.a.Trub.Truc.Fal.d. False. The balanced budget multiplier is positive (it equals one), so the IS curve shiftsright.e. False.f. Uncertain. An increase in G leads to an increase in Y (which tends to increaseinvestment), but an increase in the interest rate (which tends to reduce investment).g. True.*2. Firms deciding how to use their own funds will compare the return on bonds to the return on investment. When the interest rate on bonds increases, they become more attractive, and firms are more likely to use their funds to purchase bonds, rather than to finance investment projects.a.Y=[1/(1-c1)]*[c0-c1T+I+G]The multiplier is 1/(1-c1).b. Y=[1/(1-c1-b1)]*[c0-c1T+ b0-b2i +G]The multiplier is 1/(1-c1-b1). Since the multiplier is larger than the multiplier in part a, the effect of a change in autonomous spending is bigger than in part a.c. Substituting for the interest rate in the answer to partb: Y=[1/(1-c1-b1+ b2d1/d2)]*[c0-c1T+ b0+(b2*M/P)/d2+G]The multiplier is 1/(1-c1-b1+ b2d1/d2).d. The multiplier is greater (less) than the multiplier in part a if (b1- b2d1/d2) is greater (less)than zero. The multiplier is big if b1is big, b2is small, d1is small, and/or d2is big, i.e., if investment is very sensitive to Y, investment is not very sensitive to i, money demand is not very sensitive to Y, money demand is very sensitive to i.4. a. The IS curve shifts left. Output and the interest rate fall. The effect on investmentis ambiguous because the output and interest rate effects work in opposite directions: the fall in output tends to reduce investment, but the fall in the interest rate tends to increase it.b. From 3c: Y=[1/(1-c1-b1)]*[c0-c1T+ b0-b2i +G]c. From the LM relation: i= Y*d1/d2–(M/P)/d2To obtain the equilibrium interest rate, substitute for Y from part b.d. I= b0+ b1Y- b2i= b0+ b1Y- b2Y* d1/d2+ b2(M/P)/d2To obtain equilibrium investment, substitute for Y from part b.e. Holding M/P constant, I increases with equilibrium output when b1>b2d1/d2.Since a decrease in G reduces output, the condition under which a decrease in G increases investment is b1<b2d1/d2.f. The interpretation of the condition in part e is that the effect on I from Y has to be lessthan the effect from i after controlling for the endogenous response of i and Y, determined by the slope of the LM curve, d1/d2.5. a. Y=C+I+G=200+.25*(Y-200)+150+.25Y-1000i+250Y=1100-2000ib.M/P=1600=2Y-8000i i=Y/4000-1/5c. Substituting b into a: Y=1000d. Substituting c into b: i=1/20=5%e. C=400; I=350; G=250; C+I+G=1000f. Y=1040; i=3%; C=410; I=380. A monetary expansion reduces the interest rate andincreases output. The increase in output increases consumption. The increase in output and the fall in the interest rate increase investment.g. Y=1200; i=10%; C=450; I=350. A fiscal expansion increases output and the interestrate. The increase in output increases consumption.h. The condition from problem 3 is satisfied with equality (.25=1000*(2/8000)), socontractionary fiscal policy will have no effect on investment. When G=100: i=0%;Y=800; I=350; and C=350.*6. a. The LM curve is flatb. Japan was experiencing a liquidity trap. c. Fiscal policy is more effective.7. a. Increase G (or reduce T) and increase M.b. Reduce G (or increase T) and increase M. The interest rate falls. Investment increases,since the interest rate falls while output remains constant.CHAPTER 61.a.Fals.b.Fals.c.Falsd.False.Truf.Falsg.Uncertaih.True.i. False.2. a. (Monthly hires+monthly separations)/monthly employment =6/93.8=6.4%b. 1.6/6.5=25%c. 2.4/6.5=37%. Duration is 1/.37 or 2.7 months.d. 4.9/57.3=9%.e. new workers: .35/4.9=7%; retirees: .2/4.9=4%.3. a and b. Answers will depend on when the page is accessed.c. The decline in unemployment does not equal the increase in employment, because thelabor force is not constant. It has increased over the period.4. a. 66%; 66%*66%*66%= 29%; (66%)6= 8%b. (66%)6= 8%c. (for 1998): 875/6210= .145. a. Answers will vary.b and c. Most likely, the job you will have ten years later will pay a lot more thanyour reservation wage at the time (relative to your typical first job).d. The later job is more likely to require training and will probably be a much harderjob to monitor. So, as efficiency wage theory suggests, your employer will be willing to pay a lot more than your reservation wage for the later job, to ensure low turnover and low shirking.6. a. The computer network administrator has more bargaining power. She is muchharder to replace.6. b. The rate of unemployment is a key statistic. For example, when there are manyunemployed workers it becomes easier for firms to find replacements. This reduces the bargaining power of workers.7. a. W/P=1/(1+ )=1/1.05=.95 b. Price setting: u=1-W/P=5%c. W/P=1/1.1=.91; u=1-.91=9%. The increase in the markup lowers the real wage.From the wage-setting equation, the unemployment rate must rise for the real wage to fall.So the natural rate increases.CHAPTER 71.a.Trub.Trc.Falsd.Fale.Truf.Falg.Fal2. a. IS right, AD right, AS up, LM up, Y same, i up, P upb. IS left, AD left, AS down, LM down, Y same, i down, P down3. a.WS PS AS AD LM IS Y i PShort run:up same up same up same down up upMedium run:up same up same up same down up upb.WS PS AS AD LM IS Y i PShort run:same up down same down same up down downMedium run:same up down same down same up down down4. a. After an increase in the level of the money supply, output and the interest-rate eventually return to the same level. However, monetary policy is useful, because it can accelerate the return to the natural level of output.b. In the medium run, investment and the interest rate both change with fiscal policy.c. False. Labor market policies, such as unemployment insurance, can affect the naturallevel of output.*5. a. Open answer. Firms may be so pessimistic about sales that they do not want to borrow at any interest rate.b. The IS curve is vertical; the interest rate does not affect equilibrium output.c. No change.d. The AD curve is vertical; the price level does not affect equilibrium output.e. The increase in z reduces the natural level of output and shifts the AS curve up. SincetheAD curve is vertical, output does not change, but prices increase. Note that output is above its natural level.f. The AS curve shifts up forever, and prices keep increasing forever. Output does notchange, and remains above its natural level forever.6. a. The natural level of output is Y n. Assuming that output starts at is naturallevel, P0= M0- (1/c)*Y nb. Assuming that P e=P0: Y = 2cM0-cP=2cM0-cP0-cdY+cdY nRecalling that Y n=c(M0-P0): Y= Y n+ (c/(1+c d))*M0c. Investment goes up because output is higher and the interest rate is lower.d. In the medium run, Y = Y ne. In the medium run, investment returns to its previous level, because output and the interestrate return to their previous levels.CHAPTER 81.a.Trb.Fac.Fad.Tre.Faf.Tr2. a. No. In the 1970s, we experienced high inflation and high unemployment. The expectations- augmented Phillips curve is a relationship between inflation and unemployment conditional on the natural rate and inflation expectations. Given inflation expectations,increases in the natural rate (which result from adverse shocks to labor market institutions—increases in z—or from increases in the markup—which encompass oil shocks) lead to an increase in both theunemployment rate and the inflation rate. In addition, increases in inflation expectations imply higher inflation for any level of unemployment and tend to increase the unemployment rate inthe short run (think of an increase in the expected price level, given last period’s price,in the AD-AS framework). In the 1970s, both the natural rate and expected inflation increased, so both unemployment and inflation were relatively high.b. No. The expectations-augmented Phillips curve implies that maintaining a rate ofunemployment below the natural rate requires increasing (not simply high) inflation. This is because inflation expectations continue to adjust to actual inflation.3. a. u n=0.1/2 =5%b. t=0.1-2*.03 = 4% every year beginning with year t.c. e= 0 and =4% forever. Inflation expectations will be forever wrong. This isunlikely.t td. ⎝ might increase because pe ople’s inflation expectations adapt to persistently positiveinflation. The increase in ⎝ has no effect on u n.e. 5= 4+.1-.06=4%+4%=8%For t>5, repeated substitution implies, t= 5+(t-5)*4%.So, 10=28%; 15=48%.f. Inflation expectations will again be forever wrong. This is unlikely.4. a. t= t-1+ 0.1 - 2u t= t-1+ 2%t=2%; t+1=4%; t+2=6%; t+3=8%.b. t=0.5 t+ 0.5 t-1+ 0.1 - 2u tor, t= t-1+ 4%4. c. t=4%; t+1=8%; t+2=12%; t+3=16%d. As indexation increases, low unemployment leads to a larger increase in inflation overtime.5. a. A higher cost of production means a higher markup.b. u n=(0.08+0.1⎧)/2; Thus, the natural rate of unemployment increases from 5% to 6% as⎧increases from 20% to 40%.6. a. Yes. The average rate of unemployment is down. In addition, the unemploymentrate is at a historical low and inflation has not risen.b. The natural rate of unemployment has probably decreased.7. An equation that seems to fit well is: t- t-1=6-u t, which implies a natural rate of approximately 6%.8. The relationships imply a lower natural rate in the more recent period. CHAPTER 91. F TT F FT TT2. a. The unemployment rate will increase by 1% per year when g=0.5%. Unemploymentwill increase unless the growth rate exceeds the sum of productivity growth and labor force growth.b. We need growth of 4.25% per year for each of the next four years.c. Okun’s law is likely to beco me: u t-u t-1=-0.4*(g yt-5%)3. a. u n= 5%b. g yt= 3%; g mt=g yt+ t= 11%c. u g yt g mtt-1:8%5%3%11%t:4%9%-7%-3%t+1:4%5%13%17%t+2:4%5%3%7%4. a. t- t-1= -(u t-.05)u t- u t-1= -.4*(g mt- t-.03)b. t=6.3%; u t=8.7%t+1=1%; u t+1=10.3%c. u=5%; g y=3%; =-3%;5. a. See text for full answer. Gradualism reduces need for large policy swings, with effectsthat are difficult to predict, but immediate reduction may be more credible and encourage rapid, favorable changes in inflation expectations. On the other hand, the staggering ofwagedecisions suggests that, if the policy is credible, a gradual disinflation is the optionconsistent with no change in the unemployment rate.b. Not clear, probably fast disinflation, depending on the features inc.5. c. Some important features: the degree of indexation, the nature of the wage-settingprocess, and the initial rate of inflation.*6. a. u n=K/2; sacrifice ratio=.5 b. t=10%; t+1=8%; t+2=6%; t+3=4%; t+4=2%c. 5 years; sacrifice ratio=(5 point years of excess unemployment)/(10 percentage pointreduction in inflation)=.5d. t=7.5%; t+1=4.125%; t+2=1.594%; 3 years of higher unemployment for a reduction of10%: sacrifice ratio=0.3 e. t+1f. Take measures to enhance credibility.7. a. Inflation will start increasing.b.It should let unemployment increase to its new, higher, natural rate.Chapter 101. TTTFFFTU2. a. Example: France: (1.042)48*5.150=$37.1 k.Germany: $43.4 k; Japan: $76.5 k; UK: $22.5 k; U.S.:$31.7k b. 2.4c. yes.3. a. $5,000b. 2,500 pesos c. $500d. $1,000e. Mexican standard of living relative to the U.S.—exchange rate method:1/10; PPP method: 1/54. a. Y=63b. Y doubles. c. Yes.d. Y/N=(K/N)1/2e. K/N=4 implies Y/N=2. K/N=8 implies Y/N=2.83. Output less than doubles.f. No.g. No. In part f, we are looking at what happens to output when we increasecapital only, not capital and labor in equal proportion. There are decreasing returns tocapital.h. Yes.5. The United States was making the most important technical advances. However, theother countries were able to make up much of their technological gap by importing thetechnologies developed in the United States, and hence, have higher technological progress.6.Convergence for the France, Belgium, and Italy; no convergence for the second set ofcountriesChapter 111. a. Uncertain. True if saving includes public and private saving. False if saving onlyincludes private saving.b. False.c.Uncert UTFFd2. a. No. (1) The Japanese rate of growth is not so high anymore. (2) If the Japanesesaving rate has always been high, then this cannot explain the difference between the rate of growth inJapan and the US in the last 40 or 50 years. (3) If the Japanese saving rate has been higher thanit used to be, then this can explain some of the high Japanese growth. The contribution of high saving to growth in Japan should, however, come to an end.3. After a decade: higher growth rate. After five decades: growth rate back to normal, higher level of output per worker.4. a. Higher saving. Higher output per workerb. Same output per worker. Higher output per capita.5.*YYYd. Y/N = (K/N)1/3e. In steady state, sf(K/N) = ™K/N, which, given the production function in part d,implies: K/N=(s/™)3/2f. Y/N =(s/™)1/2g. Y/N = 2h. Y/N = 21/26.* a. 1b. 1c. K/N=.35; Y/N=.71d. Using equation (11.3), the evolution of K/N is: 0.9, 0.82, 0.757. a. K/N=(s/(2™))2; Y/N=s/(4™) b. C/N=s(1-s)/(4™)c-e. Y/N increases with s; C/N increases until s=.5, then decreases. CHAPTER 121.TFTFTFTUF2. a. Lower growth in poorer countries. Higher growth in rich countries.b. Increase in R&D and in output growth.c. A decrease in the fertility of applied research; a (small) decrease in growth.d. A decrease in the appropriability of drug research. A drop in the development of newdrugs. Lower technological progress and lower growth.3. See discussion in section 12.2.4. Examples will vary. Weakening patent protection would accelerate diffusion, but mightalso discourage R&D.5. a. Year 1: 3000; Year 2: 3960b. Real GDP: 3300; output growth: 10%c. 20%d. Real GDP/Worker=30 in both years; productivity growth is zero.e. RealGDP:3990;outputgrowth:33%.f. -0.8%g. Proper measurement implies real gdp/worker=36.3 in year 2. With improper measurement, productivity growth would be 21 percentage points lower and inflation 21% points higher.6. a. Both lead to an initial decrease in growthb. Only the first leads to a permanent decrease in growth7. a. (K/(AN))*=(s/(™+g A+g N))2=1; (Y/(AN))*=(1)1/2; g Y/(AN)=0; g Y/N=4%; g Y=6%b. (K/(AN))=(4/5)2; (Y/(AN))*=(4/5); g Y/(AN)=0; g Y/N=8%; g Y=10%c. (K/(AN))=(4/5)2; (Y/(AN))*=(4/5); g Y/(AN)=0; g Y/N=4%; g Y=10%People are better off in case a. Given any set of initial values, the level of technology is the same in cases a and c, but the level of capital per effective worker is higher atevery point in time in case a. Thus, since Y/N=A*(Y/(AN))=A*(K/(AN))1/2, output per worker is always higher in case a.8. There is a slowdown in growth and the rate of technological progress in the modernperiod. Japan’s growth rate of technological progress is higher because it is catching upto the U.S. level of technology. Not all of the difference in growth rates of output per worker is attributable to the difference in rates of technological progress. A big part is attributable to the difference in rates of growth of capital per worker.9.* a. ProbablyaffectsA.Thinkofclimate.b.Affects H.c. Affects A. Strong protection tends to encourage more R&D but also to limit diffusion of technology.d. May affect A through diffusion.e. May affect K, H, and A. Lower tax rates increase the after-tax return on investment,and thus tend to lead to more accumulation of K and H and more R&D spending.f. If we interpret K as private capital, than infrastructure affects A—e.g., bettertransportation networks may make the economy more productive by reducing congestion time.g. Assuming no technological progress, lower population growth implies highersteady-state level of output per worker. Lower population growth leads to higher capital per worker. Ifthere is technological progress, there is no steady-state level of output per worker. In this case, however, lower population growth implies that output per worker will be higher at every point in time, for any given path of technology. See the answer to problem 7c.Chapter 131.FFTTTTTTF2. a. u=1-(1/(1+⎧))(A/A e)b. u=1-(1/(1+⎧))=4.8%c. No. Since wages adjust to expected productivity, an increase in productivityeventuallyleads to equiproportional increases in the real wage implied by wage setting and price setting, at the original natural rate of unemployment. So equilibrium can bemaintained without any change in the natural rate of unemployment.3.* a. P=P e(1+⎧)(A e/A)(Y/L)(1/A)b. AS shifts down. Given A e/A=1, an increase in A implies a fall in P, given Y. Thisoccurs because for a given level of Y, unemployment is higher, so wages are lower and so, in turn, is the price level.c. There is now an additional effect, a fall in A e/A. In effect, workers do not receive asmuchof an increase in wages as warranted by the increase in productivity. Compared to part b, nominal wages are lower, leading to a lower value of P given Y.4. Discussion question.5. a. Reduce the gap, if this leads to an increase in the relative supply of skilled workers.b. Reduce the gap, since it leads to a decrease in the relative supply of unskilled workers.c. Reduce the gap, since it leads to an increase in the relative supply of skilled workers.d. Increase the gap, if U.S. firms hire unskilled workers in Central America, since itreduces the relative demand for U.S. unskilled workers.6. a. Textiles production is moving to low wage countries.b. Possibly demographic changes, increased availability of child care outside the home,decline in labor supply for these positions.c. Technological progress.7. Discussion question.CHAPTER 14。
布兰查德《宏观经济学》章节课后习题详解(增长的事实)【圣才出品】
第10章增长的事实一、概念题1．增长（growth）答：增长，是经济增长的简称，是指一个国家（地区）物品和劳务生产总量的增加。
通常以国内生产总值或人均国内生产总值的增加来衡量。
如果考虑到人口的增加和价格变动的情况，衡量经济增长的较好标准是实际人均国内生产总值的增加。
在物价上升的特定年份中，以当时价格计算的国内生产总值中有相当大的部分是由价格上升造成的，必须消除掉通货膨胀因素的影响才能求得实际经济增长速度。
一国的经济增长水平取决于其生产的能力或潜力。
生产能力的决定因素有资本（或称“物质资本”）、劳动（或称“人力资本”）、自然资源和技术进步。
其中技术进步和由此引起的生产率提高，对经济增长具有重要作用。
此外，政治、社会、文化、管理、制度、国际环境等方面的因素，也对经济增长有重要影响。
经济增长与经济发展是两个不同的概念。
经济发展既包括社会物质生产的发展，也包括人们物质生活福利的改善，还包括环境质量的提高。
在这层含义上，经济发展包括经济增长，还包括经济结构和收入分配的变革。
一般来说，经济发展以经济增长为必要条件，没有经济增长不可能有经济发展。
但是有经济增长不一定有经济发展。
所以，经济发展必须是大多数人参与和分享收入及福利增加的经济增长。
2．对数坐标（logarithmic scale）答：对数坐标，是与线性坐标相对的概念，指纵轴坐标是取相应变量的对数值的坐标系统。
相比于线性坐标，对数坐标的优点是如果使用对数坐标来画出随时间增长的变量图形，通过考察斜率，可以容易地看到增长率发生的变化。
原因如下：假定一个变量随时间增长的增长率是常数（如每年3%），那么，变量越大，从一年到下一年增量就越大。
如果使用线性纵轴坐标来画出图形，增量将会随时间越变越大。
使用对数坐标，相同比例的增加由坐标轴上相同的垂直距离表示。
也就是说，当使用线性坐标时，以不变速度增长的变量行为就被表示为一条变得越来越陡峭的曲线；但使用对数坐标时，就被表示成了一条直线，而且直线的斜率等于增长率，比如说如果变量每年增长3%，直线的斜率就是0.03。
布兰查德《宏观经济学》章节课后习题详解(菲利普斯曲线、自然失业率和通货膨胀)【圣才出品】
第8章菲利普斯曲线、自然失业率和通货膨胀一、概念题1．菲利普斯曲线（Phillips curve）答：英国经济学家菲利普斯根据1861～1957年英国的失业率和货币工资变动率的经验统计资料，得出货币工资增长率与失业率之间存在替换关系，故称之为菲利普斯曲线。
后来的学者用物价上涨率（即通货膨胀率）代替货币工资上涨率，以表示物价上涨率与失业率之间也有对应关系：物价上涨率增加时，失业率下降；物价上涨率下降时，失业率上升。
这就是一般所说的经过改造后的菲利普斯曲线。
菲利普斯曲线如图8-1所示。
图8-1 菲利普斯曲线菲利普斯曲线提供的失业率与通货膨胀率之间的关系为实施政府干预、进行总需求管理提供了一份可供选择的菜单。
它意味着当通货膨胀率过高时，可通过紧缩性的经济政策使失业率提高，以换取低通货膨胀率；当失业率过高时，采取扩张性的经济政策使通货膨胀率提高，以获得较低的失业率。
对于菲利普斯曲线具体的形状，不同学派对此有不同的看法。
普遍接受的观点是：在短期内，菲利普斯曲线向右下方倾斜，而长期菲利普斯曲线是一条垂直线，表明在长期失业率与通货膨胀率之间不存在替换关系。
2．工资－价格螺旋（wage-price spiral）答：工资—价格螺旋又称为“工资—物价螺旋式上升”，是一种关于工资与物价相互促进而引起持续通货膨胀的理论。
给定预期价格，工人认为就是去年的价格，更低的失业导致更高的名义工资，更高的名义工资导致更高的价格，更高的价格导致更高的通货膨胀。
这一机制被称为工资—价格螺旋。
其作用机制为：（1）低失业引起更高的名义工资。
（2）作为对更高工资的反应，企业提高它们的价格，价格就升高了。
（3）作为对更高价格的反应，工人要求更高的名义工资。
（4）更高的名义工资致使企业进一步提高价格，最终价格进一步提升。
（5）作为对价格进一步提升的反应，在他们再次制定工资的时候，工人进一步要求更高的名义工资。
价格和工资之间的这种竞赛，导致持续的工资和价格膨胀。
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第21章汇率制度一、概念题1．金本位（gold standard）答：金本位是“国际金本位制”的简称，是指以黄金作为本位货币的一种货币制度。
金本位制包括“金币本位制”、“金块本位制”、“金汇兑本位制”，其中金币本位制是金本位制中较为典型的一种形式，因此通常金本位制就是金币本位制，即法律确定金铸币为本位币。
其主要特征在于：金币可以自由铸造；银行券可以自由兑换金币或黄金；黄金对外可以自由输入输出。
金本位制是一种相对稳定的货币制度，其相对稳定性表现为两方面：①国内流通中通货的币值对金币不发生贬值的现象；②在国外则是外汇行市的相对稳定。
1816年英国最早实行金本位制，其后西方其他国家也相继采用这一货币制度。
金本位制促进了各国商品生产与流通的快速发展，也促进了国际贸易与信用业的发展。
第一次世界大战后，金本位制的稳定性因素遭到破坏。
其原因在于：①金币自由铸造与自由流通的基础已受到削弱；②银行券自由兑换黄金的可能性也已受削弱；③黄金在国际上自由输出输入受到限制。
这就导致许多国家先后放弃了作为典型金本位制的金币本位制。
在1924～1928年的战后相对稳定时期内，英国、法国、比利时、荷兰等经济实力较强的国家开始转而实行金块本位制，德国、意大利、奥地利等国则和一些殖民地、半殖民地国家改行金汇兑本位制。
直至1929～1933年世界性经济危机期间和以后，西方各国相继放弃各种金本位制，开始实施不兑现的信用货币制度。
2．最优货币区域（optimal currency area）答：最优货币区又称“最佳货币区”，指各有关国家通过实现国际贸易和生产要素流动的一体化而组成的最适合于相互间实行固定汇率的地区。
每一个实现了经济一体化的地区都可以成为一个最优货币区。
比如欧洲联盟各国经济一体化程度较高，适合于组成一个最优货币区。
最优货币区理论是有关固定汇率最适合于那些通过国际贸易和生产要素流动而实现一体化的地区的理论。
该理论由诺贝尔经济学奖获得者、美国经济学家蒙代尔于20世纪60年代初提出。
该理论可以分析一国加入固定汇率区之后的所得与所失。
得与失主要取决于该国经济与区域内贸易伙伴的一体化程度。
从“得”的方面来说，一国加入固定汇率区的货币效率收益为：①加入国可避免由汇率浮动而带来的不确定性、复杂性，以及国际结算成本等损失。
一国与固定汇率区成员之间的贸易量越大，这种收益就越高。
同时，该国与固定汇率区成员之间在生产要素方面的自由流动性越大，其新获得的货币效率收益也越高。
②该国对固定汇率区成员进行投资（跨国资本流动）时，可以增加其投资回报的可预测性。
③该国居民到固定汇率区成员处工作（跨国劳动力流动）时，所获工资收入也更加稳定。
从“失”的方面来说，在固定汇率制下，一国的货币政策不能影响本国的产出。
当本国处于经济衰退时，就难以运用货币政策来稳定经济。
由固定汇率所引起的这种不稳定性，称为“经济稳定性损失”。
区域的一体化程度越高，通过增加区域内的贸易以及国内资本和劳动力向成员的流动来克服本国经济衰退的效果就越好，由此经济稳定性损失就越小。
区域经济一体化程度越高，一国加入固定汇率区的货币效率收益超过经济稳定性损失的部分就越大。
最优货币区理论为说明欧洲货币一体化和欧元的诞生，提供了一种分析框架。
蒙代尔的最优货币区理论的合理性和预见性已被欧元区建立的实践所证明。
蒙代尔因此而被称为“欧元之父”。
3．欧元（Euro）答：欧元，是指欧洲联盟的统一货币，于1999年1月1日在欧盟的12个成员国中正式启用。
欧元由纸币和硬币组成。
根据《马斯特里赫特条约》（简称《马约》）的规定，欧盟成员国正式启用欧元必须达到四个趋同标准：①物价稳定趋同标准。
这是《马约》规定的最主要的经济趋同标准。
具体内容是：成员国的通货膨胀率不得高于欧盟内三个物价最平稳的成员国的平均通货膨胀率再加上1.5个百分点的水平。
②政府预算趋同标准。
此标准要求成员国具有稳健的政府财政。
具体指标是：成员国的政府预算赤字不能超过当年GDP的3%，公债余额不能超过GDP的60%。
③汇率趋同标准。
《马约》规定所有成员国都要加入欧洲货币体系中的汇率机制，并且汇率在最近两年内没有出现持续性的贬值。
④长期利率趋同标准。
具体要求是：成员国的长期利率不能超过欧盟内三个物价最平稳的成员国的平均利率再加上2个百分点的水平。
按照这四个标准审查，欧盟15个成员国有12个国家达到了要求：德国、法国、比利时、西班牙、爱尔兰、意大利、卢森堡、荷兰、奥地利、希腊、葡萄牙和芬兰。
因此，这12个国家于1999年1月1日率先正式启用欧元。
根据《马约》的安排，1999年1月1日到2002年1月1日是欧元的转换期。
1999年1月1日，欧元成为流通货币，欧洲货币单位废止。
从这一天开始，欧元和各成员国货币之间的兑换率不可更改地固定下来，欧元以1：1的比价代替欧洲货币单位。
2002年1月1日起，欧元纸币和硬币正式在欧元区流通。
同年3月1日，各成员国的纸币和硬币彻底退出市场，以后，无论是大额的交易还是零星的小额商品支付，欧元是惟一的价值尺度、流通手段和支付手段。
4．马斯特里赫特条约（Maastricht Treaty）答：《马斯特里赫特条约》简称《马约》，于1991年12月9日至10日在荷兰的马斯特里赫特举行的首脑会议上签订。
当时通过并草签了《欧洲经济与货币联盟条约》和《政治联盟条约》，这两项条约又合称为《欧洲联盟条约》。
其中《货币联盟条约》在1992年2月7日由欧共体12国外长和财政部长正式签订。
《马约》于1993年正式生效，标志着欧洲共同体成为欧盟。
《马约》的主要内容是为建立欧洲经济与货币联盟确定了时间表和步骤。
《马约》规定：1990年7月1日至1993年12月31日为第一阶段，要求各成员国取消外汇管制，实现资本的自由流动，加强财政、货币、金融政策的协调一致；第二阶段从1994年1月1日开始，主要是建立欧洲中央银行的雏形——欧洲货币局；第三阶段最早于1997年1月开始，最晚于1999年1月1日开始，逐步建立一种“真正”的单一货币和独立的欧洲中央银行。
为了建立统一的货币体系，《马约》规定了经济趋同条款，主要内容是：①各国财政赤字占其国内生产总值的比率在3%以下；②各国政府债务总额占其国内生产总值的比率低于60%；③各国消费价格上涨率不得超出欧共体三个最低国的平均上涨率1.5个百分点；④各国长期利率不得超出三个物价最平稳的成员国的平均利率2个百分点；⑤各国货币在过去两年内处于欧洲外汇汇率机制的正常变动范围内。
此外，《马约》还就共同外交与安全政策、社会政策等方面提出了新的目标，为建立欧洲联盟奠定了基础。
1999年1月1日欧元正式启动，表明《马约》已经得到基本的贯彻执行。
5．欧洲中央银行（European Central Bank，ECB）答：欧洲中央银行是指欧洲联盟的中央银行，其前身为欧洲货币局。
该货币局于1994年1月在德国法兰克福成立，是未来欧洲中央银行的货币政策运作设计框架。
1998年6月1日，欧盟理事会正式任命欧洲中央银行行长、副行长以及执行董事会的其他四位成员，标志欧洲中央银行正式成立。
其总部仍设在法兰克福。
欧洲中央银行与欧盟成员国的中央银行共同组成“欧洲中央银行体系”。
1992年，《马斯特里赫特条约》对欧洲中央银行体系的决策机构的设置做出明确规定。
欧洲中央银行行长理事会和执行董事会是其主要决策机构。
行长理事会负责制定欧元区的货币政策和实施货币政策的指导纲要，确定欧元区的货币政策目标、主要利率水平和中央银行体系准备金数量等。
行长理事会由执行董事会成员和欧元区成员国中央银行行长组成，欧洲中央银行行长担任行长理事会主席。
执行董事会主要负责货币政策的实施，由欧洲中央银行行长和其他五位成员组成，任期八年。
欧洲中央银行体系的两个主要原则是：保持价格稳定和维护欧洲中央银行的独立性。
6．硬钉住汇率制度（hard peg）答：硬钉住汇率制度属于固定汇率制度的范畴，是指一国货币与被钉住国的货币实行严格的比价关系，并且货币当局会采取各种手段维护这种制度。
其极端形式就是美元化，还有一种形式就是货币局制度。
7．美元化（dollarization）答：美元化是指某些国家放弃本国货币而采用美元作为主要流通货币的行为。
美元化包括三层涵义：事实美元化、过程美元化和政策美元化。
事实美元化是指作为一种事实，美元在世界各地已经扮演了重要角色；过程美元化是指作为一种过程，美元在美国境外的货币金融活动中无论是深度还是广度，都将发挥越来越重要的作用；政策美元化是指作为一种政策，一国或经济体的政府让美元取代自己的货币并最终自动放弃货币或金融主权的行为。
8．货币局制度（currency board）答：货币局制度是一种汇率机制，它有两项基本原则：一是本国货币钉住一种强势货币，与之建立货币联系，此货币成为锚货币；二是本国通货发行以外汇储备——特别是锚货币的外汇储备为发行保证，保证本国货币与外币随时可按固定汇率兑汇。
货币局制度是一种特殊的固定汇率制。
通常要求在货币发行时必须以一定的（通常是100%）外国货币作为准备金，并且要求在货币流通中始终满足这一准备金的要求。
这一制度中的货币当局被称为货币局。
二、计算与分析题1．用本章学到的知识，判断下面的描述是正确、错误，还是不确定，并解释。
a．英国恢复到金本位引发了很多年的高失业。
b．在一个实行固定汇率的国家中，如果投资者突然希望会有一次大的贬值，那么他们将真的面临一场经济危机。
c．既然经济在中期倾向于回归到自然产出水平，所以没有理由贬值。
d．在欧洲，劳动力的高流动性使得使用共同货币成为欧元区很好的选择。
e．在很远的将来，汇率预期的变化对当前汇率水平的影响非常小。
答：a．正确。
英国恢复到金本位制使得英国货币估价大大提高，从而引发了英国经济的衰退，造成了多年的高失业率。
b．正确。
因为汇率贬值预期使既定利率下利率平价条件失衡，引起资本外流，央行损。