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2003-2004学年第二学期

中级宏观经济学(Macroeconomics考试试题答案 (经济试验班021、022

Ⅰ.Choose the best answers (2'×10 1.B 2.A 3.C 4.B 5.C 6.A 7.B 8.C 9.C 10.D

Ⅱ. Explain the following terms. (20 points

1.Endogenous variables: 经济模型中要解释的变量。 Exogenous variables:模型给出作为既定的变量。 2. Menu costs:企业因通货膨胀改变价格的成本。 shoe-leather costs:为减少持有货币的损失而发生的成本。

3. GDP deflator :名义GDP/实际GDP,是相对于基年商品和劳务价格的那一年的商品和劳务价格。

CPI:即消费价格指数,是相对于某个基年一篮子物品与劳务价格的同样一篮子物品与劳务的现期价格。

4. Adaptive expectation :人们根据过去的经验或数据来预测未来。

rational expectation:人们尽可能地利用所有可以获得地信息,包括关于现在政府政策地信息预测未来。

5. Real exchange rate :两国物品的相对价格。 nominal exchange rate:两国通货的相对价格。

Ⅲ.Answer the following questions by drawing or calculating. (10’ ×4 1.We want to consider the effects of a tax cut when the LM* curve depends on disposable income instead of income: M/P = L[r, Y –T].

A tax cut now shifts both the IS* and the LM* curves. Figure 12–22 shows the case of floating exchange rates. The IS* curve shifts to the right, from IS to IS . The LM* curve shifts to the left, however, from LM to LM .

We know that real balances M/P are fixed in the short run, while the interest rate is fixed at the level of the world interest rate r*. Disposable income is the only variable that can adjust to bring the money market into equilibrium: hence, the LM* equation determines the level of disposable income. If taxes T fall, then income Y must also fall to keep disposable income fixed. In Figure 12–22, we move from an original equilibrium at point A to a new equilibrium at point B. Income falls by the amount of the tax cut, and the exchange rate appreciates. If there are fixed exchange rates, the

IS* curve still shifts to the right; but the initial shift in the LM* curve no longer matters. That is, the upward pressure on the exchange rate causes the central bank to sell dollars and buy foreign exchange; this increases the money supply and shifts the LM* curve to the right, as shown in Figure 12–23. The new equilibrium, at point B, is at the intersection of the new IS* curve, IS , and the horizontal line at the level of the fixed exchange rate. There is no difference between this case and the standard case where money demand depends on income.