布兰查德《宏观经济学》第五版课后题答案

135 ANSWERS TO END-OF-CHAPTER PROBLEMS

CHAPTER 1

Quick Check

1. a. True.

b. True.

c. False.

d. False/uncertain. The rate of growth was higher during the decade beginning in 1996 than during

the previous two decades, but it is probably unrealistic to expect productivity to continue to grow

at such a fast pace.

e. False. There are problems with the statistics, but the consensus is that growth in China has been

high.

f. False. The European “unemployment miracle” refers to the relatively low Europ ean

unemployment rate in the 1960s and the early 1970s.

g. True.

h. True.

2. a. More flexible labor market institutions may lead to lower unemployment, but there are questions

about how precisely to restructure these institutions. The United Kingdom has restructured its

labor market institutions to resemble more closely U.S. institutions and now has a lower

unemployment rate than before the restructuring. On the other hand, Denmark and the

Netherlands have relatively low unemployment rates while maintaining relatively generous social

insurance programs for workers.

In addition, some economists argue that tight monetary policy has at least something to do with

the high unemployment rates in Europe.

b. Although the Euro will remove obstacles to free trade between European countries, each country

will be forced to give up its own monetary policy.

Dig Deeper

3. a. The Chinese government has encouraged foreign firms to produce in China. Since foreign firms

are typically more productive than Chinese firms, the presence of foreign firms has lead to an

increase in Chinese productivity. The Chinese government has also encouraged joint ventures

between foreign and Chinese firms. These joint ventures allow Chinese firms to learn from more

productive foreign firms.

b. The recent increase in U.S. productivity growth has been a result of the development and

widespread use of information technologies.

c. The United States is a technological leader. Much of U.S. productivity growth is related to the

development of new technologies. China is involved in technological catch-up. Much of Chinese

productivity growth is related to adopting existing technologies developed abroad.

d. It’s not clear to what extent China provides a model for o ther developing countries. High

investment seems a good strategy for countries with little capital, and encouraging foreign firms

to produce (and participate in joint ventures) at home seems a good strategy for countries trying

to improve productivity. On the other hand, the degree to which China’s centralized political control has been important in managing the pace of the transition and in protecting property rights

of foreign firms remains open to question.

4. a. 10 years: (1.018)10=1.195 or 19.5 % higher

20 years: 42.9% higher

50 years: 144% higher

b. 10 years: 31.8 % higher

20 years: 73.7 % higher

50 years: 297.8% higher

c. Take output per worker as a measure of the standard of living.

10 years: 1.195/1.318=1.103, so the standard of living would be 10.3% higher;

20 years: 21.6 % higher

50 years: 63% higher

d. No. Labor productivity growth fluctuates a lot from year to year. The last few years may

represent good luck. It is too soon to tell whether there has been a change in the trend observed since 1970.

5. a. 13.2(1.034)t=2.8(1.088)t

t = ln(13.2/2.8)/[ln(1.088/1.034)]

t ≈ 30.5 yrs

This answer can be confirmed with a spreadsheet, for students unfamiliar with the use of

logarithms.

b. No. At current growth rates, Chinese output will exceed U.S. output within 31 years, but Chinese

output per person (the Chinese standard of living) will still be less than U.S. output per person. Explore Further

6. a/c. As of February 2008, there had been 5 recessions (according to the traditional definition) since

1960. Seasonally-adjusted annual percentage growth rates of GDP (in chained 2000 dollars) are given below.

1969:4 -1.9 1981:4 -4.9

1970:1 -0.7 1982:1 -6.4

1974:3 -3.8 1990:4 -3.0

1974:4 -1.6 1991:1 -2.0

1975:1 -4.7

1980:2 -7.8

1980:3 -0.7

With respect to the note on 2001, the growth rates for 2001 are given below.

2001:1 -0.5%

2001:2 1.2%

2001:3 -1.4%

2001:4 1.6%

137 7. a-b. % point increase in the unemployment rate for the 5 recessions

1969-70 0.7 1981-82 1.1

1974-75 3.1 1990-91 0.9

1980 0.6

The unemployment rate increased by 1.5 percentage points between January 2001 and

January 2002.

CHAPTER 2

Quick Check

1. a. True.

b. True/Uncertain. Real GDP increased by a factor of 25; nominal GDP increased by a

factor of 21. Real GDP per person increased by a factor of 4.

c. False.

d. Tru

e.

e. False. The level of the CPI means nothing. The rate of change of the CPI is one measure

of inflation.

f. Uncertain. Which index is better depends on what we are trying to measure—inflation

faced by consumers or by the economy as a whole.

g. False. The underground economy is large, but by far the majority of the measured

unemployed in Spain are not employed in the underground economy.

2. a. No change. This transaction is a purchase of intermediate goods.

b. +$100: personal consumption expenditures

c. +$200 million: gross private domestic fixed investment

d. +$200 million: net exports

e. No change. The jet was already counted when it was produced, i.e., presumably when

Delta (or some other airline) bought it new as an investment.

3. a. The value of final goods =$1,000,000, the value of the silver necklaces.

b. 1st Stage: $300,000. 2nd Stage: $1,000,00-$300,000=$700,000.

GDP: $300,000+$700,000=$1,000,000.

c. Wages: $200,000 + $250,000=$450,000.

Profit: ($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.

4. a. 2006 GDP: 10($2,000)+4($1,000)+1000($1)=$25,000

2007 GDP: 12($3,000)+6($500)+1000($1)=$40,000

Nominal GDP has increased by 60%.

b. 2006 real (2006) GDP: $25,000

2007 real (2006) GDP: 12($2,000)+6($1,000)+1000($1)=$31,000

Real (2006) GDP has increased by 24%.

c. 2006 real (2007) GDP: 10($3,000)+4($500)+1,000($1)=$33,000

2007 real (2007) GDP: $40,000.

Real (2007) GDP has increased by 21.2%.

d. The answers measure real GDP growth in different units. Neither answer is incorrect,

just as measurement in inches is not more or less correct than measurement in centimeters.

5. a. 2006 base year:

Deflator(2006)=1; Deflator(2007)=$40,000/$31,000=1.29

Inflation=29%

b. 2007 base year:

Deflator(2006)=$25,000/$33,000=0.76; Deflator(2007)=1

Inflation=(1-0.76)/0.76=.32=32%

c. Analogous to 4

d.

6. a. 2006 real GDP = 10($2,500) + 4($750) + 1000($1) = $29,000

2007 real GDP = 12($2,500) + 6($750) + 1000($1) = $35,500

b. (35,500-29,000)/29,000 = .224 = 22.4%

c. Deflator in 2006=$25,000/$29,000=.86

Deflator in 2007=$40,000/$35,500=1.13

Inflation = (1.13 -.86)/.86 = .31 = 31%.

d. Yes, see appendix for further discussion.

Dig Deeper

7. a. The quality of a routine checkup improves over time. Checkups now may include EKGs,

for example. Medical services are particularly affected by this problem since there are

continual improvements in medical technology.

b. The new method represents a 10% quality increase.

c. There is a 5% true price increase. The other 10% represents a quality increase. The

quality-adjusted price of checkups using the new method is only 5% higher than

checkups using the old method last year.

d. You need to know the relative value of pregnancy checkups with and without ultra-

sounds in the year the new method is introduced. Still, since everyone chooses the new

method, we can say that the quality-adjusted price of checkups has risen by less than 15%.

Some of the observed 15% increase represents an increase in quality.

139 8. a. Measured GDP increases by $10+$12=$22. (Strictly, this involves mixing the final

goods and income approaches to GDP. Assume here that the $12 per hour of work

creates a final good worth $12.)

b. No. The true value of your decision to work should be less than $22. If you choose to

work, the economy produces the value of your work plus a takeout meal. If you choose

not to work, presumably the economy produces a home-cooked meal. The extra output

arising from your choice to work is the value of your work plus any difference in value

between takeout and home-cooked meals. In fact, however, the value of home-cooked

meals is not counted in GDP. (Of course, there are other details. For example, the value

of groceries used to produce home-cooked meals would be counted in GDP. Putting such

details aside, however, the basic point is clear.)

Explore Further

9. a. Quarters 2000:III, 2001:I, and 2001:III had negative growth.

b. The unemployment rate increased after 2000, peaked in 2003, and then began to fall. The

participation rate fell steadily over the period—from 67.1% in 2000 to 66% in 2004.

Presumably, workers unable to find jobs became discouraged and left the labor force.

c. Employment growth slowed after 2000. Employment actually fell in 2001. The

employment-to-population ratio fell between 2000 and 2004.

d. It several years after the recession for the labor market to recover.

CHAPTER 3

Quick Check

1. a. True.

b. False. Government spending excluding transfers was 19% of GDP.

c. False. The propensity to consume must be less than one for our model to make sense.

d. Tru

e.

e. False.

f. False. The increase in output is one times the multiplier.

g. False.

2. a. Y=160+0.6(Y-100)+150+150

Y=1000

b. Y D=Y-T=1000-100=900

c. C=160+0.6(900)=700

3. a. Equilibrium output is 1000. Total demand=C+I+G=700+150+150=1000. Total demand

equals production. We used this equilibrium condition to solve for output.

b. Output falls by (40 times the multiplier) = 40/(1-.6)=100. So, equilibrium output is now

900. Total demand=C+I+G=160+0.6(800)+150+110=900. Again, total demand equals

production.

c. Private saving=Y-C-T=900-160-0.6(800)-100=160. Public saving =T-G=-10. National

saving (or in short, saving) equals private plus public saving, or 150. National saving

equals investment. This statement is mathematically equivalent to the equilibrium

condition, total demand equals production. In other words, there is an alternative (and

equivalent) equilibrium condition: national saving equals investment.

Dig Deeper

4. 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 affect demand

indirectly 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 T are

not macroeconomically neutral.

e. The propensity to consume has no effect because the balanced budget tax increase aborts

the multiplier process. Y and T both increase by one unit, so disposable income, and

hence consumption, do not change.

5. a. Y=c0+c1Y D+I+G implies

Y=[1/(1-c1+c1t1)][c0-c1t0+I+G]

b. The multiplier=1/(1-c1+c1t1)<1/(1-c1), so the economy responds less to changes in

autonomous spending when t1is positive. After a positive change in autonomous

spending, the increase in total taxes (because of the increase in income) tends to lessen

the increase in output. After a negative change in autonomous spending, the fall in total

taxes tends to lessen the decrease in output.

c. Because of the automatic effect of taxes on the economy, the economy responds less to

changes in autonomous spending than in the case where taxes are independent of income.

Since output tends to vary less (to be more stable), fiscal policy is called an automatic

stabilizer.

6. a. Y=[1/(1-c1+c1t1)][c0-c1t0+I+G]

b. T = t0 + t1[1/(1-c1+c1t1)][c0-c1t0+I+G]

c. Both Y and T decrease.

d. If G is cut, Y decreases even mor

e. A balanced budget requirement amplifies the effect

of the decline in c0. Therefore, such a requirement is destabilizing.

7. a. In the diagram representing goods market equilibrium, the ZZ line shifts up. Output

increases.

b. There is no effect on the diagram or on output.

c. The ZZ line shifts up and output increases. Effectively, the income transfer increases the

141 propensity to consume for the economy as a whole.

d. The propensity to consume is likely to be higher for low-income taxpayers. Therefore,

tax cuts will be more effective at stimulating output if they are directed toward low-

income taxpayers.

8. a. Y=C+I+G

Y=[1/(1-c1-b1)]*[c0-c1T+b0+G]

b. Including the b1Y term in the investment equation increases the multiplier. Increases in

autonomous spending now create a multiplier effect through two channels: consumption

and investment. For the multiplier to be positive, the condition c1+b1<1 is required.

c. Output increases by b0 times the multiplier. Investment increases by the change in b0

plus b1 times the change in output. The change in business confidence leads to an

increase in output, which induces an additional increase in investment. Since investment

increases, and saving equals investment, saving must also increase. The increase in

output leads to an increase in saving.

Explore Further

9. a. Output will fall.

b. Since output falls, investment will also fall. Public saving will not change. Private

saving will fall, since investment falls, and investment equals saving. Since output and

consumer confidence fall, consumption will also fall.

c. Output, investment, and private saving would have risen.

d. Clearly this logic is faulty. When output is low, what is needed is an attempt by

consumers to spend more. This will lead to an increase in output, and

therefore—somewhat paradoxically—to an increase in private saving. Note, however,

that with a linear consumption function, the private saving rate (private saving divided by

output) will fall when c0 rises.

10. Answers will vary depending on when students visit the website.

CHAPTER 4

Quick Check

1. a. False.

b. False.

c. False. Money demand describes the portfolio decision to hold wealth in the form of

money rather than in the form of bonds. The interest rate on bonds is relevant to this

decision.

d. Tru

e.

e. False.

f. False.

g. True.

h. True.

2. a. i=0.05: money demand = $18,000

i=0.10: money demand = $15,000

b. Money demand decreases when the interest rate increases because bonds, which pay

interest, become more attractive.

c. The demand for money falls by 50%.

d. The demand for money 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. When the bond price rises, the interest rate falls.

c. $P B =100/(1.08) ≈ $93

4. a. $20=M D=$100(.25-i)

i=5%

b. M=$100(.25-.15)

M=$10

Dig Deeper

5. a. B D = 50,000 - 60,000 (.35-i)

If the interest rate increases by 10 percentage points, bond demand increases by $6,000.

b. An increase in wealth increases bond demand, but has no effect on money demand, which

depends on income (a proxy for transactions demand).

c. An increase in income increases money demand, but decreases bond demand, since we

implicitly hold wealth constant.

d. First of all, the use of “money” in this statement is colloquial. “Income” should be

substituted for “money.” Second, when people earn more income, their wealth does not

change right away. Thus, they increase their demand for money and decrease their

demand for bonds.

6. Essentially, the reduction in the price of the bond makes it more attractive. A bond promises

fixed nominal payments. The opportunity to receive these fixed payments at a lower price makes

a bond more attractive.

7. a. $16 is withdrawn on each trip to the bank.

Money holdings are $16 on day one; $12 on day two; $8 on day three; and $4 on day

four.

b. Average money holdings are ($16+$12+$8+$4)/4=$10.

143

c. $8 is withdrawn on each trip to the bank.

Money holdings are $8, $4, $8, and $4.

d. Average money holdings are $6.

e. $16 is withdrawn on each trip to the bank. Money holdings are $0, $0, $0, and $16.

f. Average money holdings are $4.

g. Based on these answers, ATMs and credit cards have reduced money demand.

8. a. All money is in checking accounts, so demand for central bank money equals demand for

reserves. Therefore, demand for central bank money=0.1($Y)(.8-4i).

b. $100B = 0.1($5,000B)(.8-4i)

i=15%

c. Since the public holds no currency,

money multiplier = 1/reserve ratio = 1/.1=10.

M=(10)$100B=$1,000B

M= M d at the interest derived in part (b).

d. If H increases to $300B the interest rate falls to 5%.

e. The interest rate falls to 5%, since when H equals $300B, M=(10)$300B=$3,000B.

9. The money multiplier is 1/[c+θ(1-c)], where c is the ratio of currency to deposits and θ is the ratio

of reserves to deposits. When c increases, as in the Great Depression, the money multiplier falls. Explore Further

10. Answers will vary depending on when students visit the FOMC website.

CHAPTER 5

Quick Check

1. a. True.

b. True.

c. False.

d. Fals

e. The balanced budget multiplier is positive (it equals one), so the IS curve shifts

right.

e. False.

f. Uncertain. An increase in government spending leads to an increase in output (which

tends to increase investment), but also to an increase in the interest rate (which tends to

reduce investment).

g. True.

2. 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). An increase in

autonomous spending now leads to an increase in investment as well as consumption.

c. Substituting for the interest rate in the answer to part (b),

Y=[1/(1-c1-b1+b2d1/d2)][c0-c1T+b0+(b2/d2)(M/P)+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 as measured in part (c) measures the marginal effect of an

increase in autonomous spending on equilibrium output. As such, the multiplier is the

sum of two effects: a direct effect of output on demand and an indirect effect of output

on demand via the interest rate. The direct effect is equivalent to the horizontal shift of

the IS curve. The indirect effect depends on the slope of the LM curve (since the

equilibrium moves along the LM curve in response to a shift of the IS curve) and the

effect of the interest rate on investment demand.

The direct effect is captured by the sum c1+b1, which measures the marginal effect of an

increase in output on the sum of consumption and investment demand. As this sum

increases, the multiplier gets larger.

The indirect effect is captured by the expression b2d1/d2 and tends to reduce the size of

the multiplier. The ratio d1/d2is the slope of the LM curve, and the parameter b2

measures the marginal effect of an increase in the interest rate on investment. Note that

the slope of the LM curve becomes larger as money demand becomes more sensitive to

income (i.e., as d1increases) and becomes smaller as money demand becomes more

sensitive to the interest rate (i.e., as d2 increases).

3. a. The IS curve shifts left. Output and the interest rate fall. The effect on investment is

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 the answer to 2(c), Y=[1/(1-c1-b1+b2d1/d2)][c0-c1T+b0+(b2/d2)(M/P)+G].

c From the LM relation, i=Y(d1/d2)–(M/P)/d2.

To obtain the equilibrium interest rate, substitute for equilibrium Y from part (b).

d. I= b0+b1Y-b2i=b0+(b1-b2d1/d2)Y+(b2/d2)(M/P)

To obtain equilibrium investment, substitute for equilibrium Y from part (b).

e. From part (b), holding M/P constant, equilibrium Y decreases by [1/(1-c1-b1+b2d1/d2)]

when G decreases by one unit. From part (d), holding M/P constant, I decreases by

(b1- b2d1/d2)/(1-c1-b1+b2d1/d2) when G decreases by one unit. So, if G decreases by one

unit, investment will increase when b1

f. A fall in G leads to a fall in output (which tends to reduce investment) and to a fall in the

interest rate (which tends to increase investment). Therefore, for investment to increase,

the output effect (b1) must be smaller than the interest rate effect (b2d1/d2).

布兰查德《宏观经济学》第五版课后题答案

ANSWERS TO END-OF-CHAPTER PROBLEMS CHAPTER 1 Quick Check 1. a. True. b. True. c. False. d. False/uncertain. The rate of growth was higher during the decade beginning in 1996 than during the previous two decades, but it is probably unrealistic to expect productivity to continue to grow at such a fast pace. e. False. There are problems with the statistics, but the consensus is that growth in China has been high. f. False. The European “unemployment miracle” refers to the relatively low European unemployment rate in the 1960s and the early 1970s. g. True. h. True. 2. a. More flexible labor market institutions may lead to lower unemployment, but there are questions about how precisely to restructure these institutions. The United Kingdom has restructured its labor market institutions to resemble more closely U.S. institutions and now has a lower unemployment rate than before the restructuring. On the other hand, Denmark and the Netherlands have relatively low unemployment rates while maintaining relatively generous social insurance programs for workers. In addition, some economists argue that tight monetary policy has at least something to do with the high unemployment rates in Europe. b. Although the Euro will remove obstacles to free trade between European countries, each country will be forced to give up its own monetary policy. Dig Deeper 3. a. The Chinese government has encouraged foreign firms to produce in China. Since foreign firms are typically more productive than Chinese firms, the presence of foreign firms has lead to an increase in Chinese productivity. The Chinese government has also encouraged joint ventures between foreign and Chinese firms. These joint ventures allow Chinese firms to learn from more productive foreign firms. b. The recent increase in U.S. productivity growth has been a result of the development and 135 / 1

精选-布兰查德宏观经济学课后答案

Chapter 1 1. 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 Gross domestic of domestic nation al product product produc t ------------------------------------------------------- 1959: I 8.6 9.2 8.6 II11.27. 311. 1 III-0.3 5. 3-0. 2 IV 1.7-1. 31. 9 1996: I 1.8 2.6 1.8 II 6.0 5. 25. 7 III 1.00. 20. 6 IV 4.3 4. 54. 9 -------------------------------------------------------- suggesting that recessions typically last two-three quarters and that the most

布兰查德《宏观经济学》课后习题及详解(物品市场和金融市场的开放)【圣才出品】

第18章物品市场和金融市场的开放 一、概念题 1．物品市场的开放（openness in goods markets） 答：物品市场的开放是指个人和公司可以在本国产品和国外产品之间进行选择的状态或趋势。实际上，没有哪一个国家对这种自由是毫无限制的，即使是自由贸易程度最高的国家至少也会对一部分国外产品有关税和配额的限制。关税是对进口产品所征的税；配额是对允许进口的产品的数量限制。但同时，物品市场的开放已经成为一种趋势，在大多数国家，平均关税很低，并且还在逐步降低。 物品市场的开放程度可以用贸易量占GDP的百分比和可贸易货物占总产出的比率来衡量。 2．关税（tariffs） 答：关税是指一国政府对进出该国国境或关境的货物或物品所征收的一种税。其课税对象是进出国境或关境的货物和物品，货物是指对外贸易进出口的商品，物品则是指以出入境旅客和运输工具服务人员携带、个人邮寄等方式进出国境或关境的个人自用品。 关税由于其征收目的不同，分为财政关税和保护关税；按照课税对象的流向不同，关税又分为进口税、出口税和过境税。在税率的确定上，一般国家都实行根据不同货物和不同国家区别对待的原则，对同一货物有进口税率和出口税率、普通税率和优惠税率之分。通常，发达国家对出口货物均不征出口税，而发展中国家则对那些不鼓励出口或有财政收入意义的

出口货物征收出口税。大多数国家都要对进口货物征税，优惠税率较普通税率低，优惠税率适用于与该国政府有贸易互惠协议的国家或地区的进口货物；普通税率则适用于与该国政府没有贸易互惠协议的国家或地区的进口货物。关税具有保护一国民族产业的重要作用，因而有“关税壁垒”之称。 3．配额（quotas） 答：配额是指一国政府对允许进口产品的数量限制。进口配额又称“进口限额”，是指一国政府对某些商品在一定时期（如一个季度、半年或一年）内的进口数量或金额所给予的直接限制。在配额以内，该商品可以进口；配额以外，则不准进口，或征收较高的关税，或处以罚金后方能进口。进口配额主要有绝对配额和关税配额两种。 （1）绝对配额，即政府对某些商品在一定时期内的进口数量或金额规定一个最高数额，达到这个数额后，便不准进口。这种进口配额又有全球配额和国别配额之分。 全球配额适用于来自任何国家的商品。进口国政府主管部门通常按进口商申请的先后或过去某个时期的实际进口额批给一定的额度，直到总的配额发放完为止。国别配额是指在总配额内按国家分配固定的配额，超过规定的配额便不准进口。国别配额一般分为自主配额和协议配额。自主配额又称“单方面配额”，是由进口国完全自主地、单方面地强制规定在一定时间内从某个国家进口某种商品的数量或金额。自主配额一般参照各国过去年份在进口国进口的该商品中所占的比重，按一定比例确定新的进口数量或金额。协议配额是由进口国和出口国政府或民间团体之间协商确定的配额。 （2）关税配额，即进口国对进口商品的绝对数额不加限制，而对一定时期内在规定配额以内的进口商品给予低税、减税或免税待遇；对超过配额的进口商品则征收较高的关税以及附加税，或处以罚金。

布兰查德《宏观经济学》课后习题及详解(汇率制度)【圣才出品】

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

布兰查德《宏观经济学》配套题库【章节题库(含名校考研真题)】第2篇 核心部分 Ⅲ 长 期【圣才出品】

Ⅲ长期 第10章增长的事实 一、名词解释 1．总量生产函数（aggregate production function） 答：总量生产函数是指经济社会的最大产出与总就业量、资本存量之间的函数关系，是任何增长理论的出发点。假设总产出通过两种投入要素生产出来，资本和劳动，那么总量生产函数为： () =， Y F K N Y表示总产出；K表示资本——经济中所有机器、工厂、办公楼和住宅之和；N表示劳动——经济中的工人数量。函数F为总量生产函数，表示给定资本和劳动数量时能够生产出多少产出。总量生产函数F自身依赖于技术状态。具有更为先进技术的国家要比只具有简单技术的国家在投入同样数量的资本和劳动的情况下生产的产出更多。 2．经济增长 答：在宏观经济学中，经济增长通常被定义为产量的增加。具体理解，经济增长有以下两层含义： （1）经济增长是指一个经济体所生产的物质产品和劳务在一个相当长的时期内持续增加，即实际总产出的持续增长； （2）经济增长可以从两个层面来理解，一是指实际国民经济总产出的持续增长，还可以指按人口平均计算的实际产出（人均实际产出）的持续增加。

若用t Y 表示t 时期的总产量，1t Y -表示（1t -）期的总产量，则总产量意义下的增长率可表示为： 11 t t t t Y Y G Y ---=若用t y 表示t 时期的人均产量，1t y -表示（1t -）期的人均产量，则人均产量意义下的增长率可表示为： 11 t t t t y y g y ---=经济增长率的高低体现了一个国家或一个地区在一定时期内产出的增长速度，也是衡量一个国家或地区总体经济实力增长速度的标志。人均总产出增长率的高低则体现了经济效率的高低。 3．趋同性（convergence） 答：趋同性是指如果两个国家的人口增长率、储蓄率和生产函数都相同，则这两个国家最终将达到相同的收入水平的一种现象。新古典增长理论预言，具有相同的储蓄率、相同的人口增长率并得到相同的技术的诸经济出现绝对的趋同。有条件的趋同是对储蓄率或人口增长率不同的经济所做的预测，即根据索洛增长图的预测，稳态收入会不同，但增长率最终会相同。 趋同可分为“绝对趋同”和“条件趋同”。“绝对趋同”是指不论各国的其他特征如何，穷国的人均收入增长倾向于比富国更快的假说，但实证研究证明绝对趋同并不存在。无论是在理论上，还是在现实世界中条件趋同都是客观存在的现象。“条件趋同”是指实际人均GDP 的起始水平相对于长期或稳态值越低，则增长率越快的经济学增长理论假说。这一性质是报酬递减规律作用的结果；而趋同之所以是有条件的，是由于各国的稳态增长水平不同。稳态水平依赖于储蓄率、人口增长率、生产函数的性质以及政府政策和人力资本初始存量上的差

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。西方国家的经济在20世纪五六十年代正好经历了低位而且稳定的通货膨胀，适应性预期在这一时期中较好地模拟了西方国家的现实，因而适应性预期广泛地流行起来。 适应性预期受到新古典宏观经济学派的批判，新古典宏观经济学派认为它缺乏微观经济基础，适应性预期的权数分布是既定的几何级数，没有利用与被测变量相关的其他变量，对经济预期方程的确定基本上是随意的，没有合理的经济解释。因此，新古典宏观经济学派的理性预期逐渐取代了适应性预期。 4．理性预期（rational expectations ） 答：理性预期是指人们在搜集尽可能多的经济信息的基础上，依据一定的经济理论或经济数学模型对经济变量的未来变化作出估计。理性预期，又称“合理预期”，是现代经济学中的预期概念之一，指符合实际将发生的事实的预期。由约翰·穆思在其《合理预期和价格变动理论》（1961年）一文中首先提出。它的含义有三个：①作出经济决策的经济主体是有理性的；②所作决策为正确决策，经济主体会在作出预期时力图获得一切有关的信息；③经济主体在预期时不会犯系统错误，即使犯错误，他也会及时有效地进行修正，使得在长期而言保持正确。它是新古典宏观经济理论的重要假设（其余三个为个体利益最大、市场出清 P C C

最新布兰查德《宏观经济学》第五版课后题答案

布兰查德《宏观经济学》第五版课后题答 案

ANSWERS TO END-OF-CHAPTER PROBLEMS CHAPTER 1 Quick Check 1. a. True. b. True. c. False. d. False/uncertain. The rate of growth was higher during the decade beginning in 1996 than during the previous two decades, but it is probably unrealistic to expect productivity to continue to grow at such a fast pace. e. False. There are problems with the statistics, but the consensus is that growth in China has been high. f. False. The European “unemployment miracle” refers t o the relatively low European unemployment rate in the 1960s and the early 1970s. g. True. h. True. 2. a. More flexible labor market institutions may lead to lower unemployment, but there are questions about how precisely to restructure these institutions. The United Kingdom has restructured its labor market institutions to resemble more closely U.S. institutions and now has a lower unemployment rate than before the restructuring. On the other hand, Denmark and the Netherlands have relatively low unemployment rates while maintaining relatively generous social insurance programs for workers. In addition, some economists argue that tight monetary policy has at least something to do with the high unemployment rates in Europe. b. Although the Euro will remove obstacles to free trade between European countries, each country will be forced to give up its own monetary policy. Dig Deeper 3. a. The Chinese government has encouraged foreign firms to produce in China. Since foreign firms are typically more productive than Chinese firms, the presence of foreign firms has lead to an increase in Chinese productivity. The Chinese government has also encouraged joint ventures between foreign and Chinese firms. These joint ventures allow Chinese firms to learn from more productive foreign firms. b. The recent increase in U.S. productivity growth has been a result of the development and widespread use of information technologies. c. The United States is a technological leader. Much of U.S. productivity growth is related to the development of new technologies. China is involved in technological catch-up.

布兰查德《宏观经济学》章节题库(增长的事实)【圣才出品】

第10章增长的事实 一、名词解释 1．总量生产函数（aggregate production function） 答：总量生产函数是指经济社会的最大产出与总就业量、资本存量之间的函数关系，是任何增长理论的出发点。假设总产出通过两种投入要素生产出来，资本和劳动，那么总量生产函数为： () =， Y F K N Y表示总产出；K表示资本——经济中所有机器、工厂、办公楼和住宅之和；N表示劳动——经济中的工人数量。函数F为总量生产函数，表示给定资本和劳动数量时能够生产出多少产出。总量生产函数F自身依赖于技术状态。具有更为先进技术的国家要比只具有简单技术的国家在投入同样数量的资本和劳动的情况下生产的产出更多。 2．经济增长 答：在宏观经济学中，经济增长通常被定义为产量的增加。具体理解，经济增长有以下两层含义： （1）经济增长是指一个经济体所生产的物质产品和劳务在一个相当长的时期内持续增加，即实际总产出的持续增长； （2）经济增长可以从两个层面来理解，一是指实际国民经济总产出的持续增长，还可以指按人口平均计算的实际产出（人均实际产出）的持续增加。

若用t Y 表示t 时期的总产量，1t Y -表示（1t -）期的总产量，则总产量意义下的增长率可 表示为： 11 t t t t Y Y G Y ---= 若用t y 表示t 时期的人均产量，1t y -表示（1t -）期的人均产量，则人均产量意义下的 增长率可表示为： 11 t t t t y y g y ---= 经济增长率的高低体现了一个国家或一个地区在一定时期内产出的增长速度，也是衡量一个国家或地区总体经济实力增长速度的标志。人均总产出增长率的高低则体现了经济效率的高低。 3．趋同性（convergence ） 答：趋同性是指如果两个国家的人口增长率、储蓄率和生产函数都相同，则这两个国家最终将达到相同的收入水平的一种现象。新古典增长理论预言，具有相同的储蓄率、相同的人口增长率并得到相同的技术的诸经济出现绝对的趋同。有条件的趋同是对储蓄率或人口增长率不同的经济所做的预测，即根据索洛增长图的预测，稳态收入会不同，但增长率最终会相同。 趋同可分为“绝对趋同”和“条件趋同”。“绝对趋同”是指不论各国的其他特征如何，穷国的人均收入增长倾向于比富国更快的假说，但实证研究证明绝对趋同并不存在。无论是在理论上，还是在现实世界中条件趋同都是客观存在的现象。“条件趋同”是指实际人均GDP 的起始水平相对于长期或稳态值越低，则增长率越快的经济学增长理论假说。这一性质是报酬递减规律作用的结果；而趋同之所以是有条件的，是由于各国的稳态增长水平不同。稳态水平依赖于储蓄率、人口增长率、生产函数的性质以及政府政策和人力资本初始存量上的差

布兰查德《宏观经济学》课后习题及详解(政策制定者是否应当受到限制)【圣才出品】

第24章政策制定者是否应当受到限制 一、概念题 1．微调（fine-tuning） 答：微调是指政府在宏观调控中，针对经济运行中的小冲击、小波动而相机地作出轻微的政策调整以保持产出和失业恒定的政策行为。微调是针对经济运行中所发生的较小波动，为防止较大波动的出现而在宏观调控政策及其目标变量上不断地加以小幅度相机调整的政策操作。 通过宏观经济的微调，一方面增强了经济的稳定性，另一方面也起到对经济危机防微杜渐的作用。由于经济中经常发生的是较小的波动，如果对这些较小的波动不及时采取措施加以调整，就会酿成不稳定因素，因此需要经常地、及时地用小的政策变动来消除经济中的小波动。 微调中应注意政策的时间一致性，前后出台的政策要求做到逻辑一致，不存在内在矛盾。微调可以是财政政策，也可以是货币政策。在进行微调时要尽量缩短政策时滞，以便更好地稳定经济。凯恩斯主义认为，微调政策无论在长期还是在短期中对稳定经济都有积极作用；货币主义者认为，微调政策在短期内有用，但因政策本身的多变和不稳定性，在长期中不仅无用，反而会破坏市场经济本身的稳定机制。在现实的政策操作中，诸多大型的宏观计量模型对于未来经济前景的预测有时大相径庭，因此如何精确地把握微调的力度和方向是进行微调所面临的重大课题。

2．最优控制（optimal control） 答：从广义上讲，最优控制是现代控制理论的一个组成部分。其基本内容和常用方法是动态规划、最大值原理和变分法；其主要工具是庞特里亚金极大值原理和贝尔曼动态规划。 最优控制的主要研究内容是：在被控对象数学模型已知且满足一定的约束条件下，寻求一个最优控制规律（或最优控制函数），使系统从某一个初始状态到达最终状态，并使性能指标（泛函）为极大或极小，即使控制系统的性能在某种意义下是最优的。 从狭义上讲，最优控制是指经济学中用于设计宏观经济政策的一种最佳控制方法。这种方法最初是为控制和引导火箭而开发的，后来逐渐被用于设计宏观经济政策。但是现代经济学家意识到：毕竟经济与机器有根本的不同，经济是由人和企业组成的，经济主体会试图预测政策制定者将会做什么，因而不仅对目前的政策、也对未来政策的预期做出反应。因此，宏观经济政策应该视为政策制定者和经济系统之间的一种博弈（game）。这样，在考虑宏观经济政策时，需要的工具将不是最优控制理论（optimal control theory），而是博弈论（game theory）。 3．博弈（game） 答：博弈指各个具有不同利益的决策者，在相互影响、相互作用中做出自己决策的行为和过程。博弈可分为合作博弈和非合作博弈两大类型，一般的博弈多指非合作博弈。如果一个博弈中的参与者能够联合，达成一个具有约束力的协议，并且这种协议是可以强制执行的，则为合作博弈；如果不存在这样一种协议，博弈中的每个参与者都是独立地从个人理性出发，选择那些使自己的利益最大化的行动或者对策，则为非合作博弈。相应地，研究合作博弈的理论，称为“合作博弈论”；研究非合作博弈的理论，称为“非合作博弈论”。 根据参与者行动的先后顺序，博弈还可分为静态博弈和动态博弈。如果一个博弈中的每

《宏观经济学》考研布兰查德版2021考研复习笔记

《宏观经济学》考研布兰查德版2021考研复习笔记世界之旅第1章 复习笔记 1.1 一、经济危机 1经济危机的产生 复杂性和不透明性将房价的下跌变成了严重的金融危机，由于不知道其他银行在其资产负债表上所记载的资产的质量，银行极度不愿意彼此借贷，担心借款银行无力偿还。由于无法借款，加之资产价值的不确定性较大，很多银行陷入了困境。本次金融危机很快演变成了严重的经济危机：股价暴跌。 2．美国的经济危机对其他国家的影响 美国的经济危机很快变成了世界性危机，主要通过两条途径影响其他国家：①贸易。由于美国消费者和企业减少支出，部分体现在对进口商品支出的减少上。站在向美国出口商品的国家角度上思考，出口减少了，产出也随之下降；②金融。美国的银行对资金的极度需求以及资金从其他国家撤离，对他国银行同样造成了不利影响，结果导致了全球范围内的经济衰退。 二、美国 1美国的经济 从经济角度看，美国是世界上最大的国家。美国的生活标准非常高，它不是世界上人均产出最高的国家，但是接近最高。经济危机之后增长再次放缓，经济变得很脆弱，失业率被认为会在很长一段时间内居高不下，通货膨胀率被认为会保持在较低水平。除了高失业率，美国面对的最严重的宏观经济问题是其巨大的财政赤字。

2．美国的财政赤字 在1990～1991年衰退引起的赤字增加之后，美国联邦财政预算余额在接下来的几年有了持续改善：1998年，预算余额从赤字转为盈余。预算余额持续改善的主要原因有两方面：①在这十年的大部分时间里，产出增长强劲，这使得政府收入有了大幅增加；②制定并实施了一些规则，以控制政府支出。这些规则包括在一些支出项目上设置支出上限，或者规定任何新的支出项目必须能产生等额的收入增加。 在危机发生前夕，即2007年，赤字达到了GDP的1.7%，虽然不高但毕竟是一笔赤字。经济危机对政府预算赤字产生了很大影响，2010年赤字比例达到9%。赤字增加背后的原因很明确：较低的产出导致了较低的财政收入。 对美国的财政赤字削减的时间和方式问题，经济学家形成了不同的观点： ①有的经济学家认为赤字削减计划应该立刻实施并且加速推进。 ②其他经济学家认为，过快削减赤字是十分危险的。赤字削减可以通过提高税收和减少支出的方式来实现。这些方法会在失业率仍然居高不下的时候降低需求且阻碍增长，因此建议用较为缓慢和稳健的方式减少赤字。 三、欧元区 1欧元区概述 1999年，欧盟决定启用一种名为“欧元”的共同货币代替各国货币的计划。这个组织的官方名称为欧元区。欧元区拥有强大的经济实力。它的产出约等于美国，其生活标准并没有差很远（欧盟整体的产出已超过美国）。然而，它目前做得并不好。 2．对欧洲失业率增加的原因的看法

布兰查德《宏观经济学》第五版课后题答案

135 ANSWERS TO END-OF-CHAPTER PROBLEMS CHAPTER 1 Quick Check 1. a. True. b. True. c. False. d. False/uncertain. The rate of growth was higher during the decade beginning in 1996 than during the previous two decades, but it is probably unrealistic to expect productivity to continue to grow at such a fast pace. e. False. There are problems with the statistics, but the consensus is that growth in China has been high. f. False. The European “unemployment miracle” refers to the relatively low Europ ean unemployment rate in the 1960s and the early 1970s. g. True. h. True. 2. a. More flexible labor market institutions may lead to lower unemployment, but there are questions about how precisely to restructure these institutions. The United Kingdom has restructured its labor market institutions to resemble more closely U.S. institutions and now has a lower unemployment rate than before the restructuring. On the other hand, Denmark and the Netherlands have relatively low unemployment rates while maintaining relatively generous social insurance programs for workers. In addition, some economists argue that tight monetary policy has at least something to do with the high unemployment rates in Europe. b. Although the Euro will remove obstacles to free trade between European countries, each country will be forced to give up its own monetary policy. Dig Deeper 3. a. The Chinese government has encouraged foreign firms to produce in China. Since foreign firms are typically more productive than Chinese firms, the presence of foreign firms has lead to an increase in Chinese productivity. The Chinese government has also encouraged joint ventures between foreign and Chinese firms. These joint ventures allow Chinese firms to learn from more productive foreign firms. b. The recent increase in U.S. productivity growth has been a result of the development and widespread use of information technologies. c. The United States is a technological leader. Much of U.S. productivity growth is related to the development of new technologies. China is involved in technological catch-up. Much of Chinese productivity growth is related to adopting existing technologies developed abroad. d. It’s not clear to what extent China provides a model for o ther developing countries. High investment seems a good strategy for countries with little capital, and encouraging foreign firms to produce (and participate in joint ventures) at home seems a good strategy for countries trying to improve productivity. On the other hand, the degree to which China’s centralized political control has been important in managing the pace of the transition and in protecting property rights

布兰查德《宏观经济学》章节课后习题详解(开放经济中的商品市场)【圣才出品】

第19章 开放经济中的商品市场 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：Z ≡C ＋I ＋G －IM/ε＋X 。 其中，前面的三项——消费（C ）、投资（I ）和政府支出（G ）——构成了产品的国内需求；ε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IM/ε就是用国内产品表示的进口价值；X 是出口价值。C ＋I ＋G －IM/ε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（Y －T ）正相关；投资与产出（Y ）正相关，与实际利率（r ）负相关；政府支出（G ）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．马歇尔－勒纳条件（Marshall-Lerner condition ） 答：马歇尔－勒纳条件是指在运用国际收支的弹性分析法时，一国货币贬值可以改善其国际收支的条件。其基本假设为：①局部均衡分析，只考虑进出口市场上汇率变化的影响。②所有有关产量的供给弹性为无穷大。共有四个供给弹性：出口供给弹性、与出口相竞争的()()()() ,国内需求 C I G C I G Y T Y r =++=++-++-，

外国商品供给弹性、进口的外国商品供给弹性、与进口相竞争的国内商品的供给弹性。假设供给弹性为无穷大，可使对外汇的需求弹性就等于对进口商品的需求弹性。③忽视汇率变化的货币效应。④贸易差额最初处于均衡状态。在以上假设基础上，马歇尔—勒纳条件认为，如果E x＋E m＞1（E x为出口需求价格弹性，E m为进口需求价格弹性），即出口和进口需求价格弹性的总和大于1，贬值则能改善国际收支中的贸易收支差额。因为这个条件亦显示贬值能使国际收支重趋均衡，所以也称为国际收支的稳定条件。 4．政策协调（po1icy coordination） 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。但是，如果每一个国家都采取欺骗手段，即不按其承诺去做，那么就会没有足够的需求扩张去摆脱衰退。 5．J－曲线（J-curve） 答：J－曲线是一种用来说明货币贬值对贸易差额作用的工具。字母J的形状描述贸易