第1页共13页编号：时间：2021年x月x日书山有路勤为径，学海无涯苦作舟页码：第1页共13页CHAPTER16ANSWERSTOTEXTBOOKPROBLEMS1.Adeclineininvestmentdemanddecreasesthelevelofaggregatedemandforanyleveloftheexchangerate.Thus,adeclineininvestmentdemandcausestheDDcurvetoshifttotheleft.2.Atariffisataxontheconsumptionofimports.Thedemandfordomesticgoods,andthusthelevelofaggregatedemand,willbehigherforanyleveloftheexchangerate.Thisisdepictedinfigure16-1asarightwardshiftintheoutputmarketschedulefromDDtoD'D'.Ifthetariffistemporary,thisistheonlyeffectandoutputwillriseeventhoughtheexchangerateappreciatesastheeconomymovesfrompoint0topoint1.Ifthetariffispermanent,however,thelong-runexpectedexchangerateappreciates,sotheassetmarketscheduleshiftstoA'A'.Theappreciationofthecurrencyissharperinthiscase.Ifoutputisinitiallyatfullemploymentthenthereisnochangeinoutputduetoapermanenttariff.第2页共13页第1页共13页编号：时间：2021年x月x日书山有路勤为径，学海无涯苦作舟页码：第2页共13页Figure16-13.Atemporaryfiscalpolicyshiftaffectsemploymentandoutput,evenifthegovernmentmaintainsabalancedbudget.Anintuitiveexplanationforthisreliesuponthedifferentpropensitiestoconsumeofthegovernmentandoftaxpayers.Ifthegovernmentspends$1moreandfinancesthisspendingbytaxingthepublic$1more,aggregatedemandwillhaverisenbecausethegovernmentspendstheentire$1whilethepublicreducesitsspendingbylessthan$1(choosingtoreduceitssavingaswellasitsconsumption).Theultimateeffectonaggregatedemandisevenlargerthanthisfirstrounddifferencebetweengovernmentandpublicspendingpropensities,sincethefirstroundgeneratessubsequentspending(Ofcourse,currencyappreciationstillpreventspermanentfiscalshiftsfromaffectingoutputinourmodel.)第3页共13页第2页共13页编号：时间：2021年x月x日书山有路勤为径，学海无涯苦作舟页码：第3页共13页4.ApermanentfallinprivateaggregatedemandcausestheDDcurvetoshiftinwardandtotheleftand,becausetheexpectedfutureexchangeratedepreciates,theAAcurveshiftsoutwardandtotheright.Thesetwoshiftsresultinnoeffectonoutput,however,forthesamereasonthatapermanentfiscalexpansionhasnoeffectonoutput.Theneteffectisadepreciationinthenominalexchangerateand,becausepriceswillnotchange,acorrespondingrealexchangeratedepreciation.Amacroeconomicpolicyresponsetothiseventwouldnotbewarranted.Figure16-25.Figure16-2canbeusedtoshowthatanypermanentfiscalexpansionworsensthecurrentaccount.Inthisdiagram,thescheduleXXrepresentscombinationsoftheexchangerateandincomeforwhichthecurrentaccountisinbalance.PointsaboveandtotheleftofXXrepresent第4页共13页第3页共13页编号：时间：2021年x月x日书山有路勤为径，学海无涯苦作舟页码：第4页共13页currentaccountsurplusandpointsbelowandtotherightrepresentcurrentaccountdeficit.ApermanentfiscalexpansionshiftstheDDcurvetoD'D'and,becauseoftheeffectonthelongrunexchangerate,theAAcurveshiftstoA'A'.Theequilibriumpointmovesfrom0,wherethecurrentaccountisinbalance,to1,wherethereisacurrentaccountdeficit.If,instead,therewasatemporaryfiscalexpansionofthesamesize,theAAcurvewouldnotshiftandthenewequilibriumwouldbeatpoint2wherethereisacurrentaccountdeficit,althoughitissmallerthanthecurrentaccountdeficitatpoint1.6.AtemporarytaxcutshiftstheDDcurvetotherightand,intheabsenceofmonetization,hasnoeffectontheAAcurve.Infigure16-3,thisisdepictedasashiftintheDDcurvetoD'D',withtheequilibriummovingfrompoint0topoint1.Ifthedeficitisfinancedbyfuturemonetization,theresultingexpectedlong-r...
