红河学院《宏观经济学》复习指南

c. Alex is investing. d. Elaine is saving. e. Henrietta is investing.

139.The supply of loanable funds shifts right. This causes the interest rate to fall. Both investment and saving rise.

140.金融体系的作用使促使经济中一个人的人储蓄与另一个人的投资相匹配。

金融体系由促进协调储蓄者与借款人的各种金融机构所组成。金融机构可分为两种类型--金融市场和金融中介机构。金融市场是想储蓄的人直接向想借款的人提供资金的机构。我们经济中两种最重要的金融市场是债券市场和股票市场。债券市场是购买债券的人直接向发行债券的人提供资金的机构。股票市场是购买股票的人直接向发行股票的人自直接提供资金的机构。金融中介机构是储蓄者可以间接地向借款者提供资金的金融机构。我们经济中两种最重要的金融中介机构是银行和共同基金。银行的主要工作是从想储蓄的人那里得到存款，并用这些存款向想借款的人进行贷款。共同基金是一个向公众出售股份，并用收入来购买各种股票、债券或股票与债券都有的选择，或资产组合的机构。

141.国民储蓄是一个经济在用于消费和政府购买后剩下的总收入（Y-C-G）.私人储蓄是家庭

在支付了税收和消费之后剩下来的收入量（Y-T-C）。公共储蓄是政府在支付其支出后剩下来的税收收入量（T-G）。 国民储蓄=私人储蓄+公共储蓄 S=(Y-T-C)+(T-G)

142.当政府的支出大于其税收时，短缺的部分被陈为政府预算赤字。美国预算赤字的弥补渠

道基本上是通过发行政府债券的形式，因此美国预算赤字的积累又被陈为政府债务增长。下面我们运用可贷资金市场来分析政府预算赤字如何影响利率。投资以及增长。首先，当预算赤字增加时，国民储蓄----可贷资金供给的来源（由私人储蓄和公共储蓄组成）减少。政府预算赤字的白变动，从而代表可贷资金供给的变动。由于预算赤字并不影响家庭和企业在任何一种既定利率时想要为投资筹资借款的数量，所以它没有改变可贷资金的需求。其次，当政府有预算赤字时，公共储蓄是负的，而且减少了国民储蓄。因此，预算赤字使可贷资金供给曲线左移。最后，我们比较次新旧均衡。当预算赤字使可贷资金供给时，利率上升。这种高利率改变了参与贷款市场的家庭和企业的行为。特别是许多可贷资金需求者受到高利率的抑制，买新房子的家庭减少减少了，选择建立新工厂的企业也少了，这种由于政府借款而引起的投资减少被陈为挤出。因此。政府预赤字减少了国民储蓄时，利率上升，投资减少。由于投资对长期经济增长是重要的，所以政府预算赤字降低了经济的增长。

143.Debt finance is borrowing, such as, when a firm sells a bond. Equity finance is taking on

additional partners, such as, when a firm sells stock.

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红河学院《宏观经济学》复习指南

144.Because saving is the GDP left over after consumption expenditures and government purchases,

and this is the limit of the income available to be used to purchase equipment and structures.

145.The supply of loanable funds would shift right, the real interest rate would fall, and the quantity

demanded of loanable funds to purchase capital would increase. Growth would increase.

146.The demand for loanable funds is defined as private demand for borrowing to purchase capital

equipment and structures. An increase in a deficit absorbs saving and reduces the supply of loanable funds.

147.You should prefer $110 one year from today because the PV of $110 one year from today is

$110/1.06 = $103.77 and this is greater than $100.

148.Yes. Due to diminishing marginal utility of wealth, the reduction in utility from a lump sum

payment of 10 premiums of 1/10 of the value of a car.

149. Some people claim to be looking for work just to collect Employment Insurance benefits.

Others are discouraged searchers and have stopped looking for work due to an unsuccessful search.

150.No, because the competitive equilibrium wage for accountants exceeds the minimum wage and,

hence, the minimum wage is not a binding constraint for accountants.

151.Frictional unemployment, because job matching takes time even when the wage is at the

competitive equilibrium. Also, continuous sectoral shifts and new entrants into the job market make some job search unemployment inevitabl

152.Unemployed

workers might devote less effort to their job search, possibly turn down

unattractive job offers, and Employment Insurance benefits influence the decisions of some people to enter the labour force.

153.The

buggy-whip marker, because he will have to retrain because the contraction of the

buggy-whip business is permanent, while the waitress may just have to relocate, possibly just down the street.

154.如书中第174页所示，Coastcast公司的价格----收益比率是17，Cocacola公司的价格----

收益比率是40。他们不同的原因是每个公司的股票价格和赢利状况是不同的，如果我购买这两种股票中的一种，我会选择Coastcast公司。因为价格----收益比率低表明相对于公司近期收益而言，公司股票便宜，股票被低估。

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红河学院《宏观经济学》复习指南

155.罗斯福利认为股票市场像扑克、彩票或赛马一样只会在不同人手中分配财富而不会创造

社会财富，从这个角度来说，这句话是对的，因为股票生产本身没有生产过程，它本身不会创造社会财富，但是股票市场通过把资本从资本多余的人手中转移到资本短缺的人手中，而得到资本的人在社会生产活动中创造了财富。如果没有股票市场，这部分社会财富就可能不会增加。

156.国民储蓄=私人储蓄+公共储蓄

S=0.5+0.2=0.7万亿美元 政府购买=税收－储蓄 G=1.5－0.2=1.3万亿美元 储蓄=投资 I=0.7万亿美元

消费=国民收入－投资－政府购买 C=8－0.7－1.3=6万亿美元

157.a.

当政府明年借款增加200亿美元时，它将使可贷资金需求增加200亿美元。与此相比，由于政府借款并不影响任一种既定利率时家庭的储蓄量，所以它并不影响可贷资金的供给，在图中，可贷资金需求的增长使可贷资金需求曲线向右从D1移动到D2，可贷资金需求资金使可贷资金市场的均衡利率从i1增加到i2。

b. What happens to investment? To private saving? To national saving? Compare the size of extra government borrowing.

答：可贷资金市场上的利率上升改变了参与贷款市场的家庭和企业行为。特别是许多可贷资金需求者受到高利率的抑制，买新房子的家庭减少了，选择建立新工厂的企业也少了，因此，投资会减少。利率上升后，家庭会增加他们的储蓄量，所以私人储蓄量增加，由于公共储蓄不受利率影响，所以公共储蓄不变，最后国民储蓄会增加。

c. 由于可贷资金的供给弹性衡量可贷资金供给量对利率变化的反应程度，所以它反映在可贷资金供给曲线的形状上。当可贷资金供给量会大量增加，尤其是私人储蓄，因为公共储蓄由政府收入和政府支出决定，所以公共储蓄不变，国民储蓄会大量增加。（见图a）当可贷资金

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红河学院《宏观经济学》复习指南

供给弹性小时，即可贷资金供给曲线陡峭，在这种情况下，当市场利率大幅度上升时，可贷资金供给没有增加多少，尤其是私人储蓄没有大量增加，因为公共储蓄不受利率的影响，因此，国民储蓄没有增加多少。（见图b）

d. 当可贷资金的需求弹性大时，政府借款增加200亿美元引起的利率上升会挤出大量的投资。当可贷资金的需求弹性小时，政府借款的增加只会减少部分私人投资。

e. 为了偿还现在积累的债务，政府将要在未来增加税收，这种信念会使家庭认为税收并没有减少家庭的整体税单，它不仅仅是延期而已。因此家庭会把所有的减税储蓄起来，而不是支出其中一部分，因而会使私人储蓄增加。由于私人储蓄增加量完全等于公共储蓄减少量，作为公共和私人储蓄之和的国民储蓄并没有变，因此可贷资金的供给没有变。这种信念减弱了(A)与（B）中所讨论的影响。

158.新电脑技术使企业大大减少了它们每销售一美元所持有的存货量会减少企业可贷资金的

需求，在可贷资金供给既定的情况下，可贷资金市场上的均衡利率会下降，投资成本的降低会使家庭和企业增加对工厂和设备的投资。

159.a.

在政府支出不变的情况下，政府对私人储蓄减税会减少政府收入规模，在一定程度上

会增加政府的预算赤字。在政府预算赤字减少又要求增加政府收入，这又会与度私人储蓄减税发生矛盾。因此，同时实施这种政策是困难的。

b. 为了判断这两种政策中哪一种是增加投资的更有效方法，我应该了解私人储蓄的税收弹性和收入投资的利率弹性谁大谁小。如果私人储蓄的税收弹性大于私人投资的利率弹性，则对私人储蓄减税对刺激投资更有效。如果私人投资的利率弹性大于私人储蓄的税收弹性，则减少政府预算赤字对刺激投资更有效。

160.a. : ($600 ─ $100 ─ $400) + ($100 ─ $120) = $80 billion

b. $600 ─ $100 ─ $400 = $100 billion c. $100 ─ $120 = ─$20 billion

d. It is harming growth because public saving is negative so less national saving is available for investment.

e. Because politicians can't agree whether to increase taxes or decrease spending.

161.

1: Tax cuts to stimulate saving and investment would increase the deficit, which would reduce national saving and investment.

2. She plans to reduce government spending by even more than she cuts taxes.

3.Policymakers would want to know the elasticity of the supply and demand curves. If loanable

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红河学院《宏观经济学》复习指南

funds demand is inelastic, changes in loanable funds supply have little effect on saving and investment, so tax incentives to increase saving at each interest rate do little for growth. If loanable funds supply is inelastic, changes in loanable funds demand have little effect on saving and investment, so tax incentives to increase investment at each interest rate do little for growth.

162.a. $40000/1.12 = $35714.29; $40000/(1.12)2 = $31887.76; $40000/(1.12)3 = $28471.21

b. No, the cost is $100000 but the present value of the return is only $96073.26.

c. Yes. Although the cost is still $100000, the present value of the returns is now the sum of $40000/1.07; $40000/(1.07)2; $40000/(1.07)3, which is t$104972.65.

d. Investment is inversely related to the interest rate; lower interest rates stimulate investment.

163.a. Moral hazard, because after she obtained the insurance, she is less careful with her health.

b. Adverse selection, because after he knows that his probability of death is higher than average, he seeks life insurance.

c. Adverse selection, because after he knows that his probability of an accident is higher than average, he seeks more auto insurance.

d. Moral hazard, because after she obtains the insurance, she becomes less careful with fire.

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