课程名称：总体经济学 课程性质：整开 课程范围：CH8、10、13後半 开课教师：萧明福 开课学院：社科院 开课系级：经济系 考试日期(年月日)：2015/4/23 考试时限(Mins)：120min 附注： 试题本文： 1) (2% each, 20% total) 1. Which of the following macroeconomics variables is the most seasonally procyclical? a. Expenditure on services b. The unemployment rate c. Expenditure on durable goods d. The real rage 2. The CFNAI is a a. leading index based on variables released with different frequencies b. coincident index based on variables released with different frequencies c. leading index based on 85 monthly variables d. coincident index based on 85 monthly variables 3. Comovement is a. the tendency for declines in economic activity to be followed by further declines, and for growth in economic activity to be flollowed by more growth. b. the idea that the standard pattern of contraction-trough-expansion-peak occurs again and again in industial economies. c. the tendency of many economic variables to move together in a predictable way over the business cycle. d. the idea that peaks and troughs of the business cycle occur at regular intervals. 4. According to the misperceptions theory, an unanticipated decrease in the money supply shifts the AD curve _____, causing output to _____ in the shortrun. a. up and to the right; rise b. up and to the right; fall c. down and to the left; rise d. down and to the left; fall 5. Classical economists would cite all of the following as reasons why the government cannot smooth out the business cycle EXCEPT that a. only productivity shocks can cause fluctuations in the business cycle. b. the government has imperfect knowledge of the economy. c. political constarints on policy actions prevent the govenment from carrying out effective policies. d. time lags between the onset of a recession and the implementation of effective countermeasures make anti-recessionary macroeconomic policies impractical. 6. One important reason why the Solow residual may be strongly procyclical if the technology used in production doesn't change is that a. employment is procyclical. b. resource utilization is procyclical. c. demand shocks are the dominant force determining the business cycle. d. the coefficients (α and 1-α) on capital and labor in the production function are procyclical. 7. How do RBC economists face the business cycle fact that inflation is procyclical? a. They argue that even though inflation doesn't fit their theory, everthing else does, and inflation is not important. b. They note that inflation would not be procyclical if monetary policy were conducted properly. c. They argue that inflation is procyclical only because monetary policy shocks are the main cause of business cycles. d. They use alternative statistical methods that suggest that inflation is countercyclical. 8. Compared with a system of fixed exchange rates, currency unions are beneficial because they a. restrict what countries can do with fiscal policy. b. allow exchange rates to float. c. allow every country to have an independant monetary policy. d. elimated the possibility of speculative attacks. 9. Anincrease in the US money supply would cause the value of the dolllar to _____ and US net exports to _____ in the short run using a Keynesian model. a. fall; fall b. fall; rise c. rise; rise d. rise; fall 10. A rise in the domestic real interest rate would cause a ____ in net exports and a _____ in thw exchange rate. a. rise; rise b. rise; fall c. fall; rise d. fall; fall 2) Questions (90%) 1. How do Keynesian and classicals differ in their beliefs about how long it takes the economy to reach long-run equilibrium?(5%) What implications do these differences in beliefs have for Keynesians classicals views about the usefulness of antirecessionary policies?(5%) About the types of shocks that cause most recessions?(5%) 2. If you know the economy was falling into recession. What would you expect to happen to production during the next few quarters?(2%) To investment (2%) To the real wage?(2%) To the unemployment?(2%) Moreover, consumer expenditures on durable goods such as cars and furniture, as well as purchases of new houses,fall much more than expenditures on nondurable goods and service during most recession. Why do you think that is?(5%) 3. What major business cycle facts does the RBC theory explain sucessfully? (5%) Does it explain any business cycle facts less well?(5%) 4. According to the extend classical model based on the misperceptions theory, what effects does an unanticipated increase in money supply have on the labor marjet, real interest rate, and price level?(10%) What implications do rational expectations have for ability of the Fed to use monetary policy to smooth business cycles?(5%) 5. Suppose that firms that expect to increase production in the future have to increase their current transactions (for example, they may need to purchase more raw materials). For this reason, current real money demand rise when expected future output rises. Suppose that Fed wants to stablize the current price level. How will the Fed respond to the increase in expected future output?(10%) Explain why the Fed's respondse is an example of reverse causation.(5%) 6. Why is a country limited in changing its money supply under a fixed-exchange -rate system?(5%) Explain how policy coordination among countries in a fixes-exchange-rate systen can increase the degree to which monetary policy may be used to pursue macroeconomic goals.(5%) 7. Illustrate the use of the open-economy IS-LM model in describing how a recession in one country may be transmitted to other countries.(10%) --

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