課程名稱：總體經濟學 課程性質：整開 課程範圍： 開課教師：蕭明福 開課學院：社科院 開課系級：經濟系 考試日期(年月日)：2015/6/25 考試時限(Mins)：120 min 附註： 試題本文： 1. Consider a closed economy in which the population grows at the rate of 2% per year. The per-worker production function is y = 6√k, where is output per worker and k is capital per worker. The depreciation rate of capital is 10%per year. (a). Households consume 80%of income and save the remaining 20% of income. These is no government. What are the steady-state values of capital per worker, output per worker, consumption per worker, and investment per worker? (5%) (b). Suppose the country wants to increase its steady-state value of output per worker. What steady-state of the capital-labor ratio is needed to double the steady-state value of output per worker? What fraction of income would households have to save to achieve a steady-state level of output per worker that is twice as high as in part (a)? (5%) 2. An economy is in a steady state with no productivity change. Because of an increase in acid rain, the rate of capital depreciation rises permanently. (a). According to the Solow model, what are the effects on steady-state capital per worker, output per worker, consumption per worker, and the long-run growth rate of the total capital stock? (5%) (b). In an endogenous growth model, what are the effects on the growth rates of output, capital and consumption of an increase in the depreciation rate of capital? (5%) 3. What does the Keynesian model predict about monetary neutrality (both In the short run and in the long run)? (5%) Compare the Keynesian predictions about neutrality with those of the basic Classical model and the extended classical model with misperceptions. (10%) 4. According to the Keynesian IS-LM model with price rigidity, what is the effect of an increase in tax incentives for investment on output, the real interestrate, employment, and the price level? Distinguish between the short run and the long run. (15%) 5. Consider the following extended classical economy (in which the misperceptions theory holds): AD: Y = 300+10(M/P) _ SRAS: Y = Y + P + Pe _ _ _ Okun’s law: (Y – Y)/ Y = -2( u- u) _ Full-employment output : Y = 500 _ Natural unemployment rate : u = 0.06 (a). Suppose that the money supply M=1100 and that the expected price Level Pe=50. What are the short-run equilibrium values of output, Y, the price level, P, and the unemployment rate, u? (3%) What are the long-run equilibrium values of those three variables? (3%) (b). Now suppose that an unanticipated increase raises the nominal money Supply to M=1360. What are the short-run equilibrium values of output, Y, the Price level, P, and the unemployment rate, u? (3%) What are the new long-run equilibrium values of those three variables? (3%) In general, are your results consistent with an expectations-augmented Phillips curve? (3%) 6. Can policymakers exploit the Phillips curve relationship by trading more inflation for less unemployment in the short run? In the long run? Explain both the classical and Keynesian points of view. (15%) 7. Define money multiplier. (5%) Discuss how actions of the public and banks can cause the money multiplier to rise or fall. (5%) Does the fact that the public and banks can affect the money multiplier imply that the central bank control the money supply? Why or why not? (5%) 8. What will the Fed uses as an intermediary target policy to reduce output volatility when an LM shock occurs? (10%) --

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