蒂芬 威廉森 宏观经济学 第四版 课后题答案 最新Solution_CH10

最新版宏观书上课后练习题答案英文版

Chapter 10

A Real Intertemporal Model with Investment

Textbook Question Solutions

Questions for Review

1. An increase in the real interest rate makes future leisure less expensive than current leisure. Therefore,

current labor supply increases when the real interest rate increases. An increase in the real interest rate also makes future consumption less expensive than current consumption. Therefore, current consumption falls when the real interest rate increases. Alternatively, an increase in the real interest rate raises the rate of return on savings. The consumer can save more both by working more and consuming less in the current period.

2. The primary determinants of current labor supply are the current real wage, the real interest rate, and

lifetime wealth.

3. Current labor demand is exclusively governed by the current-period marginal product of labor

schedule. Therefore, labor demand depends on total factor productivity and the current-period capital stock.

4. The representative firm maximizes the present value of its profits.

5. The representative firm should invest until the point at which the net marginal product of capital

equals the real rate of interest.

6. The current capital stock does not affect the optimal amount of capital that the firm wants in place

next period. However, if the firm has more capital in the current period, a lower amount of

investment is needed to achieve the desired amount of capital.

7. An increase in future total factor productivity raises the net marginal product of capital, and therefore

investment increases.

8. The government must equate the present value of government spending with the present value of

taxes. The government may run a deficit in the current period, but if it does so it must run a surplus in the future period.

9. Changes in the lifetime wealth of consumers, changes in current-period total factor productivity, and

changes in the current capital stock all shift the output supply curve.

10. Changes in current and future government spending and the present value of taxes shift the output

demand curve. Changes in expected future income, future total factor productivity, and the current capital stock also shift the output demand curve.

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