价格水平(price level)
价格水平(price level)
价格水平(price level)
A. 弗里茨•马克卢普(Fritz Marchlup)
B. 波拉特(M.U.Porat)
C. 詹姆斯•莫里斯(James A.Mirrlees)
D. 威廉•维克里(William Vickrey)
a.货币流通速度的外生减少。
b.石油价格的外生提高。
Let's examine how the goals of the Fed influence its response to shocks. Suppose Fed A cares only about keeping the price level stable, and Fed B cares only about keeping output and employment at their natural rates. Explain how each Fed would respond to
a.An exogenous decrease in the velocity of money.
b.An exogenous increase in the price of oil.
a.如果美联储保持货币供给不变,随着产出的波动,物价水平会发生什么变动?
b.如果美联储调整货币供给以稳定物价水平,随着产出的波动,货币供给会发生什么变动?
c.许多经济学家观察到,货币供给的波动与产出的波动正相关。这是反对实际经济周期理论的证据吗?
Suppose that prices are fully flexible and that the output of the economy fluctuates because of shocks to technology, as real business cycle theory claims.
a.If the Federal Reserve holds the money supply constant, what will happen to the price level as output fluctuates?
b.If the Federal Reserve adjusts the money supply to stabilize the price level, what will happen to the money supply as output fluctuates?
c.Many economists have observed that fluctuations in the money supply are positively correlated with fluctuations in output. Is this evidence against real business cycle theory?
Imagine that everyone in the world pays a tax of τ percent on interest earnings and on any capital gains due to exchange rate changes.How would such a tax alter the analysis of the interest parity condition? How does the answer change if the tax applies to interest earnings but not to capital gains,which are untaxed?
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