14.02 Principles of Macroeconomics Fall 2005
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1 14.02 Priciples of Macroecoomics Fall 2005 Quiz 2 Tuesday, November 8, :30 PM 9 PM Please, aswer he followig quesios. Wrie your aswers direcly o he quiz. You ca achieve a oal of 100 pois. There are 5 shor quesios, followed by 2 log quesios (oe weighed 40/100 ad oe weighed 30/100 pois). You should read all of he quesios firs. There is a blak page aached a he ed of he quiz o be used for scrach paper. Good Luck! NAME: MIT ID NUMBER: TA: CLASS TIME: (Table is for correcor use oly) 1 2 Toal Shor Quesios Quesio 1 Quesio 2 Toal
2 Shor Quesios (30/100 pois) Please sae wheher he followig wo saemes are TRUE or FALSE wih a shor explaaio (3 or 4 lies). Each quesio cous 6/100 pois. 1. The arbirage law holds comparig omial reurs, bu i does o have o hold comparig real reurs. 2. The Phillips Curve, i all is forms, says ha he rae of uemployme ca oly be differe from he aural oe if ages are surprised by iflaio. 3. If a ceral bak were fully credible, i could always decrease iflaio wihou ay cos i erms of uemployme. 2
3 4. I he medium ru, a permae icrease i he omial moey growh of, say 10%, is refleced i a 10% icrease i he iflaio rae ad a 10% icrease i he real ieres rae leavig he omial ieres rae uchaged. 5. The yield curve ca ever be dowward slopig. 3
4 Log Quesio I (40/100 pois) AS/AD Assume ha he followig is rue abou he ecoomy: ( Y T ) C = I = i Y G = 20 T = 20 M d = PY i s M = 200 Assume he followig wage seig relaio: ( z 20u) e W = P where 28 z = is a parameer ha represes he workers bargaiig power ad u is he 10 uemployme rae. The followig is he price seig relaio: P = ( 1 + µ )W, where µ = is he markup. The producio fucio is The labor force is L = 200. Y = N. 1) Derive he equaio ha characerizes he AS curve. (5 pois) 4
5 2) Derive he equaio ha characerizes he AD curve. (5 pois) 3) Compue he medium ru equilibrium values for Y (he aural level of oupu), u (he aural rae of uemployme), P, ad i. (5 pois) 5
6 4) O a graph i he{ P, Y} space draw he AS ad AD curves ad heir iersecio, showig he values of he equilibrium pois o he wo axes. (Noe: you do o eed o compue he ierceps of he AS ad AD relaios.) (5 pois) Cosider he effec of a icrease i boh G ad T from 20 o 28. 5) Calculae he ew medium ru levels of Y, u, P, ad i. (5 pois) 6
7 6) Graph he dyamics ha brig he ecoomy o he ew equilibrium. Label all curves (AS MR1, AS SR, AS MR2 ad AD MR1, AD SR, AD MR2 ), where MR1ad MR2 sad for he iiial ad ew medium ru equilibrium, respecively ad SR sads for he shor ru. Label he iiial ad he ew equilibrium wih he associaed values o he axes. (5 pois) 7) How does he composiio of GDP chage compared o par 3)? (5 pois) 8) Would you ge he same resuls as i par 7) followig a chage i moeary, raher ha fiscal policy? Explai your aswer. (5 pois) 7
8 Log Quesio II (30/100 pois) Iflaio, Aciviy, ad Nomial Moey Growh Assume ha he ecoomy is described by he followig equaios: u u 5 ( g g ) 1 = 0. y y (Oku s Law) e ( u u ) π π = (Phillips curve) g y g m = π (Aggregae Demad relaio) Also, assume: g = ad u = y HINT!!! You ca solve pars 3) ad 4) usig reasoig ad iuiio eve if you did solve pars 1) ad 2) of his quesio. 1) Assume ha a =0 he ecoomy is i he medium ru equilibrium. Wha are u 0 ad π if we have he omial growh rae of moey g = 0. 14? (5 pois) 0 m 8
9 = e 2) Cosider he case whereπ π 1. Assume ha he Ceral Bak is able o decrease iflaio i =1 by 2 perceage pois (ha is π 1 = π 0 2% ) ad he keeps i fixed a ha level ( π 2 = π 3 =... = π 0 2% ). How should he Ceral Bak chage g m i order o do ha? Calculae he values of g m for all he periods uil he ew medium ru equilibrium is reached. (10 pois) 9
10 3) Assume ha a =0 here is a sock raded i he sock marke ha promises o pay a cosa real divided D for he ex hree periods (=1, =2, ad =3), such ha is D D D real price is Q0 = + + where r is he real 1+ r1 ( 1+ r1 )( 1+ r2 ) ( 1+ r1 )( 1+ r2 )( 1+ r3 ) ieres rae. A =0 he sock marke lears ha he Ceral Bak is goig o behave a =1 as described i par 2). Assume ha he sock marke is able o perfecly forecas he fuure real ieres rae ad ha i each period he real ieres rae decreases by he same perceage pois by which he real moey growh rae icreases, ad vice versa. The dyamics of he real moey growh are as you derived i par 2). Compare he value of he sock Q 0 i he old equilibrium ad afer he chage i moeary policy. How does he expecaio of he chage i moeary policy a =1 affec he share price a =0? Does he price icrease, decrease or say he same? Explai why. (10 pois) e 4) Suppose ha i par 2) wage-seers seπ = π. How does his chage your aswer o par 3)? Explai. (5 pois) 10
11 11
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