課程名稱︰總體經濟學下
課程性質︰經濟系必修
課程教師︰朱玉琦
開課學院：社會科學院
開課系所︰經濟學系
考試日期（年月日）︰2022/5/27
考試時限（分鐘）：2.5小時（15分鐘線上掃描）
試題 :
1. (16 points) Consider the monetary model in a closed economy with a credit
card tax.
The setting for the credit card tax is the same as Q1 in PS5.
(a) Suppose that the government increases the credit card tax, t. Discuss
how this policy
affects r, Y, N, w, C, I and P in the short run and in the long run.
(b) Suppose that K increases and that the output supply effect is
larger than the
output demand effect (this means that Y shifts more than Y ). Would you recommend
the government to raise the credit card tax in order to close the
output gap?
Explain why. You need to use the IS-LM graph to specify the
long-run equilibrium and
the short-run equilibrium if K increases.
2. (40 points) Consider a monetary model in a closed economy. The
government considers to
increase its current expenditure G with the following financing plans: (i)
collecting more taxes
from households, (ii) issuing more bonds and running a debt deficit, or (iii)
printing more money.
Assume that the money demand is much more responsive to the real income than
to the real interest
rate, and that the Ricardian Equivalence result holds in this environment.
For the following
questions, if there are two opposite forces affecting a variable, state the
two forces to explain
why the result is ambiguous.
(a) Analyze and compare r, Y, N and w in the long run with the above three
schemes to finance an
increase in G.
(b) Analyze and compare the nominal wage, W, the nominal interest
rate, R, and the
aggregate price P in the long run with the above three schemes to finance an
increase in G.
(c) Analyze and compare r, Y, N and w in the short run with the above three
schemes to finance an
increase in G. You need to draw the IS-LM graph and specify the equilibrium
for all three financing
schemes.
(d) Suppose that the economy is in a liquidity trap. Analyze and
compare r, Y, N and w in
the short run with the above three schemes to finance an
increase in
G. You need to draw the IS-LM graph and specify the equilibrium for all three
financing schemes.
(e) Suppose that there are many credit-constrained households so that the
Ricardian equivalence
result no longer holds. The economy is not in a liquidity trap. Analyze
and compare r, Y, N
and w in the short run with the above three schemes to finance
an increase in G.
You need to draw the IS-LM graph and specify the equilibrium for all
three financing
schemes.
3. (30 points) Consider the monetary model in an small open economy with
flexible prices and fixed
exchange rates. The home goods and the foreign goods are perfect substitute.
The economy is
running a trade deficit and the government’s goal is to improve this
situation. Policy makers
propose the following policies:
(a) Advice 1. Set a higher exchange rate (the home currency depreciates).
(b) Advice 2. Improve the government’s deficits by raising current taxes.
(c) Advice 3. Set a limit on capital outflow.
(d) Advice 4. Extend the retirement age from 65 to 75. (Hint: think about
how this policy would
affect aggregate labor supply and aggregate saving.)
(e) Advice 5. Impose taxes on holding foreign assets.
Discuss whether the above policies improve trade deficits. Explain your
result.
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