中级宏观经济学期中考试试题

中级宏观经济学期中考试试题

中级宏观经济学模拟试题 8

1、（15 points） what are GDP, nominal GDP, real GDP, Potential GDP, and what are linkages among them?

2、(20 points) The following equations describe an economy.

C 0.8(1 t)yt 0.25I 900 50iG 800L 0.25Y 62.5iM/P 500

1) What are the equilibrium levels of income and the interest rate? 2) Suppose government spending increases from 800 to 1000, what is the required policy mix to tackle crowding out? 3、(20 points) look at the right hand side picture, and answer following questions 1) What can we learn from this picture? And what is the theory underlying this phenomena?

2) Based on this picture, some people argue that it is the monetary authority who produce inflation. Please comment.

中级宏观经济学期中考试试题

3) Nowadays, the growth rate of money in China is about 30%. Some people expect that china will experience a double-digit inflation in the near future. Please comment.

4、(20points) suppose that the Chinese aggregate production function isY AK0.43(HL)0.57, where HLis education enhanced labor. Please fill in the blank table, and then answer the following questions

China annual growth of GDP, fixed capital, labor, and TFP: 1990-2005

Source: Perkins and Rawski(2008)

1) What can we learn from the above table?

2) Based on the relevant theory you know, please comment on the Chinese growth pattern.

5、(25 points) consider an open economy

1) Graphically derive IS curve in the four-sector economy where net export is given.

2) Suppose financial crisis took place in US, and the four-sector

中级宏观经济学期中考试试题

economy was suffering the unexpected drop in net export. Please depict the effects of this drop in IS-LM framework and AS-AD framework, respectively.

3) Explain the difference between your answers to the two frameworks. 4) Is it necessary for macro policy makers to tackle the shock? If so, How to respond? And what are potential challenges that macro policy makers may encounter?