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1. In a closed economy with stable economic performance, the potential growth rate is 3%/ year. The central bank targets for a stable inflation rate of 2%/year. The nominal interest rate is 6%.
    a. use the classical theories to give a suitable monetary policy for this country. What is the real interest rate???
    b. suppose the goverment introduces a land reform, encourages residential investment. use classical theories explain the long run effects on real interest, nominal rate and general price level.

2. in a small open economy, the major trading partners impose a tigher requirments on the clothing exported from our country.
   a. use the classcial theories, explain how this affect net capital outflow, real exchange rate and the trade balance of our country in the long run.

3. Which of the following developed countries is more likely running into a heavy trade deficit. Use the classcial theories of a small open economy to explain.
     a. Country A. which has a larger population of the elderly.
     b. Country B, which has a larger population of middle age group

4. In a closed economy, after the financial turmoil, the household are pessimistic about their future.
     a. Using the IS-LM model explain how this affect the interest rate and output level in the Short run. Assume central bank does not respond the changes.

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关键词：宏观经济学 宏观经济 经济学 open economy Residential investment potential economic interest general

好啊！

这个好！

1.a. Quantity equation gives us: M*V=P*Y, and based on the quantity theory of money, the velocity V is assumed fixed, thus we can get dM/M=dP/P + dY/Y. THE inflation rate is targeted at 2%, the growth rate of Y is 3%, so the proper monetary policy for the central bank is of a steady growth of money supply at the rate of 5% a year.
Use Fisher equation: i=π + r, i is the nominal interest rate and π is the inflation rate. Therefore, it is very straightfoward that real interest rate r=6-2=4% a year.
b. In a closed economy, no capital flow between countries, implying the equation S=I(r) holds. If a policy is adopted to encourage investment, real interest has to rise to equalibrate the loanable funds market. Given the target inflation rate is 2%, i=π+r, the nominal interest rises as well.

2. In a small open economy with perfect mobility of capital, real interest rate is fixed at the world level. Equation S-I=NX, since neither fiscal policy nor r has changed, NX is unchanged as well. Export declines due to foreign policy, and we know that net export is unchanged, so we must have the result of a fewer imports. Why imports fall? As a tighter policy is imposed on our exports, the demand for the products of our country decreases. Therefore, the price of products in our country is falling in terms of foreign products, ie. real exchange rate falls (depreciate).
So, net capital outflow=NX is unchanged, and real exchange rate decreases.

3.The economy in the situation of a is more likely to run a heavy trade deficit. Aagin, NX=S-I, and a large population of eldly require huge government expenditure that results less government saving. S falls and investment is unchanged with real interest rate fixed at the world level, as a consequence, NX=S-I declines and probably leads to trade deficit.

4. The central bank does not respond to this turmoil means LM curve does not shift. Households` pessimism reduces consumption, thereby shifting IS curve leftwards. The new IS curve intersects LM curve at a lower output level and a lower interest rate level.
The intuition: When demand falls, firms` inventory accumulates, so they reduce the production until the market equilibrum restored. In terms of money market, real money supply does not change, so a lower interest rate level is required to offset the negative effect of the less income on real money demand, leaving the money market in equilibrium.

谢谢，非常好

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