芬斯特拉版《国际宏观经济学》课后习题答案第7章

S-59BalanceofPaymentsI:Output,ExchangeRates,andMacroeconomicPoliciesintheShortRun1.In2001,PresidentGeorgeW.BushandFederalReserveChairmanAlanGreenspanwerebothconcernedaboutasluggishU.S.economy.TheyalsowereconcernedaboutthelargeU.S.currentaccountdeficit.Tohelpstimulatetheeconomy,PresidentBushproposedataxcut,whereastheFedhadbeenincreasingU.S.moneysupply.Comparetheeffectsofthesetwopoliciesintermsoftheirimplicationsforthecurrentaccount.Ifpolicymakersareconcernedaboutthecurrentaccountdeficit,discusswhetherstimulatoryfiscalpolicyormonetarypolicymakesmoresenseinthiscase.Then,re-considersimilarissuesfor2009–2010,whentheeconomywasinadeepslump,theFedhadtakeninterestratestozero,andtheObamaadministrationwasarguingforlargerfiscalstimulus.Answer:Fromthemodel,weknowthatfiscalexpansionleadstocrowdingoutofinvestmentandexternaldemandbecauseitleadstoanappreciationinthehomecur-rency.Incontrast,amonetaryexpansionleadstoadecreaseintheinterestrateandadepreciationinthecurrency,causinganimprovementinthecurrentaccount.There-fore,ifpolicymakersareconcernedaboutreducingthecurrentaccountdeficitandwanttoexpandoutput,theyshouldusemonetarypolicy.Thesechangesaresumma-rizedinthefollowingfigures.718S-60Solutions■Chapter7(18)Output,ExchangeRates,andMacroeconomicPoliciesiMonetaryexpansionFiscalexpansioni1i1i2i2LM1IS1IS2ABY1Y2YERii1i1i2i2LM1LM2IS1ABY1Y2YDR2FR1DR1ABE2E1E$/FERDR2FR1DR1ABE2E1E$/FThesituationin2009–2010wasverydifferent.TheFedhadexhausteditsmonetarytoolkit.Keepingtheirinterestratetargetatzeromeanttheeconomywasatthezerolowerbound(inaliquiditytrap).Underthesecircumstances,thejobofrevivingtheeconomyfallstofiscalpolicy.InDecember,2010,ataxbillwaspassedbyCongress,providingatwo-percentage-pointreductioninthepayrolltaxforayear,extendingBushtaxcutsandunemploymentcompensationbenefits.However,thesearealltem-porarymeasures.Weshouldnotexpectthisbilltohavethesamepunchaspermanentchangesintaxes.And,becauseofthedeeprecession,theU.S.currentaccountdeficitfor2009wasabouthalfits2005level.Underthesecircumstances,theUnitedStates(andmostothercountries)didnotpaymuchattentiontothecurrentaccount.Theywereproperlyconcernedwithrevivingtheirdomesticeconomies.2.SupposethatAmericanfirmsbecomemoreoptimisticanddecidetoincreaseinvest-mentexpendituretodayinnewfactoriesandofficespace.a.Howwillthisincreaseininvestmentaffectoutput,interestrates,andthecurrentaccount?Answer:Thisisanexogenousincreaseininvestmentdemand.Thisleadstoanincreaseinthedemandforgoods,shiftingtheIScurvetotheright.Thisleadstoanincreaseinoutputandtheinterestrate.Theincreaseintheinterestrateim-pliesanappreciationintheHomecurrencythatdecreasesthecurrentaccount.Thisisillustratedinthefollowingfigure.Solutions■Chapter7(18)Output,ExchangeRates,andMacroeconomicPoliciesS-61DExogenousincreaseininvestmentdemandD1D2DYABY1Y2Yii2i1i1i2LM1IS1IS2AY1Y2YERDR2FR1DR1ABE2E1EH/FBb.NowassumethatdomesticinvestmentisveryresponsivetotheinterestratesothatU.S.firmswillcanceltheirnewinvestmentplansiftheinterestraterises.Howwillthisaffecttheansweryougavepreviously?Answer:Ifinvestmentisveryresponsivetotheinterestrate,thenthisimpliesthatwheninterestratesrise,investmentwilldecreasebyalargeramount.Foranygivenchangeintheinterestrate,investmentwillchangebyalargeramount,im-plyingtheIScurveisflatter.Therefore,foragivenexogenousincreaseininvest-mentdemand,theeffectonoutputwillbesmaller.Thisisillustratedinthefol-lowingdiagram.TheoriginalshiftintheIScurveshownin(a)isthedottedline.NotethatthehorizontalshiftintheIScurveisthesame—thisistheexogenousincrease.However,theeffectsonoutput,interestrates,andthecurrentaccountaresmallercomparedwith(a).S-62Solutions■Chapter7(18)Output,ExchangeRates,andMacroeconomicPoliciesDD1D2DYABExogenousincreaseininvestmentdemandwheninvestmentdemandisinterestelastic(moresensitivetochangeininterestrates)Y1Y2YERDR2FR1DR1ABE2E1EH/Fii1i1i2i1i2i2LM1IS1IS2AY1Y2YB3.Foreachofthefollowingsituations,usetheIS-LM-FXmodeltoillustratetheeffectsoftheshock.Foreachcase,statetheeffectoftheshockonthefollowingvariables(increase,decrease,nochange,orambiguous):Y,i,E,C,I,andTB.Assumethegov-ernmentallowstheexchangeratetofloatandmakesnopolicyresponse.Seethefollowingfigures.a.Foreignoutputdecreases.Answer:ISshiftsleft,DRshiftsdown:Y↓,i↓,E↑,C↓,I↑,TB↑Solutions■Chapter7(18)Output,ExchangeRates,andMacroeconomicPoliciesS-63ii1i2i1i2LM1IS1IS2ABY2Y1YERDR1DR2FR1ABE1E2EH/FQuestion3ab.InvestorsexpectadepreciationoftheHomecurrency.Answer:FRshiftsright,ISshiftsright,DRshiftsup:Y↑,i↑,E↑,C↑,I↓,TB↑ii1i1i2i2LM1IS1IS2ABY2Y1YERDR1DR2FR1FR2ABE2E1EH/FQuestion3bc.Themoneysupplyincreases.Answer:LMshiftsright:Y↑,i↓,E↑,C↑,I↑,TB↑ii1i1i2i2LM1LM2IS1ABY2Y1YERDR1DR2FR1ABE1E2EH/FQuestion3cd.Governmentspendingincreases.Answer:ISshiftsright,DRshiftsup:Y↑,i↑,E↓,C↑,I↓,TB↓S-64Solutions■Chapter7(18)Output,ExchangeRates,andMacroeconomicPoliciesERDR2FR1DR1ABE2E1EPar/Brii2IS1LM1LM2i1i2i1ABY2Y1YLM1ii1i2IS1IS2ABY2Y1Yi1i2ERDR1DR2FR1ABE1E2EH/FQuestion3d4.HowwouldadecreaseinthemoneysupplyofParaguay(currencyunitisthe“guaraní”)affectitsownoutputanditsexchangeratewithBrazil(currencyunitisthe“real”).DoyouthinkthispolicyinParaguaymightalsoaffectoutputacrosstheborderinBrazil?Explain.Answer:AdecreaseintherealmoneysupplyleadstoaleftwardshiftintheLMcurve.ThisleadstoadecreaseinParaguay’soutput,anincreaseinParaguay’sinterestrates,andanappreciationintheguaraní.Thisisillustratedinthefollowingfigure.ThiscouldaffectoutputinBrazilthroughthetradebalance.First,becauseParaguay’sin-comeislower,Brazil’sexportscoulddecline.Second,becausetherealhasdepreciatedrelativetotheguaraní,thismaymakeBrazilianexportsmoreattractivetoforeigners,potentiallyboostingBrazil’stradebalance.TheoveralleffectsonBrazil’stradebalanceanditsoutputareambiguous.Atthesametime,Brazil’seconomyismorethan15timesthesizeofParaguay’s.Therefore,theimpactofachangeinParaguay’smonetarypolicyonBrazil’seconomyislikelytobesmall.(Source:InternationalMonetaryFund,WorldEconomicOutlookDatabase,October2009.)Solutions■Chapter7(18)Output,ExchangeRates,andMacroeconomicPoliciesS-655.Foreachofthefollowingsituations,usetheIS-LM-FXmodeltoillustratetheeffectsoftheshockandthepolicyresponse.Note:Assumethegovernmentrespondsbyus-ingmonetarypolicytostabilizeoutput,unlikequestion3,andassumetheexchangerateisfloating.Foreachcase,statetheeffectoftheshockonthefollowingvariables(in-crease,decrease,nochange,orambiguous):Y,i,E,C,I,andTB.Seethefollowingdiagrams.PointBisidenticaltotheoutcomesshowninquestion3.PointCshowstheoutcomewhenmonetarypolicyisusedtostabilizeoutput.a.Foreignoutputdecreases.Answer:ISshiftsleft,LMshiftsrighttostabilizeY:Ynochange,i↓,E↑,Cnochange,I↑,TB↑ii1i2i3LM1LM3IS1IS2ABCY2Y1YERi1i2i3DR3DR2DR1FR1ABCE2E3EH/FE1Question5ab.InvestorsexpectadepreciationoftheHomecurrency.Answer:FRshiftsright,ISshiftsright,LMshiftslefttostabilizeY:Ynochange,i↑,E↓,Cnochange,I↓,TB↓c.Themoneysupplyincreases.Answer:LMshiftsright,thenLMshiftslefttostabilizeY:NochangeinY,i,E,C,I,orTB.Here,themoneysupplyshockisannulledbythecentralbank.iIS2LM3LM1i1i2i3i1i2i3IS1ABCY2YY1ERFR2DR1DR2DR3FR1ABCE1E2EH/FE3Question5bii1i2LM1LM2IS1ACBY2Y1YERi1i2FR1DR2DR1ACBE2EH/FE1Question5cd.Governmentspendingincreases.Answer:ISshiftsright,LMshiftslefttostabilizeY:Ynochange,i↑,E↓,Cnochange,I↓,TB↓S-66Solutions■Chapter7(18)Output,ExchangeRates,andMacroeconomicPoliciesii1i2LM3LM1IS1IS2ABCY2Y3Y1Yi1i2ERFR1ACBE1E2EH/FDR1DR2Question6a6.Repeatthepreviousquestion,assumingthecentralbankrespondsinordertomain-tainafixedexchangerate.Inwhichcaseorcaseswillthegovernmentresponsebethesameasinthepreviousquestion?Seethefollowingdiagrams.PointBisidenticaltotheoutcomesshowninQuestion3.PointCshowstheoutcomewhenmonetarypolicyisusedtofixtheexchangerate.Answer:ISshiftsleft,LMshiftslefttokeepEfixed:Y↓,iandEnochange,C↓,Inochange,TB↑ii1i2i3LM1LM2IS1IS2ACBY2Y1Yi1i2i3FR1DR2DR3DR1ABCE2E3EH/FE1ERQuestion5dAnswer:FRshiftsright,ISshiftsright,LMshiftslefttokeepEfixed:Y↑,i↑,Enochange,C↑,I↓,TB↓ii1i2i3i3LM3LM1IS1IS2ABCY2Y3Y1Yi1i2ERFR1FR2ABCE1E2EH/FDR1DR3DR2Question6bAnswer:ISshiftsright,LMshiftsrighttokeepEfixed:Y↑,iandEnochange,C↑,Inochange,TB↓Solutions■Chapter7(18)Output,ExchangeRates,andMacroeconomicPoliciesS-67Answer:LMshiftsright,thenLMshiftslefttokeepEfixed:NochangeinY,i,E,C,I,orTB.Here,themoneysupplyshockisannulledbythecentralbank.ii1i2i1i2LM1LM2IS1A=CBY2YY1ERFR1ACBE1E2EH/FDR1DR2Question6cii1i2LM1LM2IS1IS2ACBY2Y3YY1ERi1i2i3DR2DR1FR1ACBE1E2EH/FQuestion6d7.ThisquestionexploresISandFXequilibriainanumericalexample.a.TheconsumptionfunctionisC�1.5�0.75(Y�T).WhatisthemarginalpropensitytoconsumeMPC?WhatisthemarginalpropensitytosaveMPS?Answer:MPC�0.75,MPS�0.25b.ThetradebalanceisTB�5(1�[1/E])�0.25(Y�8).WhatisthemarginalpropensitytoconsumeforeigngoodsMPCF?WhatisthemarginalpropensitytoconsumehomegoodsMPCH?Answer:MPCF�0.25,MPCH�MPC�MPCF�0.75�0.25�0.5c.TheinvestmentfunctionisI�2�10i.Whatisinvestmentwhentheinterestrateiisequalto0.10�10%?Answer:I�2�10(0.10)�1d.AssumegovernmentspendingisG.AddupthefourcomponentsofdemandandwritedowntheexpressionforD.Answer:D�C�I�G�TBD�1.5�0.75(Y�T)�2�10i�G�5(1�[1/E])�0.25(Y�8)D�10.5�0.5Y�0.75T�10i�G�5(1/E)e.Assumeforexmarketequilibriumisgivenbyi�([1/E]�1)�0.10,wherethetwoforeignreturntermsontherightareexpecteddepreciationandtheforeigninterestrate.Whatistheforeigninterestrate?Whatistheexpectedfutureex-changerate?Answer:i*�10%;Ee�1(thisistheUIPcondition)8.[Moredifficult]Continuingthelastquestion,solvefortheIScurve,obtainanex-pressionforYintermsofi,G,andT(eliminateE).Answer:SolvetheUIPconditionforE:1/E�(i�0.9)Plugthisexpressionintothedemandcurvefrom(d):D�10.5�0.5Y�0.75T�10i�G�5(i�0.9)Notethatatgoodsmarketequilibrium,D�Y:Y�10.5�0.5Y�0.75T�10i�G�5i�4.5Y�6�0.5Y�0.75T�15i�G0.5Y�6�0.75T�15i�GY�12�1.5T�30i�2G9.AssumethatinitiallytheIScurveisgivenbyIS1:Y�12�1.5T�30i�2GandthatthepricelevelPis1,andtheLMcurveisgivenbyLM1:M�Y(1�i)Thehomecentralbankusestheinterestrateasitspolicyinstrument.Initially,thehomeinterestrateequalstheforeigninterestrateof10%or0.1.Taxesandgovern-mentspendingbothequal2.Callthiscase1.a.AccordingtotheIS1curve,whatisthelevelofoutputY?Assumethisisthede-siredfullemploymentlevelofoutput.Answer:IS:Y�12�1.5(2)�30(0.1)�2(2)�10b.AccordingtotheLM1curve,atthislevelofoutput,whatisthelevelofthehomemoneysupply?Answer:LM:M�10(1�0.1)�9c.PlottheIS1andLM1curvesforcase1onachart.Labeltheaxes,andtheequi-libriumvalues.Answer:Seethefollowingdiagram.d.Assumethatforexmarketequilibriumisgivenbyi�([1/E]�1)�0.10,wherethetwoforeignreturntermsontherightareexpecteddepreciationandthefor-eigninterestrate.Theexpectedfutureexchangerateis1.Whatistoday’sspotex-changerate?S-68Solutions■Chapter7(18)Output,ExchangeRates,andMacroeconomicPolicies25%20%15%10%5%0%891011121314YProblem9IS1LM1Solutions■Chapter7(18)Output,ExchangeRates,andMacroeconomicPoliciesS-69Answer:i�10%:0.10�([1/E]�1)�0.10E�1e.Thereisnowaforeigndemandshock,suchthattheIScurveshiftsleftby1.5unitsatalllevelsoftheinterestrate,andthenewIScurveisgivenbyIS2:Y�10.5�1.5T�30i�2GThegovernmentasksthecentralbanktostabilizetheeconomyatfullemploy-ment.Tostabilizeandreturnoutputbacktothedesiredlevel,accordingtothisnewIScurve,byhowmuchmusttheinterestratebeloweredfromitsinitiallevelof0.1?(Assumetaxesandgovernmentspendingremainat2.)Callthiscase2.Answer:Plugthedesiredvalueofoutput(Y�10)intothenewIScurvetofindtheimpliedinterestrate,i2:(10)�10.5�1.5(2)�30i�2(2)10�11.5�30i30i�1.5i�0.05�5%f.Atthenewlowerinterestrateandatfullemployment,onthenewLMcurve(LM2),whatisthenewlevelofthemoneysupply?Answer:Plugtheoutputandinterestratefrom(e)intotheLMcurvetofindM:M�10(1�0.05)�9.5Themoneysupplymustincreasefrom9to9.5toachievethedesireddecreaseintheinterestratefrom10%to5%.g.Accordingtotheforexmarketequilibrium,whatisthenewlevelofthespotex-changerate?Howlargeisthedepreciationofthehomecurrency?Answer:PlugthenewinterestrateintotheUIPcondition:0.05�(1/E�1)�0.10�0.05�1/E�11/E�0.95E�1.053Thenominalexchangeratewillincreasefrom1to1.053whenthemoneysup-plyincreases.Thecurrencydepreciatesby5.3%(�[1.053�1]/1).h.PlotthenewIS2andLM2curvesforcase2onachart.Labeltheaxes,andtheequilibriumvalues.Answer:Seethediagrambelow.25%20%15%10%5%0%891011121314YISLMNewIS–IS2NewLM–LM2i.Returnto(e).Nowassumethatthecentralbankrefusestochangetheinterestratefrom10%.Inthiscase,whatisthenewlevelofoutput?Whatisthemoneysupply?Andifthegovernmentdecidestousefiscalpolicyinsteadtostabilizeoutput,thenaccordingtothenewIScurve,byhowmuchmustgovernmentspendingbeincreasedtoachievethisgoal?Callthiscase3.Answer:Ifthecentralbankwishestokeepi�i1�10%,thenwecanfindtheimpliedlevelofoutputfromthenewIScurve:Y�10.5�1.5(2)�30(0.10)�2(2)�8.5FromtheLMcurvewecanfindthemoneysupplyinthiscase:M�8.5(1�0.10)�7.65Themoneysupplymustdecreasefrom9to7.65tokeeptheinterestrateun-changed.Ifthegovernmentwantstostabilizeoutputbyadjustinggovernmentspending(atafixedinterestrateof10%),wecanusethenewIScurvetofindtheimpliedvalueofG:10�10.5�1.5(2)�30(0.10)�2GG�2.75Therefore,Gmustincreasefrom2to2.75tooffsettheeffectsoftheforeignde-mandshock.j.PlotthenewIS3andLM3curvesforcase3onachart.Labeltheaxesandtheequilibriumvalues.Answer:Seethefigurebelow.IS'andLM'indicatetheISandLMcurveswhenIScurvehasthesameshockasinpart(e)andthecentralbankstillkeepsthein-terestrateat10%.Thisisthecasediscussedinpart(i).Noticethatoncethegov-ernmentincreasesspending,thecentralbankwillincreasethemoneysupplyfrom7.65to9astheinterestrateriseswithincreaseingovernmentspending.IS3andLM3arethesameasIS1andLM1forpart(c).S-70Solutions■Chapter7(18)Output,ExchangeRates,andMacroeconomicPoliciesiIS3ISLM3LM�ACBi110%8.510Y�10.Inthischapter,we’vestudiedhowpolicyresponsesaffecteconomicvariablesinanopeneconomy.Considereachoftheproblemsinpolicydesignandimplementationdiscussedinthischapter.Compareandcontrasteachproblemasitappliestomonetarypolicystabilizationversusfiscalpolicystabilization.Answer:Considerthefollowinglimitations:•Policyconstraints.Dependingontheexchangerateregime,thesearemorelikelytorestrictmonetarypolicy.Becausemonetarypolicytypicallyusesanominalanchor,suchasafixedexchangerateorinterestrate,thiswilllimittheabilityofcentralbankerstorespondinaccordancewithits“rules.”•Incompleteinformationandtheinsidelag.Fiscalpolicyismorelikelytoberestrictedbytheseproblems.Fiscalpolicyfacesinstitutionallimitationsinhowfiscalpolicyisdecidedupon,whereasmonetarypolicydecisionsaremadebyasmallnumberofex-perts.Also,fiscalpolicymakersarelesslikelytohavetheexpertiseneededtogener-ateorinterpreteconomicforecastsofoutputandotherkeyvariables.•Policyresponseandtheoutsidelag.Monetarypolicyismorelikelytosufferfromthisproblembecauseitworksthroughinterestrates.Inthemodel,weassumethereisoneinterestrate,butinreality,thecentralbankinfluencesshort-termratesinthehopesthatthiswillaffectthelong-termratesthatmatterforinvestment.•Longhorizonplans.Thisproblemislikelytoaffectbothfiscalandmonetarypol-icy.Ifhouseholdsrespondtotaxcutsorincreasesingovernmentspendingac-cordingtothelong-runbudgetconstraint,theyknowthattaxcutstodaymeanmoretaxesinthefuture.Iftheywanttosmoothconsumption,thentheyshouldsaveinresponsetothetaxcut,leavingconsumption,andhencetheIScurve,un-changed.Similarly,monetarypolicyworksthroughinterestrates,butifthesechangesarenotlargeenoughintheshortrun,theeffectsoninvestment(usuallyplannedoverlongtimehorizons)maybelimited.•Weaklinksfromthenominalexchangeratetotherealexchangerate,peggedcur-rencyblocs,andweaklinksfromtherealexchangeratetothetradebalance.Allthreeofthelimitationshaveimplicationsforfiscalandmonetarypolicyinmuchthesameway.Recallthatchangesinthetradebalanceandtheexchangeratetendtomagnifytheeffectsofagivenmonetarypolicyactionwhilemutingtheeffectsofafiscalpolicyactioninafloatingexchangerateregime.Thus,ifmonetarypolicymak-ersrelyonthischannel,theirabilitytostabilizeoutputwillbelesseffective.Solutions■Chapter7(18)Output,ExchangeRates,andMacroeconomicPoliciesS-71<</ASCII85EncodePagesfalse/AllowTransparencyfalse/AutoPositionEPSFilestrue/AutoRotatePages/None/Binding/Left/CalGrayProfile(DotGain20%)/CalRGBProfile(sRGBIEC61966-2.1)/CalCMYKProfile(U.S.WebCoated\050SWOP\051v2)/sRGBProfile(sRGBIEC61966-2.1)/CannotEmbedFontPolicy/Error/CompatibilityLevel1.4/CompressObjects/Tags/CompressPagestrue/ConvertImagesToIndexedtrue/PassThroughJPEGImagestrue/CreateJDFFilefalse/CreateJobTicketfalse/DefaultRenderingIntent/Default/DetectBlendstrue/ColorConversionStrategy/LeaveColorUnchanged/DoThumbnailsfalse/EmbedAllFontstrue/EmbedJobOptionstrue/DSCReportingLevel0/EmitDSCWarningsfalse/EndPage-1/ImageMemory1048576/LockDistillerParamsfalse/MaxSubsetPct100/Optimizetrue/OPM1/ParseDSCCommentstrue/ParseDSCCommentsForDocInfotrue/PreserveCopyPagetrue/PreserveEPSInfotrue/PreserveHalftoneInfofalse/PreserveOPICommentsfalse/PreserveOverprintSettingstrue/StartPage1/SubsetFontstrue/TransferFunctionInfo/Apply/UCRandBGInfo/Preserve/UseProloguefalse/ColorSettingsFile()/AlwaysEmbed[true]/NeverEmbed[true]/AntiAliasColorImagesfalse/DownsampleColorImagestrue/ColorImageDownsampleType/Bicubic/ColorImageResolution300/ColorImageDepth-1/ColorImageDownsampleThreshold1.50000/EncodeColorImagestrue/ColorImageFilter/DCTEncode/AutoFilterColorImagestrue/ColorImageAutoFilterStrategy/JPEG/ColorACSImageDict<</QFactor0.15/HSamples[1111]/VSamples[1111]>>/ColorImageDict<</QFactor0.15/HSamples[1111]/VSamples[1111]>>/JPEG2000ColorACSImageDict<</TileWidth256/TileHeight256/Quality30>>/JPEG2000ColorImageDict<</TileWidth256/TileHeight256/Quality30>>/AntiAliasGrayImagesfalse/DownsampleGrayImagestrue/GrayImageDownsampleType/Bicubic/GrayImageResolution300/GrayImageDepth-1/GrayImageDownsampleThreshold1.50000/EncodeGrayImagestrue/GrayImageFilter/DCTEncode/AutoFilterGrayImagestrue/GrayImageAutoFilterStrategy/JPEG/GrayACSImageDict<</QFactor0.15/HSamples[1111]/VSamples[1111]>>/GrayImageDict<</QFactor0.15/HSamples[1111]/VSamples[1111]>>/JPEG2000GrayACSImageDict<</TileWidth256/TileHeight256/Quality30>>/JPEG2000GrayImageDict<</TileWidth256/TileHeight256/Quality30>>/AntiAliasMonoImagesfalse/DownsampleMonoImagestrue/MonoImageDownsampleType/Bicubic/MonoImageResolution1200/MonoImageDepth-1/MonoImageDownsampleThreshold1.50000/EncodeMonoImagestrue/MonoImageFilter/CCITTFaxEncode/MonoImageDict<</K-1>>/AllowPSXObjectsfalse/PDFX1aCheckfalse/PDFX3Checkfalse/PDFXCompliantPDFOnlyfalse/PDFXNoTrimBoxErrortrue/PDFXTrimBoxToMediaBoxOffset[0.000000.000000.000000.00000]/PDFXSetBleedBoxToMediaBoxtrue/PDFXBleedBoxToTrimBoxOffset[0.000000.000000.000000.00000]/PDFXOutputIntentProfile()/PDFXOutputCondition()/PDFXRegistryName(http://www.color.org)/PDFXTrapped/Unknown/Description<</ENU(UsethesesettingstocreatePDFdocumentswithhigherimageresolutionforhighqualitypre-pressprinting.ThePDFdocumentscanbeopenedwithAcrobatandReader5.0andlater.Thesesettingsrequirefontembedding.)/JPN<FEFF3053306e8a2d5b9a306f30019ad889e350cf5ea6753b50cf3092542b308030d730ea30d730ec30b9537052377528306e00200050004400460020658766f830924f5c62103059308b3068304d306b4f7f75283057307e305930023053306e8a2d5b9a30674f5c62103057305f00200050004400460020658766f8306f0020004100630072006f0062006100740020304a30883073002000520065006100640065007200200035002e003000204ee5964d30678868793a3067304d307e305930023053306e8a2d5b9a306b306f30d530a930f330c8306e57cb30818fbc307f304c5fc59808306730593002>/FRA<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