布兰查德宏观经济学第七版第7版英文版chapter (21).pdfVIP

Macroeconomics, 7e (Blanchard) Chapter 21: Should Policy Makers be Restrained? 21.1 Uncertainty and Policy 1) In 1994, Republicans introduced their Contract with America. This plan A) included a PAYGO rule. B) would restrict the ability of monetary policy to affect the economy in the short run. C) included a line item veto. D) would make the Federal Reserve even more independent than it already is. E) all of the above Answer: C Diff: 1 2) Econometric models of the U.S. economy generally agree A) on the quantitative impact of monetary policy over a horizon of several years. B) that an increase in money growth will increase output in the short run. C) that an increase in money growth will decrease output in the short run. D) that an increase in money growth will decrease output in the long run. E) that rational expectations is the best way to generate policy forecasts. Answer: B Diff: 1 3) All of the macroeconometric models currently in use A) originate in the United States. B) incorporate rational expectations into their predictions. C) originate with government or international agencies. D) originate with commercial firms who sell their forecasts to other firms and governments. E) none of the above Answer: E Diff: 1 4) For this question, assume that the there exists uncertainty about the impact of monetary policy on the macroeconomy. Given this information, it would be most appropriate for the central bank to increase money growth A) at the midpoint of a recession. B) by more than the increase that will yield the desired response. C) by less than the increase that will yield the desired response. D) by an amount equal to the increase that will yield the desired response. E) only after it is certain that the economy has entered a recession. Answer: C Diff: 2 1 Copyright © 2017 Pearson Education, Inc. 5) Give