According to the Ricardian equivalence proposition, current deficits
will not affect consumption or national saving
will affect consumption but not national saving
will affect national saving but not consumption
will affect both consumption and national saving
Vault cash is equal to $8 million, deposits by depository institutions at the
central bank are $2 million, the monetary base is $40 million, and bank
deposits are $100 million. The money multiplier is equal to
2.5
3.0
4.0
5.0
Suppose there was a banking crisis. The money supply would shrink by the
greatest amount if the public________ their currency-deposit ratio and the
banks________ their reserve-deposit ratio.
decreased, decreased
decreased, increased
increased, decreased
increased, increased
A rise in the domestic real interest rate would cause a________ in-net exports
and a________ in the exchange rate.
rise, rise
rise, fall
fall, rise
fall, fall
A rapid and decisive reduction in the rate of growth of the money supply for
the purpose of disinflation is called
a salt water policy
a cold shower policy
gradualism
a cold turkey policy
One cost of a perfectly anticipated inflation is that it
transfers wealth from lenders to borrowers
transfers wealth from borrowers to lenders
increases money costs
damaged the role of prices as signals in the economy
Lucas critique is an objection to the assumption that
inflation is always and everywhere a monetary phenomenon
there is a negative relationship between inflation and unemployment
historical relationships between macroeconomic variables will continue to
hold after new policies are in place
people form expectations rationally
In the Keynesian model, the difference between using monetary and fiscal
policy to eliminate a recession is that
monetary policy will eliminate a recession quicker than fiscal policy will
fiscal policy will eliminate a recession quicker than monetary policy will
an expansionary monetary policy will leave the economy with a lower real
interest rate than an expansionary fiscal policy
an expansionary fiscal policy will leave the economy with a lower real
interest rate than an expansionary monetary policy
In the long run in the Keynesian model, a beneficial supply shock would leave
the economy with a higher level of output, but also a_________ real interest rate
and a________ price level.
higher, lower
lower, higher
lower, lower
higher, higher
According to the misperceptions theory, and anticipated 10% decrease in the
money supply leads to a short-run reduction in the price level of
0%
5%
some amount between 0% and 10%
10%
One important reason why the Solow residual may be strongly procyclical even
if the actual technology used in production doesn't change is that
employment is procyclical
resource utilization is procyclical
demand shocks are the dominant force determining the business cycle
the coefficients on capital and labor in the production function are
procyclical.
When RBC economists compare the correlations in their models to the data,
what are they looking at?
the degree to which variables lead output over the business cycle
the strength of procyclicality of different variables
the amount of random variation in economic variables
the degree to which different economic variables move together
Which of the following changes shifts the AD curve to the right?
A rise in the nominal money supply
an increase in income taxes
an increase in the risk on nonmonetary assets
a decrease in the future marginal productivity of capital
When the money supply declines by 10%, in the long run, output________ and
the price level_______ .
is unchanged/ is unchanged
declines, falls
is unchanged, falls
declines, is unchanged
According to the graph above, please interpret whether the convergence has
or has not occurred between 1880 and 2000. The x-axis is income level in
1880. (10%)
If Prof. White would like to test the validity of convergence, his equation is
as follows. (10%)
The relationship between exchange rate and current account is an interesting
issue to macroeconomists. Please apply the following graph to answer
questions. (25%)
(1) Do you find J-curve effects on the graph? Why causes J-curve effect?
(10%)
(2) There are both fixed exchange regime and floating exchange regime on the
graph. Please graphically apply Mundell-Fleming model to analyze
effectiveness of monetary policy after 1975. (Please also show the
equations of Mundell-Fleming model with assumptions) (15%)
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