布兰查德宏观经济学第七版第7版英文版chapter21.docx
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布兰查德宏观经济学第七版第7版英文版chapter21.docx
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布兰查德宏观经济学第七版第7版英文版chapter21
Macroeconomics,7e(Blanchard)
Chapter21:
ShouldPolicyMakersbeRestrained?
21.1UncertaintyandPolicy
1)In1994,Republicansintroducedtheir"ContractwithAmerica."Thisplan
A)includedaPAYGOrule.
B)wouldrestricttheabilityofmonetarypolicytoaffecttheeconomyintheshortrun.
C)includedalineitemveto.
D)wouldmaketheFederalReserveevenmoreindependentthanitalreadyis.
E)alloftheabove
Answer:
C
Diff:
1
2)EconometricmodelsoftheU.S.economygenerallyagree
A)onthequantitativeimpactofmonetarypolicyoverahorizonofseveralyears.
B)thatanincreaseinmoneygrowthwillincreaseoutputintheshortrun.
C)thatanincreaseinmoneygrowthwilldecreaseoutputintheshortrun.
D)thatanincreaseinmoneygrowthwilldecreaseoutputinthelongrun.
E)that"rationalexpectations"isthebestwaytogeneratepolicyforecasts.
Answer:
B
Diff:
1
3)Allofthemacroeconometricmodelscurrentlyinuse
A)originateintheUnitedStates.
B)incorporaterationalexpectationsintotheirpredictions.
C)originatewithgovernmentorinternationalagencies.
D)originatewithcommercialfirmswhoselltheirforecaststootherfirmsandgovernments.
E)noneoftheabove
Answer:
E
Diff:
1
4)Forthisquestion,assumethatthethereexistsuncertaintyabouttheimpactofmonetarypolicyonthemacroeconomy.Giventhisinformation,itwouldbemostappropriateforthecentralbanktoincreasemoneygrowth
A)atthemidpointofarecession.
B)bymorethantheincreasethatwillyieldthedesiredresponse.
C)bylessthantheincreasethatwillyieldthedesiredresponse.
D)byanamountequaltotheincreasethatwillyieldthedesiredresponse.
E)onlyafteritiscertainthattheeconomyhasenteredarecession.
Answer:
C
Diff:
2
5)Giventheuncertaintyabouttheeffectsofmacropolicy,economistsgenerallyproposethat
A)macropoliciesshouldbemoreactive,thelowerthelevelofunemploymentorinflation.
B)changesinmoneygrowthshouldonlybeusedforfinetuningtheeconomy,notforcorrectinglargeimbalances(suchashighinflation).
C)moneygrowthshouldbesetatzerobyconstitutionalamendment.
D)electedofficialsshouldhavemoreinputinthedeterminationofmonetarypolicy.
E)noneoftheabove
Answer:
E
Diff:
2
6)Asuncertaintyabouttheeffectsofpolicyonoutputdecreases,wewouldexpectthat
A)policymakerswouldbemorefrequentlyimplementfinetuningpolicies.
B)policymakerswouldimplementmoreactivepolicies.
C)policymakerswouldimplementlessactivepolicies.
D)bothAandB
E)bothAandC
Answer:
D
Diff:
1
7)Whoisbestknownforarguingaboutthefinetuningofmonetarypolicy?
A)Friedman
B)Keynes
C)Modigliani
D)Greenspan
E)Bernanke
Answer:
C
Diff:
1
8)Explainwhetheruncertaintyshouldcausepolicymakerstodomoreordolesstostabilizetheeconomy.
Answer:
Asuncertaintyincreases,policymakersshoulddoless.Alternatively,moreactivepolicieswouldactuallyleadtomoreuncertainty.Thisisbasedon,asBlanchardnotes,multiplicativeuncertainty.
Diff:
1
9)WhatweresomeofthekeyfeaturesintermsoffiscalpolicyoftheStabilityandGrowthPactsignedin1997bywould-bemembersoftheEuro?
Answer:
TheStabilityandGrowthpact:
(1)committedcountriestobalancetheirbudgetsinthemediumrun;
(2)countriesavoidexcessivedeficits;and(3)imposedsanctionsoncountriesthatranexcessivedeficits.
Diff:
2
10)WhatarethenewrulesoftheEuroPlusPactadoptedin2011?
Answer:
ItrequiresmembercountriestotranslatetheSGPrulesintonationallegislation,eitherthroughaconstitutionalamendmentoraframeworklaw.
Diff:
2
11)WhatarethemainrulesoftheBudgetEnforcementActof1990?
Answer:
Thetwomainrulesare:
1)itimposedconstraintsonspending;2)itrequiresthatanewtransferprogramcouldonlybeadoptedifitcouldbeshownnottoincreasedeficitsinthefuture.
Diff:
2
12)ExplainspendingcapssetbytheBudgetEnforcementAct.
Answer:
TheBudgetEnforcementActimposedconstrainsonspending.Theseconstraints,calledspendingcaps,weresetondiscretionaryspendingforthefollowingfiveyears.Thesecapsweresetinsuchawayastorequiresmallbutsteadydecreaseindiscretionaryspending(inrealterms).Explicitprovisionsweremadeforemergencies.
Diff:
2
21.2ExpectationsandPolicy
1)Theideathattheeconomyoperateslikeacomplicated,predictablemachineisanimportantaspectof
A)gametheory.
B)attritiontheory.
C)thetheoryofstrategicinteraction.
D)timeinconsistencytheory.
E)optimalcontroltheory.
Answer:
E
Diff:
1
2)Inmacroeconomics,gametheoryfocusesonthestrategicinteractionsbetweenwhichofthefollowinggroupsofagents?
A)individuals;firms
B)individualsandfirms;policymakers
C)policymakers;economicforecasters
D)individualsandfirms;economicforecasters
Answer:
B
Diff:
1
3)Whichofthefollowingbestdefinestimeinconsistency?
A)theincreasinginaccuracyofeconometricmodelsasthetimehorizonbecomeslonger
B)thetendencyfortheriseinoutputtobegreaterintheearlyyearsofapresident'sterm,andsmallerinthelateryears
C)theeffectsofpoliticalelectoralcyclesonthebusinesscycle
D)thetendencyforpolicymakerstodeviatefromapre-announcedoptimalpolicyonceagentsintheeconomyhaveadjustedtheirbehaviorandexpectationsbasedonthepre-announcedpolicy
E)theeffectofeconomicuncertaintyonshort-runstabilizationpolicy
Answer:
D
Diff:
1
4)Theexistenceofthetimeinconsistencyprobleminmacropolicysuggestswhichofthefollowing?
A)Usefiscalandmonetarypolicytofinetunetheeconomy.
B)Reducetheindependenceofthecentralbank.
C)Appointsomeonewhoismoreconservative(economically)thantherestofthegovernmenttoheadthecentralbank.
D)Intervenefrequentlyintheforeignexchangemarket.
E)Eliminaterationalexpectationsfromeconometricmodelsusedforforecasting.
Answer:
C
Diff:
1
5)OncepeoplebelievetheFed'scommitmenttokeepunemploymentatthenaturalrate,theFedcanreduceunemploymentbelowthenaturalrate
A)inboththeshortrunandthelongrun.
B)inboththeshortrunandthelongrun,butonlyafterchangingpeoples'expectations.
C)inthelongrun,butnottheshortrun.
D)intheshortrun,butnotinthelongrun.
E)noneoftheabove
Answer:
D
Diff:
1
6)Tosolvethe"timeinconsistency"probleminmacropolicy,anationmaywellhaveto
A)restrictitselfinthepresentfromtakingcertainpolicymovesinthefuture.
B)liftallrestrictionsonfuturepolicymoves.
C)presentpolicymovestothepublic,forexample,inareferendum.
D)usethecourtstosettlepolicydisputes.
E)makethecentralbankmoreresponsivetothepopularwill.
Answer:
A
Diff:
1
7)Researchindicatesthatthemoreindependentthecentralbank,
A)thesmallerthebudgetdeficit.
B)thehigherthenominalinterestrate.
C)thelowertherateofinflation.
D)thelargerthetimeinconsistencyprobleminmakingpolicy.
E)thegreaterthelikelihoodofa"warofattrition"overpolicy.
Answer:
C
Diff:
1
8)Onesurprisinginsightfromviewingpolicyasa"game"isthat
A)centralbankersshouldprojectanimageofbeingconservativeoneconomicpolicymatters,regardlessoftheirpersonalviews.
B)itismoredifficulttocontrolinflationwhenthecentralbankishighlyindependent.
C)uncertaintyovertheimpactofpolicymakeslittledifferenceindesigninganoptimalpolicy.
D)moneygrowthhaslittleornoimpactoninflationinthelongrun.
E)decreasingmoneygrowthmaysubstantiallyincreasetherateofinflationinthelongrun.
Answer:
A
Diff:
1
9)Whichofthefollowingisthemostpowerfulargumentforputtingrestraintsonpolicymakers(asopposedtoself-restraintbypolicymakersthemselves)?
A)timeinconsistency
B)uncertaintyaboutOkun'scoefficient
C)uncertaintyaboutthenaturalrateofunemployment
D)uncertaintyaboutthetimingofpolicyimpacts
E)disagreementsabouttheproperstructureofaneconometricmodel
Answer:
A
Diff:
1
10)Todealwiththetimeinconsistencyproblemassociatedwithmonetarypolicy,somehavesuggestedthat
A)theheadofthecentralbankbechosenbyelection.
B)thecentralbankimplementexpansionarymonetarypolicypriortoelectionyears.
C)electedofficialsshouldhaveadirectinfluenceontheimplementationofmonetarypolicy.
D)alloftheabove
E)noneoftheabove
Answer:
E
Diff:
1
11)ResearchforanumberofOECDcountriessuggeststhatinflationwillbelower
A)themoreindependentthecentralbank.
B)thelessindependentthecentralbank.
C)iftheheadsofcentralbanksarechosenbyelection.
D)whenthetermsoftheheadsofcentralbankscoincidewiththetermsofelectedofficials.
Answer:
A
Diff:
1
12)Gametheoryanalysisofmacropolicysuggeststhatasvotersbecomemoreshort-sighted
A)policymakerswillbetemptedtoraisetaxes.
B)policymakerswillbeforcedtobalancethebudget.
C)policymakerswilladoptpoliciestodaytoachievebalancedbudgetsinthefuture.
D)alloftheabove
E)noneoftheabove
Answer:
E
Diff:
1
13)Whichofthetheoryisbettertothinkaboutpolicy?
A)gametheory
B)optimalcontroltheory
C)expectationstheory
D)noneoftheabove
Answer:
A
Diff:
1
14)Thehostagetakingexamplewasdevelopedby
A)JohnNash.
B)KydlandandPrescott.
C)JohnHarsanyi.
D)ReinhardSelten.
Answer:
B
Diff:
1
15)Whichofthefollowingisnotanexampleoftheissueoftimeinconsistency?
A)acentralbankannouncedtomaintainlowinflationandatthesametimeincreasedmoneysupply
B)agovernmentstatedthattheywillnotnegotiatewithhostageta
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