答案和详解如下： 1.A decision by the Federal Reserve to maintain stable money supply growth during both recessionary and inflationary periods is an example of a: A) new Monetarist feedback rule policy. B) fixed-rule policy. C) discretionary policy. D) new Keynesian feedback rule policy. The correct answer was B) Fixed-rule policies refer to actions of the Fed that are taken regardless of the health of the economy (e.g., rules ensuring stable money supply growth during both good and bad economic periods). In contrast, feedback-rule policies refer to a set of rules dictating actions to be taken by the Federal Reserve in response to the changing health of the economy. Examples include actions to increase the money supply or decrease interest rates whenever the unemployment rate rises above the natural rate (full employment rate) or whenever real GDP is less than potential GDP for a particular time period. Finally, discretionary policies are similar to feedback policies in that they also refer to actions taken in response to changes in the economy, but they do not follow a strict or automated set of rules, but rather use subjective judgment to treat each situation in a unique manner. 2.A policy of the Federal Reserve to increase the money supply whenever the unemployment rate rises above the full employment rate is an example of a: A) feedback rule policy. B) new Monetarist fixed-rule policy. C) discretionary policy. D) new Keynesian fixed-rule policy. The correct answer was A) Feedback-rule policies refer to a set of rules dictating actions to be taken automatically by the Federal Reserve in response to specific changes in the economy. Examples include actions to increase the money supply or decrease interest rates whenever the unemployment rate rises above the natural rate (full employment rate) or whenever real GDP growth is less than potential real GDP growth over a particular time period. In contrast, fixed-rule policies refer to actions of the Fed that are taken regardless of the health of the economy (e.g., rules ensuring stable money supply growth in both good and bad economic periods). Finally, discretionary policies are similar to feedback policies in that they also refer to actions taken in response to changes in the economy, but they do not follow a strict or automated set of rules, but rather use subjective judgment to treat each situation in a unique manner. 3.Economists Franklin Robinson and Jon Powell recently debated the effects of fixed-rule and feedback-rule monetary policies. Robinson claims that fixed-rule policies are likely to stabilize the price level after an increase in aggregate demand. Powell claims that feedback-rule policies are more likely to keep real GDP close to potential GDP after a decrease in aggregate demand. Regarding the statements made by Robinson and Powell: A) Incorrect Incorrect B) Incorrect Correct C) Correct Correct D) Correct Incorrect The correct answer was B) Fixed-rule policies refer to actions of the Fed that are taken regardless of the health of the economy (e.g., rules ensuring stable money supply growth in both good and bad economic periods). Therefore, after aggregate demand increases, the fixed-rule policy does not adjust the money supply. The price level will likely increase as a result of the increase in aggregate demand, with no change in the money supply. Therefore, Robinson is incorrect. Powell’s statement, however, is correct. Feedback-rule policies refer to a set of rules dictating actions to be taken by the Federal Reserve in response to the changing health of the economy. Examples include actions to increase the money supply or decrease interest rates whenever real GDP is less than potential GDP. After a decrease in aggregate demand, real GDP will most likely fall below potential real GDP. The feedback-rule will dictate money supply increases or interest rate cuts that will cause real GDP to increase closer to potential GDP. | 
发表于 2008-5-15 14:30
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