宏观经济学课件 OBlanchard Macroeconomics 6th chapter 22.docx
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宏观经济学课件 OBlanchard Macroeconomics 6th chapter 22.docx
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宏观经济学课件OBlanchardMacroeconomics6thchapter22
Macroeconomics,6e(Blanchard/Johnson)
Chapter22:
ShouldPolicyMakersbeRestrained?
22.1MultipleChoiceQuestions
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)Theideathattheeconomyoperateslikeacomplicated,predictablemachineisanimportantaspectof
A)gametheory.
B)attritiontheory.
C)thetheoryofstrategicinteraction.
D)timeinconsistencytheory.
E)optimalcontroltheory.
Answer:
E
Diff:
1
7)Inmacroeconomics,gametheoryfocusesonthestrategicinteractionsbetweenwhichofthefollowinggroupsofagents?
A)individuals;firms
B)individualsandfirms;policymakers
C)policymakers;economicforecasters
D)individualsandfirms;economicforecasters
Answer:
B
Diff:
1
8)Whichofthefollowingbestdefinestimeinconsistency?
A)theincreasinginaccuracyofeconometricmodelsasthetimehorizonbecomeslonger.
B)thetendencyfortheriseinoutputtobegreaterintheearlyyearsofapresident'sterm,andsmallerinthelateryears.
C)theeffectsofpoliticalelectoralcyclesonthebusinesscycle.
D)thetendencyforpolicymakerstodeviatefromapre-announcedoptimalpolicyonceagentsintheeconomyhaveadjustedtheirbehaviorandexpectationsbasedonthepre-announcedpolicy
E)theeffectofeconomicuncertaintyonshort-runstabilizationpolicy.
Answer:
D
Diff:
1
9)Theexistenceofthetimeinconsistencyprobleminmacropolicysuggestswhichofthefollowing?
A)usefiscalandmonetarypolicytofinetunetheeconomy.
B)reducetheindependenceofthecentralbank.
C)appointsomeonewhoismoreconservative(economically)thantherestofthegovernmenttoheadthecentralbank.
D)intervenefrequentlyintheforeignexchangemarket.
E)eliminaterationalexpectationsfromeconometricmodelsusedforforecasting.
Answer:
C
Diff:
1
10)OncepeoplebelievetheFed'scommitmenttokeepunemploymentatthenaturalrate,theFedcanreduceunemploymentbelowthenaturalrate
A)inboththeshortrunandthelongrun.
B)inboththeshortrunandthelongrun,butonlyafterchangingpeoples'expectations.
C)inthelongrun,butnottheshortrun.
D)intheshortrun,butnotinthelongrun.
E)noneoftheabove
Answer:
D
Diff:
1
11)Tosolvethe"timeinconsistency"probleminmacropolicy,anationmaywellhaveto
A)restrictitselfinthepresentfromtakingcertainpolicymovesinthefuture.
B)liftallrestrictionsonfuturepolicymoves.
C)presentpolicymovestothepublic,forexample,inareferendum.
D)usethecourtstosettlepolicydisputes.
E)makethecentralbankmoreresponsivetothepopularwill.
Answer:
A
Diff:
1
12)Researchindicatesthatthemoreindependentthecentralbank,
A)thesmallerthebudgetdeficit.
B)thehigherthenominalinterestrate.
C)thelowertherateofinflation.
D)thelargerthetimeinconsistencyprobleminmakingpolicy.
E)thegreaterthelikelihoodofa"warofattrition"overpolicy.
Answer:
C
Diff:
1
13)Onesurprisinginsightfromviewingpolicyasa"game"isthat
A)centralbankersshouldprojectanimageofbeingconservativeoneconomicpolicymatters,regardlessoftheirpersonalviews.
B)itismoredifficulttocontrolinflationwhenthecentralbankishighlyindependent.
C)uncertaintyovertheimpactofpolicymakeslittledifferenceindesigninganoptimalpolicy.
D)moneygrowthhaslittleornoimpactoninflationinthelongrun.
E)decreasingmoneygrowthmaysubstantiallyincreasetherateofinflationinthelongrun.
Answer:
A
Diff:
1
14)Whichofthefollowingisthemostpowerfulargumentforputtingrestraintsonpolicymakers(asopposedtoself-restraintbypolicymakersthemselves)?
A)timeinconsistency
B)uncertaintyaboutOkun'scoefficient
C)uncertaintyaboutthenaturalrateofunemployment
D)uncertaintyaboutthetimingofpolicyimpacts
E)disagreementsabouttheproperstructureofaneconometricmodel
Answer:
A
Diff:
1
15)Inwhichofthefollowingpoliticalsystemswouldapoliticalbusinesscyclebemorelikelytooccur?
A)ademocracywithelectionsthatoccuronaregularbasis
B)aparliamentary
C)communist-typeeconomies
D)socialist-typeeconomies
E)ademocracywithelectionsthatoccuronanirregularbasis
Answer:
A
Diff:
1
16)IntheUnitedStates,presidentialelectionsoccureveryfouryears.IfapoliticalbusinesscycleexistsintheUnitedStates,inwhichyearofapresidentialterm,allelsefixed,wouldweexpectoutputgrowthtobehighest?
A)thefirstyear
B)thesecondyear
C)thethirdyear
D)thefourthyear
Answer:
D
Diff:
1
17)IntheUnitedStates,presidentialelectionsoccureveryfouryears.IfapoliticalbusinesscycleexistsintheUnitedStates,inwhichyearofapresidentialterm,allelsefixed,wouldweexpectoutputgrowthtobelowest?
A)thefirstorsecondyear
B)thesecondorthirdyear
C)thethirdorfourthyear
D)thefourthyear
Answer:
A
Diff:
1
18)WhichofthefollowingstatementsistrueabouttheUnitedStatesoverthepastfiftyyears?
A)thereisnoevidenceofpoliticalbusinesscyclesintheUnitedStates
B)thedebt-to-GDPratiohasbeenroughlyconstant
C)undereitherparty,outputgrowthhasbeengenerallyhigherintheyearprecedinganelectionthaninotheryears
D)noneoftheabove
Answer:
C
Diff:
1
19)Duringwhichofthefollowingdecadeswasthedebt-to-GDPratiogenerallyhighestintheUnitedStates?
A)1930s
B)1940s
C)1960s
D)1980s
E)1990s
Answer:
B
Diff:
1
20)SupposewecomparetheaveragegrowthratesofoutputforRepublicanandDemocraticadministrations.Inwhichyear,onaverage,isthedifferenceingrowthratesforRepublicanandDemocraticadministrationsgreatest?
A)first
B)second
C)third
D)fourth
E)thegrowthratesarenearlyidenticalforbothparties
Answer:
B
Diff:
1
21)Analysisofmacropolicyandtheoryhasresultedinofthefollowingviews?
A)thereshouldbenoconstraintsimposedonfiscalormonetarypolicy.
B)aconstitutionalamendmentisthemostappropriatemethodtoconstrainfiscalpolicy.
C)theheadsofthecentralbankshouldbechosenbypopularelections.
D)alloftheabove
E)noneoftheabove
Answer:
E
Diff:
1
22)Supposeanelectedofficialwishestointroduceanewgovernmentprogram.UnderaPAYGOrule,thisnewprogramwouldbeadoptedonlyif
A)thebudgetdeficitisreducedbythesameamountasthecostsofthenewprogram.
B)thebudgetdeficitisreducedbyhalftheamountofthecostsofthenewprogram.
C)thenewprogramdoesnotresultinanincreaseinthecurrentorfuturebudgetdeficit.
D)noneoftheabove
Answer:
C
Diff:
2
23)Whichofthefollowingwasoneofthemainrulesinthe1990"BudgetEnforcementAct"?
A)flattaxrate
B)spendingcaps
C)indexationofincometaxbrackets
D)consumptiontax
E)noneoftheabove
Answer:
B
Diff:
1
24)Whichofthefollowingwasoneofthemainrulesinthe1990"BudgetEnforcementAct"?
A)flattaxrate
B)PAYGOrule
C)indexationofincometaxbrackets
D)consumptiontax
E)noneoftheabove
Answer:
B
Diff:
1
25)ThePAYGOrulewasallowedtoexpireinwhichyear?
A)1990
B)1991
C)2002
D)thePAYGOrulestillexists
Answer:
D
Diff:
1
26)Argumentsforplacingrestraintsonpolicymakersfallintowhichofthefollowing?
A)policymakersunderstandcompletelyhowtheeconomyoperates
B)policymakershavegoodintentions,butendupdoingmoreharmthangood
C)policymakersdowhatisbestforthem,notnecessarilywhatisbestforthecountry
D)alloftheabove
E)bothBandC
Answer:
C
Diff:
1
27)Finetuningrepresen
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