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Suppose you have been elected to Congress. One day, one of your colleagues makes the following statement:
The Fed chair is the most powerful economic policy maker in the United States. We should not turn over the keys to the economy to someone who was not elected and therefore has no accountability. Congress should impose an explicit Taylor rule on the Fed. Congress should choose not only the target inflation rate but the relative weight on the inflation and unemployment targets. Why should the preferences of an individual substitute for the will of the people, as expressed through the democratic and legislative processes?
Do you agree with your colleague? Discuss the advantages and disadvantages of imposing an explicit Taylor rule on the Fed.
Solve Tracy's problem of how often to go to the ATM when the nominal interest rate on her bank account is 10 perent, she spends $30 each day, it costs her $.50 each time she uses her ATM, and she thinks that there is a 15 percent chance.
An increase in consumer income will increase the price and quantity of Beetles sold. Since price elasticity of demand is greater than 1, total revenue will go down.
Use this modified diagram to examine the effects of temporary and permanent changes in monetary and fiscal policy.
Be sure to provide support for your answer, including at least one example of how the principle is currently reflected in U.S. society.
The eq'm wage is currently $7/hour, eq'm Q of labor is 35 hours. Using generic QLS and QLD labels (if necessary), show what is going on in this economy after the minimum wage goes into effect. How much unemployment results
The production function is Q = ALaKb, where a > 0 and b > 0. a. The marginal product of labor is MPL = b. The marginal product of capital is MPK = c The marginal rate of technical substitution is MRTS =
Using the two economic indicators selected for your Housing Industry Overview Paper assignment, Compare and contrast at least two different eighteen month forecasts for each of the 2-economic indicators.
What will the bond be worth to an investor who is not too concerned about risk at that time? If the firm appears likely to go bankrupt, how will the expected return on this bond change?
how will (a) an unexpected 3% fall in the price level in the goods and services market differ from (b) 1% inflation when 4% inflation had been expected What impact would (a) and (b) have on the real price of resources, profit margins, output, and ..
The Jenkis Tool Company estimated the following demand equation for it's product: QD=12,000-4,000 P Where P=price/unit QD=quantity demanded/year The firm's total costs are $4,000 when nothing is being produced.
What two characteristics define a public good? Give an example. Why will private markets not supply the efficient level of public goods?
Calculate and interpret the individual and combined effects of changes to X0 and M0 such that X0 = 150 and M0 = 150 and all other variables remain unchanged.
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