The Economics of Money Banking and Financial Markets 10E - Mishkin - TB chapter 24

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1、EconomicsofMoney,Banking,andFin.Markets,10e(Mishkin)Chapter24TheRoleofExpectationsinMonetaryPolicy24.1LucasCritiqueofPolicyEvaluation1)Whetheroneviewsthediscretionarypoliciesofthe1960sand1970sasdestabilizingorbelievestheeconomywouldhavebeenlessstablewithoutthesepolicies,mosteconomistsagreethatA)sta

2、bilizationpoliciesprovedmoredifficultinpracticethanmanyeconomistshadexpected.B)stabilizationpoliciesprovednottobeinflationary.C)thenondiscretionarypolicymakerswererightinbelievingthattheprivateeconomyisinherentlystable.D)thediscretionarypolicymakerswererightinbelievingthattheprivateeconomyisinheren

3、tlystable.Answer:AQuesStatus:PreviousEditionAACSB:Reflectivethinkingskills2)TheargumentthateconometricpolicyevaluationislikelytobemisleadingifpolicymakersassumestableeconomicrelationshipsisknownasA)themonetaristrevolution.B)theLucascritique.C)publicchoicetheory.D)newKeynesiantheory.Answer:BQuesStat

4、us:PreviousEditionAACSB:Reflectivethinkingskills3)Lucasarguesthatwhenpolicieschange,expectationswillchangetherebyA)changingtherelationshipsineconometricmodels.B)causingthegovernmenttoabandonitsdiscretionarystance.C)forcingtheFedtokeepitsdeliberationssecret.D)makingiteasiertopredicttheeffectsofpolic

5、ychanges.Answer:AQuesStatus:PreviousEditionAACSB:Reflectivethinkingskills4)Therationalexpectationshypothesisimpliesthatwhenmacroeconomicpolicychanges,A)theeconomywillbecomehighlyunstable.B)thewayexpectationsareformedwillchange.C)peoplewillbeslowtocatchontothechange.D)peoplewillmakesystematicmistake

6、s.Answer:BQuesStatus:PreviousEditionAACSB:Reflectivethinkingskills7Copyright©2013PearsonEducation,Inc.5)TheLucascritiqueindicatesthatA)advocatesofdiscretionarypolicies'criticismsofrationalexpectationsmodelsarewell-founded.B)advocatesofdiscretionarypolicies'criticismsofrationalexpectationsmodelsaren

7、otwell-founded.C)expectationsareimportantindeterminingtheoutcomeofadiscretionarypolicy.D)expectationsarenotimportantindeterminingtheoutcomeofadiscretionarypolicy.Answer:CQuesStatus:PreviousEditionAACSB:Refl