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1、CHAPTER8POLICYSolutionstotheProblemsintheTextbook:ConceptualProblems:1.Thefirstquestionyoushouldaskyourselfasapolicymakeriswhetheradisturbanceistransitoryorpersistent.Youshouldthenaskyourselfhowlongitwouldtaketoputasuggestedpolicymeasureintoeffectandh
2、owlongitwilltakeforthepolicytohavethedesiredeffectontheeconomy.Inaddition,youneedtoknowhowreliabletheestimatesofyouradvisorsareabouttheeffectsofthepolicy.Ifadisturbanceissmallandprobablytransitory,youmaybebestadvisedtodonothing,becauseanymeasureyoutak
3、eislikelytohaveitseffectaftertheeconomyhasrecovered.Thereforeyouractionmightonlyfurtheraggravatetheproblem・2.a.Theinsidelagisthetimeittakesafteraneconomicdisturbancehasoccurredtorecognizeandimplementapolicyactionthatwilladdressthedisturbance.2bTheinsi
4、delagisdividedintothreeparts.First,thereistherecognitionlag,thatis,thetimeittakesforpolicymakerstorealizethatadisturbancehasoccurredandthatapolicyresponseiswarranted.Second,thereisthedecisionlag,thatis,thetimeittakestodecideonthemostdesirablepolicyres
5、ponseafteradisturbanceisrecognized・Finally,thereistheactionlag,thatis,thetimeittakestoactuallyimplementthepolicymeasure・2.c.InsidelagsareshorterformonetarypolicythanforfiscalpolicysincetheFOMCmeetsonaregularbasistodiscussandimplementmonetarypolicy.Fis
6、calpolicy,ontheotherhand,hastobeinitiatedandpassedbybothhousesoftheU.S.Congressandthiscanbealengthyprocess・Theexceptionsaretheso-calledautomaticstabilizers;however,theyonlyworkwellforsmallandtransitorydisturbances2.dAutomaticstabilizershavenoinsidelag
7、;theyareendogenousandfunctionwithoutspecificgovernmentintervention.Examplesaretheincometaxsystem,thewelfaresystem,unemploymentinsurance,andtheSocialSecuritysystem.Theyallreducetheamountbywhichoutputchangesinresponsetoaneconomicdisturbance・3.a.Theoutsi
8、delagisthetimeittakesforapolicyaction,onceimplemented,tohaveitsfulleffectontheeconomy.3.b.Generally,theoutsidelagisadistributedlagwithasmallimmediateeffectandalargeroveralleffectoveralongertimeperiod・Theeffectisspreadovertime,sinceaggregatedem
