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Magazine Problem 1
What is the difference between traditional Keynesian and new Keynesian economics?
Problem 2
Why does monetary policy operate with a long and variable lag? Give an example to illustrate your explanation.
Problem 3
What is the difference between old classical and new classical economics?
Problem 6
If unexpected increases in the growth rate of the money supply can increase real GDP, why doesn't the Fed follow a policy of unexpectedly increasing the money supply to increase the growth of real GDP?
Problem 9
Do sticky wages seem realistic? If you wanted to research the stickiness of wages, how might you design your study?
Problem 11
For exercises 10-17, tell which school of thought would most likely be associated with the following quotes: "cThe best monetary policy is to keep the money supply growing at a slow and steady rate."
Problem 12
For exercises 10-17, tell which school of thought would most likely be associated with the following quotes: "Frictional unemployment is a result of workers voluntarily substituting leisure for labor when wages fall."'
Problem 16
For exercises 10-17, tell which school of thought would most likely be associated with the following quotes: "Since the aggregate supply curve is horizontal, aggregate demand will determine the equilibrium level of real GDP.""
Problem 17
For exercises 10-17, tell which school of thought would most likely be associated with the following quotes: "If everyone believed that the monetary authority was going to cut the inflation rate from 6 percent to 3 percent, such a reduction in inflation could be achieved without any significant increase in unemployment."
