The Economics of Money, Banking and Financial Markets (11th 11E - Mishkin - TB chapter 24

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1、EconomicsofMoney,Banking,andFinancialMarkets,11e(Mishkin)Chapter24TheRoleofExpectationsinMonetaryPolicy24.1LucasCritiqueofPolicyEvaluation1)Whetheroneviewsthediscretionarypoliciesofthe1960sand1970sasdestabilizingorbelievestheeconomywouldhavebeenlessstablewithoutthesepolicies,most

2、economistsagreethatA)stabilizationpoliciesprovedmoredifficultinpracticethanmanyeconomistshadexpected.B)stabilizationpoliciesprovednottobeinflationary.C)thenondiscretionarypolicymakerswererightinbelievingthattheprivateeconomyisinherentlystable.D)thediscretionarypolicymakerswererig

3、htinbelievingthattheprivateeconomyisinherentlystable.Answer:AAACSB:ReflectiveThinking2)TheargumentthateconometricpolicyevaluationislikelytobemisleadingifpolicymakersassumestableeconomicrelationshipsisknownasA)themonetaristrevolution.B)theLucascritique.C)publicchoicetheory.D)newKe

4、ynesiantheory.Answer:BAACSB:ReflectiveThinking3)Lucasarguesthatwhenpolicieschange,expectationswillchangetherebyA)changingtherelationshipsineconometricmodels.B)causingthegovernmenttoabandonitsdiscretionarystance.C)forcingtheFedtokeepitsdeliberationssecret.D)makingiteasiertopredict

5、theeffectsofpolicychanges.Answer:AAACSB:ReflectiveThinking4)TherationalexpectationshypothesisimpliesthatwhenmacroeconomicpolicychangesA)theeconomywillbecomehighlyunstable.B)thewayexpectationsareformedwillchange.C)peoplewillbeslowtocatchontothechange.D)peoplewillmakesystematicmist

6、akes.Answer:BAACSB:ReflectiveThinking8Copyright©2016PearsonEducation,Inc.5)TheLucascritiqueindicatesthatA)advocatesofdiscretionarypolicies'criticismsofrationalexpectationsmodelsarewell-founded.B)advocatesofdiscretionarypolicies'criticismsofrationalexpectationsmodelsarenotwell-fou

7、nded.C)expectationsareimportantindeterminingtheoutcomeofadiscretionarypolicy.D)expectationsarenotimportantindeterminingtheoutcomeofadiscretionarypolicy.Answer:CAACSB:ReflectiveThinking6)TheLucascritiqueisanattackontheusefulnessofA)conventionaleconometricmodelsasforecastingtools.B

8、)conventionaleconometricmodelsasindicato