宏观经济学课件 OBlanchard Macroeconomics 6th chapter 22.docx

宏观经济学课件 OBlanchard Macroeconomics 6th chapter 22.docx

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宏观经济学课件OBlanchardMacroeconomics6thchapter22

Macroeconomics,6e（Blanchard/Johnson）

Chapter22:

ShouldPolicyMakersbeRestrained?

22.1MultipleChoiceQuestions

1）In1994,Republicansintroducedtheir"ContractwithAmerica."Thisplan

A）includedaPAYGOrule.

B）wouldrestricttheabilityofmonetarypolicytoaffecttheeconomyintheshortrun.

C）includedalineitemveto.

D）wouldmaketheFederalReserveevenmoreindependentthanitalreadyis.

E）alloftheabove

Answer:

C

Diff:

1

2）EconometricmodelsoftheU.S.economygenerallyagree

A）onthequantitativeimpactofmonetarypolicyoverahorizonofseveralyears.

B）thatanincreaseinmoneygrowthwillincreaseoutputintheshortrun.

C）thatanincreaseinmoneygrowthwilldecreaseoutputintheshortrun.

D）thatanincreaseinmoneygrowthwilldecreaseoutputinthelongrun.

E）that"rationalexpectations"isthebestwaytogeneratepolicyforecasts.

Answer:

B

Diff:

1

3）Allofthemacroeconometricmodelscurrentlyinuse

A）originateintheUnitedStates.

B）incorporaterationalexpectationsintotheirpredictions.

C）originatewithgovernmentorinternationalagencies.

D）originatewithcommercialfirmswhoselltheirforecaststootherfirmsandgovernments.

E）noneoftheabove

Answer:

E

Diff:

1

4）Forthisquestion,assumethatthethereexistsuncertaintyabouttheimpactofmonetarypolicyonthemacroeconomy.Giventhisinformation,itwouldbemostappropriateforthecentralbanktoincreasemoneygrowth

A）atthemidpointofarecession.

B）bymorethantheincreasethatwillyieldthedesiredresponse.

C）bylessthantheincreasethatwillyieldthedesiredresponse.

D）byanamountequaltotheincreasethatwillyieldthedesiredresponse.

E）onlyafteritiscertainthattheeconomyhasenteredarecession.

Answer:

C

Diff:

2

5）Giventheuncertaintyabouttheeffectsofmacropolicy,economistsgenerallyproposethat

A）macropoliciesshouldbemoreactive,thelowerthelevelofunemploymentorinflation.

B）changesinmoneygrowthshouldonlybeusedforfinetuningtheeconomy,notforcorrectinglargeimbalances（suchashighinflation）.

C）moneygrowthshouldbesetatzerobyconstitutionalamendment.

D）electedofficialsshouldhavemoreinputinthedeterminationofmonetarypolicy.

E）noneoftheabove

Answer:

E

Diff:

2

6）Theideathattheeconomyoperateslikeacomplicated,predictablemachineisanimportantaspectof

A）gametheory.

B）attritiontheory.

C）thetheoryofstrategicinteraction.

D）timeinconsistencytheory.

E）optimalcontroltheory.

Answer:

E

Diff:

1

7）Inmacroeconomics,gametheoryfocusesonthestrategicinteractionsbetweenwhichofthefollowinggroupsofagents?

A）individuals;firms

B）individualsandfirms;policymakers

C）policymakers;economicforecasters

D）individualsandfirms;economicforecasters

Answer:

B

Diff:

1

8）Whichofthefollowingbestdefinestimeinconsistency?

A）theincreasinginaccuracyofeconometricmodelsasthetimehorizonbecomeslonger.

B）thetendencyfortheriseinoutputtobegreaterintheearlyyearsofapresident'sterm,andsmallerinthelateryears.

C）theeffectsofpoliticalelectoralcyclesonthebusinesscycle.

D）thetendencyforpolicymakerstodeviatefromapre-announcedoptimalpolicyonceagentsintheeconomyhaveadjustedtheirbehaviorandexpectationsbasedonthepre-announcedpolicy

E）theeffectofeconomicuncertaintyonshort-runstabilizationpolicy.

Answer:

D

Diff:

1

9）Theexistenceofthetimeinconsistencyprobleminmacropolicysuggestswhichofthefollowing?

A）usefiscalandmonetarypolicytofinetunetheeconomy.

B）reducetheindependenceofthecentralbank.

C）appointsomeonewhoismoreconservative（economically）thantherestofthegovernmenttoheadthecentralbank.

D）intervenefrequentlyintheforeignexchangemarket.

E）eliminaterationalexpectationsfromeconometricmodelsusedforforecasting.

Answer:

C

Diff:

1

10）OncepeoplebelievetheFed'scommitmenttokeepunemploymentatthenaturalrate,theFedcanreduceunemploymentbelowthenaturalrate

A）inboththeshortrunandthelongrun.

B）inboththeshortrunandthelongrun,butonlyafterchangingpeoples'expectations.

C）inthelongrun,butnottheshortrun.

D）intheshortrun,butnotinthelongrun.

E）noneoftheabove

Answer:

D

Diff:

1

11）Tosolvethe"timeinconsistency"probleminmacropolicy,anationmaywellhaveto

A）restrictitselfinthepresentfromtakingcertainpolicymovesinthefuture.

B）liftallrestrictionsonfuturepolicymoves.

C）presentpolicymovestothepublic,forexample,inareferendum.

D）usethecourtstosettlepolicydisputes.

E）makethecentralbankmoreresponsivetothepopularwill.

Answer:

A

Diff:

1

12）Researchindicatesthatthemoreindependentthecentralbank,

A）thesmallerthebudgetdeficit.

B）thehigherthenominalinterestrate.

C）thelowertherateofinflation.

D）thelargerthetimeinconsistencyprobleminmakingpolicy.

E）thegreaterthelikelihoodofa"warofattrition"overpolicy.

Answer:

C

Diff:

1

13）Onesurprisinginsightfromviewingpolicyasa"game"isthat

A）centralbankersshouldprojectanimageofbeingconservativeoneconomicpolicymatters,regardlessoftheirpersonalviews.

B）itismoredifficulttocontrolinflationwhenthecentralbankishighlyindependent.

C）uncertaintyovertheimpactofpolicymakeslittledifferenceindesigninganoptimalpolicy.

D）moneygrowthhaslittleornoimpactoninflationinthelongrun.

E）decreasingmoneygrowthmaysubstantiallyincreasetherateofinflationinthelongrun.

Answer:

A

Diff:

1

14）Whichofthefollowingisthemostpowerfulargumentforputtingrestraintsonpolicymakers（asopposedtoself-restraintbypolicymakersthemselves）?

A）timeinconsistency

B）uncertaintyaboutOkun'scoefficient

C）uncertaintyaboutthenaturalrateofunemployment

D）uncertaintyaboutthetimingofpolicyimpacts

E）disagreementsabouttheproperstructureofaneconometricmodel

Answer:

A

Diff:

1

15）Inwhichofthefollowingpoliticalsystemswouldapoliticalbusinesscyclebemorelikelytooccur?

A）ademocracywithelectionsthatoccuronaregularbasis

B）aparliamentary

C）communist-typeeconomies

D）socialist-typeeconomies

E）ademocracywithelectionsthatoccuronanirregularbasis

Answer:

A

Diff:

1

16）IntheUnitedStates,presidentialelectionsoccureveryfouryears.IfapoliticalbusinesscycleexistsintheUnitedStates,inwhichyearofapresidentialterm,allelsefixed,wouldweexpectoutputgrowthtobehighest?

A）thefirstyear

B）thesecondyear

C）thethirdyear

D）thefourthyear

Answer:

D

Diff:

1

17）IntheUnitedStates,presidentialelectionsoccureveryfouryears.IfapoliticalbusinesscycleexistsintheUnitedStates,inwhichyearofapresidentialterm,allelsefixed,wouldweexpectoutputgrowthtobelowest?

A）thefirstorsecondyear

B）thesecondorthirdyear

C）thethirdorfourthyear

D）thefourthyear

Answer:

A

Diff:

1

18）WhichofthefollowingstatementsistrueabouttheUnitedStatesoverthepastfiftyyears?

A）thereisnoevidenceofpoliticalbusinesscyclesintheUnitedStates

B）thedebt-to-GDPratiohasbeenroughlyconstant

C）undereitherparty,outputgrowthhasbeengenerallyhigherintheyearprecedinganelectionthaninotheryears

D）noneoftheabove

Answer:

C

Diff:

1

19）Duringwhichofthefollowingdecadeswasthedebt-to-GDPratiogenerallyhighestintheUnitedStates?

A）1930s

B）1940s

C）1960s

D）1980s

E）1990s

Answer:

B

Diff:

1

20）SupposewecomparetheaveragegrowthratesofoutputforRepublicanandDemocraticadministrations.Inwhichyear,onaverage,isthedifferenceingrowthratesforRepublicanandDemocraticadministrationsgreatest?

A）first

B）second

C）third

D）fourth

E）thegrowthratesarenearlyidenticalforbothparties

Answer:

B

Diff:

1

21）Analysisofmacropolicyandtheoryhasresultedinofthefollowingviews?

A）thereshouldbenoconstraintsimposedonfiscalormonetarypolicy.

B）aconstitutionalamendmentisthemostappropriatemethodtoconstrainfiscalpolicy.

C）theheadsofthecentralbankshouldbechosenbypopularelections.

D）alloftheabove

E）noneoftheabove

Answer:

E

Diff:

1

22）Supposeanelectedofficialwishestointroduceanewgovernmentprogram.UnderaPAYGOrule,thisnewprogramwouldbeadoptedonlyif

A）thebudgetdeficitisreducedbythesameamountasthecostsofthenewprogram.

B）thebudgetdeficitisreducedbyhalftheamountofthecostsofthenewprogram.

C）thenewprogramdoesnotresultinanincreaseinthecurrentorfuturebudgetdeficit.

D）noneoftheabove

Answer:

C

Diff:

2

23）Whichofthefollowingwasoneofthemainrulesinthe1990"BudgetEnforcementAct"?

A）flattaxrate

B）spendingcaps

C）indexationofincometaxbrackets

D）consumptiontax

E）noneoftheabove

Answer:

B

Diff:

1

24）Whichofthefollowingwasoneofthemainrulesinthe1990"BudgetEnforcementAct"?

A）flattaxrate

B）PAYGOrule

C）indexationofincometaxbrackets

D）consumptiontax

E）noneoftheabove

Answer:

B

Diff:

1

25）ThePAYGOrulewasallowedtoexpireinwhichyear?

A）1990

B）1991

C）2002

D）thePAYGOrulestillexists

Answer:

D

Diff:

1

26）Argumentsforplacingrestraintsonpolicymakersfallintowhichofthefollowing?

A）policymakersunderstandcompletelyhowtheeconomyoperates

B）policymakershavegoodintentions,butendupdoingmoreharmthangood

C）policymakersdowhatisbestforthem,notnecessarilywhatisbestforthecountry

D）alloftheabove

E）bothBandC

Answer:

C

Diff:

1

27）Finetuningrepresen