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B
Which of the following types of economic data are revised over time as government data collection agencies receive more complete information?
A) interest rates
B) employment
C) stock prices
D) all of the above
C
The widespread, but not universal, consensus among economists would be to respond to
A) an adverse supply shock with an accommodating policy.
B) an adverse supply shock with an extinguishing policy.
C) an adverse demand shock with a policy to offset the shock.
D) all of the above.
D
The Fed's interest rate response to the rising output ratio experienced from 1997 to 1999 is explained by
A) beneficial supply shocks which pushed down the inflation rate.
B) the Fed's efforts to help end the Asian financial crisis
C) the Fed's uncertainty about the concepts of the natural level of output and natural rate of unemployment.
D) All of the above.
C
Gordon's plots of the effectiveness lags of monetary policy over the periods 1961-1975, 1976-1990, and 1991-2007 show the effectiveness lags have become ________ and the overall response of GDP to monetary policy has ________.
A) shorter, decreased
B) shorter, increased
C) longer, decreased
D) longer, increased
D
David and Christian Romer's estimate of monetary policy's current effectiveness lag, defined as the time necessary for a policy change to have one-half its ultimate effect on GDP, is approximately ________ months.
A) 2
B) 6
C) 10
D) 19
E) 24