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Questions:
1. The first WSJ article, written in Spring of 2020, describes the Fed as the most powerful weapon in the government's economic arsenal to revive the economy. Describe the three phases of Fed's crisis response, taken from 2007-09 crisis playbook (Note: we will have plenty to talk about Fed's monetary policy in the upcoming chapters).
2. According to the second WSJ article, the US suffered from very high inflation rate in the seventies. Who was the chair of the Fed in 1970s, and how did his view contribute to an uncontrollable inflation? What role did politics play?
3. In what aspect are Jerome Powell's views different from his predecessor? What role does the executive branch play in controlling inflation today?
Suppose that velocity is constant and the economy's output of goods and services rises by 5 percent each year. What will happen to nominal GDP and the price level next year if the Fed keeps the money supply constant.
Draw the market demand curve faced by this monopolist.
Overall, do you think Balram's actions were moral or immoral considering he lived in a system that structurally oppressed him? Were there actual alternatives open to him?
Explain why the government must be overestimating the revenue it will receive from the resulting inflation tax.
Policymakers, however, are worried about how this will influence the yen. Will it increase or decrease the supply/demand for the yen and will the yen appreciate or depreciate?
An engineer has a fluctuating future budget for the maintenance of a particular machine. During each of the first 5 years, $1000 per year will be budgeted. During the second 5 years, the annual budget will be $1500 per year.
Alex is the manager of a division of a paper firm that produces copier paper and sells it on the wholesale market. His firm's output represents about 1.5% of total copier paper sales. The wholesale price of copier paper is $3.95 per standard packa..
What is meant by the term, path dependency and discuss how path dependency has effected the development of two major Australian economic institutions.
From September 2007 through December 2008, the Fed believed that interest rates needed to fall and took steps to reduce them, eventually cutting the federal funds rate from 5.25 percent to nearly zero. How did the Fed reduce the federal funds rate..
Suppose customers believe that the good they are buying is of high quality with a probability of p, and of low quality with probability 1 - p. A high quality good is valued at vH and costs cH to produce, while a low quality good is valued at vL an..
Q= -3 + 8.5L - 2L^2 Q is toys per hour, L is workers employed per hour. Charges $20 per toy. Workers paid $10 hour. Firm has $50 fixed costs per hour. What is marginal product labor (MPL) What is marginal revenue product
Calculate the switching speed for CMOS and n-MOS inverters fabricated by the process described in Problem 16.12 when the average length of interconnect that each inverter drives is 60 pm (Le., m = 40) and when the thickness of the oxide under the ..
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