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1. Explain how the aggregate supply and Phillips curves are related to each other. Can any information be derived from one that cannot be derived from the other?
2. How do short- and long-term Phillips curves differ? (Hint: In the long run, we return to a classical world.)
3. This chapter has discussed a number of different models that can be used to justify the existence of sticky wages, and hence the ability of aggregate demand to affect output. What are they? What are their similarities and differences? Which of these models do you find themost plausible?
4. a. What is stagflation?
b. Describe a situation that could produce it. Could the situation you've described be avoided? Should it be avoided?
5. Explain how the ability of inflation expectations to shift the Phillips curve helps the economy to adjust, automatically, to aggregate supply and demand shocks.
Why might it be difficult for the Fed to formally adopt inflation targeting? Would inflation targeting be a good policy for the Fed in the present economic environment
In using the Taylor Rule as a guideline for monetary policy, what are the pros and cons of using forecasted values of inflation and output rather than observed values of these variables?
Describe the present economic crisis situation in Europe. Why has it been so difficult for the Europeans to find a solution to this problem? Comment on what implications the crisis may have for the rest of the world if Europeans are not able to ag..
Question:. Explain why there are long-term Federal government budget problems. Explain why the base-line forecast of the CBO is misleading.
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Comment on the effect of a recession on the investment curve (only) and on the level of savings, investment, and the equilibrium real interest rate in the financial crisis that hits United States first starting in fall 2007.
How will a fall in domestic investment affect the trade surplus and net capital outflows in the domestic economy, the trade deficit and capital inflows in the rest of the world.
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