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Impact of business cycles

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Mainstream economists usually favor the use of monetary policy over fiscal policy to counter the impact of business cycles.

A. Briefly explain why economists are generally skeptical about the use of fiscal policy to counter the impact of business cycles.

B. Give 2 reasons why monetary policy is generally a more appropriate tool to counter the impact of business cycles.

C. Nevertheless, during the Great Recession (2007/2009) most economist advocated an active role for fiscal policy. Use your knowledge of the AS/AD model to explain why this may be the case in major recessions.

Reference no: EM132592969

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