货币金融学（第十二版）英文版题库及答案chapter24.pdfVIP

Economics of Money, Banking, and Financial Markets, 12e (Mishkin) Chapter 24 The Role of Expectations in Monetary Policy 24.1 Lucas Critique of Policy Evaluation 1) Whether one views the discretionary policies of the 1960s and 1970s as destabilizing or believes the economy would have been less stable without these policies, most economists agree that A) stabilization policies proved more difficult in practice than many economists had expected. B) stabilization policies proved not to be inflationary. C) the nondiscretionary policymakers were right in believing that the private economy is inherently stable. D) the discretionary policymakers were right in believing that the private economy is inherently stable. Answer: A Ques Status: Previous Edition AACSB: Reflective Thinking 2) The argument that econometric policy evaluation is likely to be misleading if policymakers assume stable economic relationships is known as A) the monetarist revolution. B) the Lucas critique. C) public choice theory. D) new Keynesian theory. Answer: B Ques Status: Previous Edition AACSB: Reflective Thinking 3) Lucas argues that when policies change, expectations will change thereby A) changing the relationships in econometric models. B) causing the government to abandon its discretionary stance. C) forcing the Fed to keep its deliberations secret. D) making it easier to predict the effects of policy changes. Answer: A Ques Status: Previous Edition AACSB: Reflective Thinking 4) The rational expectations hypothesis implies that when macroeconomic policy changes A) the economy will become highly unstable. B) the way expectations are formed will change. C) people will be slow to catch on to the change. D) people will make systematic mistakes. Answer: B Ques Status: Previous Edition AACSB: Reflective Thinking 1 Copyright © 2019 Pearson Ed