Which of the following is NOT a way in which a central bank can conduct its monetary policy?
A. by establishing target interest rates and then undertaking open market operations to maintain them
B. by buying and selling government bonds
C. by making small policy changes and readjusting policies as needed
D. by changing the rate of capital accumulation to influence aggregate supply
E. by changing interest rates to influence spending on durable goods and investment
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If a central bank is uncertain about whether an economic disturbance is temporary or permanent, it should
A. always wait until the full effect of the disturbance is felt before undertaking any policy changes
B. make frequent and modest policy changes and adjust policies whenever necessary to reach a sustainable goal
C. announce and then implement major policy changes right away to signal to financial markets that it will address the disturbance vigorously
D. announce a policy change and then wait for financial markets to react, which is often all that is needed to calm economic activity
E. do all of the above
If it is clear that an economic disturbance is only transitory, a central bank’s best policy response may be to
A. react moderately or not at all because a major policy change may itself be destabilizing
B. recommend fiscal policy changes, which will have less powerful effects than monetary policy changes
C. act quickly and vigorously so financial markets do not overreact
D. announce a policy change and then wait to see the reaction of financial markets before deciding whether or not to actually implement it
E. avoid a potential increase in inflation by asking banks to ration credit
Which of the following is TRUE about the chair of the Board of Governors of the U.S. Federal Reserve?
A. Paul Volcker succeeded Alan Greenspan
Ben Bernanke succeeded Paul Volcker
C. Ben Bernanke served only four years as the chair
D. Janet Yellen is the first woman in the position of Fed's board chair
E. none of the above
Central banks generally conduct their monetary policy with two goals in mind: to keep economic activity high and to keep inflation low; however, they have to recognize that
A. there is an inherent conflict between these goals
B. monetary policy can affect economic activity only in the short run
C. they can control inflation fairly effectively but may not be able to influence GDP growth
D. a lower interest rate now may mean higher a inflation rate in the future
E. all of the above
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