The U.S. Federal Reserve’s Open Market Committee (the FOMC)
A. meets regularly to decide on its monetary policy actions
B. formally makes decision by voting on monetary policy changes
C. sometimes reveals its intentions in advance to increase transparency
D. does not follow a clearly established policy rule
E. all of the above
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If a central bank wants to avoid high inflation in an economic boom it can
A. try to lower investment spending though open market purchases
B. raise interest rates in an effort to affect aggregate supply
C. lower bank reserves by buying government bonds
D. decrease the level of potential GDP by permanently restricting money supply growth
E. none of the above
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
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
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