The federal funds rate is the interest rate that
A. banks charge their best corporate customers
B. banks have to pay when they get a loan from the Fed
C. banks have to pay when they get a loan from another bank
D. banks receive from the Fed for the reserves they hold as deposits at the Fed
E. the federal government pays on its three-month Treasury bills
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By lowering short-term interest rates, a central bank can stimulate economic activity
A. since it encourages more investment spending
B. since more durable consumption goods will be bought
C. but only in the short run
D. but it may lead to a higher price level
E. all of the above
The U.S. Fed “sets” interest rates by
A. announcing a desired discount rate and then attempting to keep the federal funds rate two percentage points above it
B. announcing a desired monetary growth rate designed to keep inflation stable
C. buying or selling Treasury bills
D. announcing its intentions far in advance since transparency allows financial markets to adjust before any action is taken
E. trying to keep bank reserves stable
When conducting expansionary monetary policy, central banks have to keep in mind that
A. there is a conflict between keeping inflation low and economic activity high
B. unemployment can be lowered in the short run but at the cost of higher prices in the long run
C. spending on durable consumption goods will probably not be significantly affected
D. all of the above
E. only A) and B)
Which of the following is FALSE?
A. in the long run, a central bank can effectively limit inflation
B. in the long run, a central bank can do fairly little to stimulate real GDP
C. in the long run, monetary policy has no effect on nominal GDP
D. unless inflation is very high, stimulating the economy does more to enhance economic welfare than controlling inflation
E. a central bank can lower the inflation rate but only by allowing for a loss in real GDP, at least in the short run
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