In which time period was the average real yield on a three-month Treasury bill the highest?
A. 1960 to 1969
B. 1970 to 1979
C. 1980 to 1989
D. 1990 to 1999
E. 2000 to 2009
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If people always perfectly anticipated and adjusted to the inflation rate, then
A. real interest rates would be zero
B. there would be no menu costs
C. they would still have to worry about shoe-leather costs
D. the costs of inflation to society would be zero
E. none of the above
Which of the following is FALSE, if an increase in the inflation rate cannot be perfectly anticipated?
A. there will be a redistribution of income and wealth
B. debtors will benefit while creditors will lose
C. the holder of an indexed government bond will lose
D. the government will gain real tax revenue
E. the real value of government debt will decline
Which of the following is FALSE?
A. wage indexation is widespread in the U.S.
B. the economy will adjust to supply shocks more easily if there is widespread wage indexation
C. the holder of an indexed government bond will lose if an increase in inflation is unanticipated
D. the government loses real tax revenue if there is an unanticipated increase in the inflation rate
E. all of the above
Why are governments so reluctant to adopt widespread wage indexation?
A. it will make it more difficult to adjust to an adverse supply shock
B. widespread wage indexation is very complicated in practice
C. it may result in less political will to fight high inflation
D. all of the above
E. only A) and C)
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