The "time inconsistency" argument is that a downward shift of the short-run Phillips Curve, which comes about with a ________ of inflationary expectations, is more likely when monetary policy ________
A) lowering, follows a rigid rule
B) lowering, is at the discretion of policymakers
C) raising, follows a rigid rule
D) raising, is at the discretion of policymakers
A
Economics
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When underproduction occurs,
A) producers gain more surplus at the expense of consumers. B) marginal cost is greater than marginal benefit. C) consumer surplus increases to a harmful amount. D) there is a deadweight loss that is borne by the entire society. E) the deadweight loss harms only consumers.
Economics
Recent guest worker programs have involved temporary migration from
A) poor countries to richer countries. B) poor countries to other poor countries. C) rich countries to poor countries. D) rich countries to other rich countries.
Economics