Managed floats are only effective in the long run

There are ________ voting members on the FOMC

A) 4 B) 7 C) 12 D) 15

What do RBC economists mean by the term calibration?

A) Modifying the structure of an economic theory to strengthen its logic B) Changing a theory as the economy changes C) Working out a detailed numerical example of a more general theory D) Writing out the implications of a theory for all the main economic variables