Identify the machinery of economic policymaking-sometimes called the "troika." Explain their roles.

What will be an ideal response?

? Council of Economic Advisers (CEA)-Composed of three professional economists plus a small staff, has existed since 1946. The group is responsible for forecasting economic trends, analyzing economic issues, and helping prepare the economic report that the president submits to Congress each year.
?Office of Management and Budget (OMB)-Originally created in 1921, it was renamed the OMB in 1970. Its chief function is to prepare estimates of the amount that will be spent by federal agencies, to negotiate with other departments over the size of their budgets, and to make certain that the legislative proposals of these other departments are in accord with the president's program.? Treasury Department-The secretary of the Treasury provides estimates of the revenue that the government can expect from existing taxes and what the results of changing tax laws will be. He or she represents the United States in its dealing with the top bankers and finance ministers of other nations.