Recessions and depressions are the principal examples of

The experience of Paul Volcker's fight against inflation during the late 1970s and early 1980s indicates that firms and workers

A) had adaptive expectations. B) had rational expectations and that they trusted Fed announcements. C) preferred high unemployment to high inflation. D) Both A and B are correct answers.

Apply the concept of tax smoothing to the debate over tax-based versus spending-based fiscal stimulus

What will be an ideal response?