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Macroeconomics

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Questions and Answers

According to the symposium in American Economic Review, what drives the long-term growth of capitalist economics?

Aggregate demand shocks

Output capacity

Demand-side

Supply-side (correct)

What are the short-term fluctuations around the long-term growth trend due to, according to the symposium?

Demand-side factors (correct)

Supply-side factors

Aggregate demand shocks

Output capacity

In the short-run, what determines aggregate demand according to the symposium?

Output

Output and output capacity (correct)

Prices

Wages

What do aggregate demand shocks on output reflect, according to the symposium?

Insufficient flexibility of prices Signup and view all the answers

According to the symposium, is there a long-run trade-off between inflation and unemployment?

No Signup and view all the answers

According to the symposium, what is the primary target of monetary policy?

Controlling inflation Signup and view all the answers

What does the symposium suggest is the main driver of long-term growth in capitalist economics?

Supply-side factors Signup and view all the answers

According to the symposium, what determines demand in the short-run?

Output Signup and view all the answers

What is the relationship between monetary policy and inflation in the long-run, according to the symposium?

Monetary policy has no effect on inflation Signup and view all the answers

What do short-term fluctuations around the long-term growth trend reflect, according to the symposium?

Insufficient flexibility of prices and wages Signup and view all the answers