Essay Question: Answer ONLY ONE of the following in 300 to 600 words:
- What is (Keynesian) Fiscal Policy? (Explain/Discuss with emphasis on ONE of the bullets)
- Why do some types of government spending have higher multiplier effects (in the real world) than others? Discuss what this means for fiscal policy. Use examples from the 2008 American Recovery and reinvestment act and consider parallels for the 2020 Cares Act.
- Why Does Keynes argue Fiscal Policy is necessary, and challenge Classical theory?
- What is the difference between discretionary fiscal policy and automatic stabilizers? Why is this important?
- Compare/Contrast the Bush Tax Cuts, the Obama Tax cuts, and/or the Trump tax cuts as they relate to Keynesian fiscal policy.
- What is (Keynesian) Monetary Policy? (Explain/Discuss with emphasis on ONE of the bullets)
- Discuss the last two recessions (2007-8 and 2020) in terms of monetary policy.
- Discuss bank regulation following the Great Depression and bank deregulation starting in the 1980s. How was this a factor in the financial crisis?
- Why did Keynes prefer Fiscal Policy to Monetary Theory?
- How can they work together?
- What is the Liquidity Trap for Keynes? Does it apply to the economy today?
Short Answer Questions: Answer ONLY TWO of the following in 3 to 6 sentences each.
4. How is money created? Give details about the fractional reserve system
5. How does the Fed affect the Money Supply (three ways)? What do they mainly do, historically, to change the money supply?
6. How is the Fed Structured? How are decisions made?
7. What determines money demand? (there are three types of demand for money)
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