Economist Alban William Phillips believed that:
a. the Fed should follow a policy rule because it does not know the lag structure.
b. the Fed should follow a policy rule to avoid monetary surprises.
c. there is an inverse relationship between inflation and unemployment.
d. private sector spending is inherently unstable.
e. government spending is inherently unstable.
Question 2
The immediate effects of a discretionary increase in government spending are represented by a:
a. rightward shift of the aggregate demand curve.
b. leftward shift of the aggregate demand curve.
c. rightward shift of the Phillips curve.
d. leftward shift of the Phillips curve.
e. movement along the Phillips curve.
Weedy Seadragon, Phyllopteryx taeniolatus, from the Sketchbook of fishes by William Buelow Gould, 18
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Digital illustration of a fish that was believed to have become extinct during the Cretaceous Period