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- Given the stylised representation provided in the graph above, which of the following sentences is most accurate about the burden of the policy?Briefly suggest Fiscal Policy or Monetary Policy Measures or Mix of Both to minimize the effects of this pandemic(covid-19) situationQ7. Name at least one fiscal policy and one monetary policy the federal government enacted in response to Coronavirus. • Label the policy as fiscal or monetary.
- In two sentences or less for each, define the following terms and describe what each one does. 1. Euler equation: 2. Policy function: 3. Transition equation: 4. State variable: 5. Control variable 6. Value functionWhich of the following statements is true about joint optimal fiscal and monetary policy? "Despite the need to raise government revenue in non-lump-sum manner:" (a) obtaining economic efficiency along the consumption—leisure margin, is a goal more important in optimal macroeconomic policy, more so than achieving efficiency along the consumption-money margin. (b) obtaining economic efficiency along the consumption—money margin, is a goal more important in optimal macroeconomic policy, more so than achieving efficiency along the consumption-leisure margin. (c) obtaining economic efficiency along the consumption—money margin, is a goal equal as important in optimal macroeconomic policy, as achieving efficiency along the consumption-leisure margin. (d) None of the above.Describe the fiscal stimulus packages and monetary policy interventions initiated by policymakers in countries to contain the devastating effects of the coronavirus pandemic.
- Why should monetary policy and fiscal policy be separately?A new foreign government is elected and announces that once it is inaugurated, it will expand government purchases permanently. What is the domestic economy's response to this announcement? Use the AA-DD framework to answer your question.Show on a graph of the AS-AD model of the economy how different fiscal and monetary policies impact on the economy