Principles of Macroeconomics (MindTap Course List)
Principles of Macroeconomics (MindTap Course List)
7th Edition
ISBN: 9781285165912
Author: N. Gregory Mankiw
Publisher: Cengage Learning
Question
Chapter 23, Problem 4PA
To determine

Positive and Normative statement.

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  • How can monetary policy, fiscal policy and financial sector regulation help in the fight against climate change? What role can Central Banks play in the fight against climate change? What has been done so far and what can be further accomplished? Is there clash between the old mandate of Central Banks to keep inflation stable, have output gap of zero and prevent financial sector disruptions and the new mandate of Central Banks which also includes preventing climate change?  Answer the question using proper references from research articles and journals.
    Clasify each of the following statements as positive,or normative.Explain.a.Society faces a  short-run trade-off between inflation and unemployment.b.A reduction in the rate of money growth will reduce the rate of inflation.c.The Federal Reserve should reduce the rate of money growth.d.Society ought to require welfare recepients to look for jobs.e.Lower tax rate encourage more working and more saving.
    The following are examples of macroeconomic questions that remain debated among economists and policy-makers: 1. Does economic growth create inequality in income and wealth? 2. Do lower wages reduce unemployment? 3. Is there a trade-off between unemployment and inflation? 4. Is a large government debt a problem? 5. Should central banks target inflation in asset prices or only in consumer prices? Choose any two of the above questions and in each case briefly outline the economic reasoning behind different viewpoints.
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