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ECON 402 Homework Assignment: Understanding Macroeconomic Concepts - Prof. Charles Wassell, Assignments of Macroeconomics

Central Washington University (CWU)Macroeconomics
Prof. Charles Wassell

The instructions and questions for homework #1 of econ 402, an undergraduate macroeconomics course. The assignment covers topics such as 'animal spirits', the classical and keynesian views on wage and price adjustment, and the concept of stagflation. Students are expected to submit their answers by april 8, 2009.

Typology: Assignments

Pre 2010

Uploaded on 08/19/2009

koofers-user-k4l
koofers-user-k4l 🇺🇸

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ECON402Homework#1
DueWednesday,April82009
1. Whatare“animalspirits”andwhatistheirrelevancetoperformanceofthe
macroeconomy?
2. ComparetheclassicalandKeynesianviewsonthespeedofwageandpriceadjustment.
Whataretheimportantconsequencesofthedifferencesintheirviews?
3. Whatisstagflation,andwhyisitaparticularlyvexingproblemformacroeconomic
policymakers?

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ECON 402 Homework # Due Wednesday, April 8 2009

  1. What are “animal spirits” and what is their relevance to performance of the macroeconomy?
  2. Compare the classical and Keynesian views on the speed of wage and price adjustment. What are the important consequences of the differences in their views?
  3. What is stagflation, and why is it a particularly vexing problem for macroeconomic policymakers?