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Explain whether policy makers should be more concerned about the economy going into a recession or facing high inflation and why.
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Solved in 1 steps
- Suppose an economy has a high rate of unemployment and a high rate of inflation. What kind of policy measures would you suggest to fight inflation and increase employment?How does high inflation lead to a recession in the country? Explain the role of the government and the central bank to address the economic recession problem by using appropriate fiscal and monetary policies. Are there any potential problems with such policies?In countries that have experienced hyperinflation, what role have large government budget deficits played in causing the very high inflation rates?
- Discuss policies that the government could use to combat the impact of inflation.Inflation creates business uncertainties. What fiscal and monetary policy measures are taken to curb inflation?What happens when firms and workers underestimate future prices in the economy? Explain the answer while focusing on what would happen to actual output as opposed to the expected potential output.
