exam2-fall2008 - Econ407 Advanced Macroeconomics Exam 2...

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Econ407 Advanced Macroeconomics Exam # 2 December 15, 2008 Instructor: Jos´ e Tessada Instructions : The exam consists of 5 questions, with a total of fifteen parts. Each one is worth two points , thus the exam has thirty points total . Please read carefully the instructions. Be concise, go straight to the point unless explicitly required to link different arguments. Write less than 10 lines per question. Writing long answers makes it harder for the grader to find the right arguments, thus restrain yourself from using too many words. Question 1 Short questions In this questions you need to choose 5 out of 6 parts. If you try to answer more than 5 parts, please make sure you mark very clearly the 5 answers you want to be considered; if you answer more than 5 and do not mark them, your best answer in this question will not be counted in the final score. (a) Bernanke and Gertler mention that three puzzles arise when we want to understand the effects of monetary policy according to the conventional analysis. Mention and explain two of these three puzzles. Make sure you explain in what sense they are considered to be puzzles.
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