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Assignment 7 - 7 What was the Moniac Who created it(You...

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Econ 102 Roger E A Farmer Fall 2008 Assignment for Week 7 Read the Supplementary Notes. 1. What is the Phillips curve? Why is it important? 2. How is the Phillips curve related to the demise of Keynesian economics? 3. How did Lucas persuade economists to stop studying business cycles? 4. According to Lucas – how big are the welfare costs of business cycles? 5. What did he argue we should study instead? 6. Who is responsible for developing real business cycles?
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Unformatted text preview: 7. What was the Moniac? Who created it? (You will need to search the internet to answer this). 8. What is the difference between the strong form and the weak form of the natural rate theory of unemployment? 9. Is the natural rate of unemployment Pareto efficient? If not why not? 10. Is Bernanke a classical economist? If not, which group is he associated with? What does this group believe?...
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