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Chapter 24: Q. 11 (page 655)

In the United States, many observers have commented in recent years on the “political gridlock in Washington D.C.” and referred to Congress as a “Do Nothing Congress.” What type of policy lag is this describing?

Short Answer

Expert verified

This is describing implementation policy lag.

Step by step solution

01

Step 1. Introduction

Congress is the government's legislative body in the United States. The Senate and the House of Representatives are its two chambers.

The Senate is one of the two chambers of the United States' federal legislature, Congress.

02

Step 2. Explanation

The prohibition imposed on the legislature and its chamber senate from leaving the phone booth to vote can be viewed as a form of implementation lag, as a new proposal in a political party's policy can take time to be adopted by all of its members.

As a result, implementation policy lag can be a sort of lag that prevents congress and the senate from getting out of their phone booths to vote.

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Most popular questions from this chapter

“If the data and recognition lags could be reduced, activist policy probably would be more beneficial to the economy.” Is this statement true, false, or uncertain? Explain your answer.

What does it mean when we say that the inflation gap is negative?

It can be an interesting exercise to compare the purchasing power of the dollar over different periods in history. Go to https://www.bls.gov/data/inflation_ calculator.htm to find the inflation calculator. Use this calculator to answer the following questions. a. If a new home cost \(125,000 in 2017, what would it have cost in 1950? b. The average annual household income in 2017 was about \)50,000. What would this income have been in 1945? c. An average new car cost about $25,000 in 2017. What would this car have cost in 1945?

d. Using your results from parts (b) and (c), did the purchase of a new car consume more or less of an average household’s income in 2017 than in 1945?

What will happen if policymakers erroneously believe that the natural rate of unemployment is 7% when it is actually 5% and therefore pursue stabilization policy?

Suppose the current administration decides to decrease government expenditures as a means of cutting the existing government budget deficit.

  1. Using a graph of aggregate demand and supply, show the effects of such a decision on the economy in the short run. Describe the effects on inflation and output.
  2. What will be the effect on the real interest rate, the inflation rate, and the output level if the Federal Reserve decides to stabilize the inflation rate?
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