固定汇率（fixed exchange rates)

What are the advantages of floating exchange rates and fixed exchange rates？

A、升值，增加

B、升值，减少

C、贬值，增加

D、贬值，减少

A、B

B、A

C、C

D、D

a．在到现在为止所建立的模型中，当自然失业率上升时，通货膨胀率会发生什么变动？

b．现在通过假设美联储的损失函数中通货膨胀和失业都是二次的来略微改变模型，即：L(u，π)=u²+γπ²。按照与正文中相似的步骤解出斟酌处置政策下的通货膨胀率。

c．当自然失业率上升时，通货膨胀率会发生什么变动？

d．在1979年。吉米·卡特总统任命了保守派的中央银行家保罗·沃尔克出掌美联储。根据这个模型，通货膨胀和失业会发生什么变动？

In the 1970s in the United States, the inflation rate and the natural rate of unemployment both rose. Let's use this model of time inconsistency to examine this phenomenon. Assume that policy is discretionary.

a．In the model as developed so far, what happens to the inflation rate when the natural rate of unemployment rises？

b．Let's now change the model slightly by supposing that the Fed's loss function is quadratic in both inflation and unemployment. That is, L(u，π)=u²+γπ². Follow steps similar to those in the text to solve for the inflation rate under discretionary policy.

c．Now what happens to the inflation rate when the natural rate of unemployment rises？

d．In 1979, President Jimmy Carter appointed the conservative central banker Paul Volcker to head the Federal Reserve. According to this model, what should have happened to inflation and unemployment？

When cities pass laws limiting the rent landlords can charge on apartments, the laws usually apply to existing buildings and exempt any buildings not yet built. Advocates of rent control argue that this exemption ensures that rent control does not discourage the construction of new housing. Evaluate this argument in light of the time-inconsistency problem.