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(a) Describe a simple ?xed-price short-run macroeconomic model (with ?exible nominal wages) and compare it with a conventional market-clearing model. Compare their predictions for the effectiveness of monetary and ?scal policies.

(b) Describe a simple short-run macroeconomic model with ?exible prices but ?xed nominal wages and compare it with a conventional market-clearing model (with ?exible nominal wages). Compare their predictions for the effectiveness of monetary and ?scal policies.

(c) Describe a simple short-run macroeconomic model with a ?xed price and ?xed nominal wages and compare it with a conventional market-clearing model. Compare their predictions for the effectiveness of monetary and ?scal policies.

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Microeconomics, Economics

Category:- Microeconomics
Reference No.:- M91571661

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