By area, what is the largest nation the Tropic of Capricorn passes through? 19. In that case, the application of the fiscal rule would be undermining production and employment and probably not succeeding in getting the fiscal outcome into balance. It is a simple matter of accounting with no theory involved. 9 The Mississippi Delta. The critics actually fail in their stylisations of what Keynes actually said. by Gabriel Power. 18. 3 Dave McCormack. 12 All songs were inducted into the National Film and Sound Archive's Sounds of Australia registry in 2020. If there was a balanced fiscal rule and private spending fell dramatically then the automatic stabilisers would push the fiscal outcome into the direction of deficit. Every word must contain the middle letter, and each letter is used only once. However, the fiscal balance is used by all and sundry to indicate the fiscal stance of the government. 2 1992. He notes too that politics might intervene in doing what is best. Again a similar theme. 19 On the fuselage of aircraft. Given this is associated with an expectation of some stable inflation over the medium- to longer-term, long maturity assets have higher yields to compensate for the risk. So if the fiscal outcome is in surplus it is often concluded that the fiscal impact of government is contractionary (withdrawing net spending) and if the fiscal outcome is in deficit we say the fiscal impact expansionary (adding net spending). Sports quiz of the week: a style icon, a cup finalist and an unlikely cricketer ... test your knowledge with the Weekend quiz Published: 23 Jan 2021 . The critics focus on the seeming futility of that work to denigrate it and rarely examine the flow of funds and impacts on aggregate demand. When the economy is stronger – tax revenue rises and welfare payments fall and the fiscal balance becomes increasingly positive. Trivia buffs: test your knowledge with this week's Good Weekend quiz. Trivia buffs: test your knowledge with this week's Good Weekend quiz. Fancy yourself a quizmaster? 2020 pop culture quiz. Quiz answers. It would, indeed, be more sensible to build houses and the like; but if there are political and practical difficulties in the way of this, the above would be better than nothing. This question allows us to go back into J.M. Automatic stabilisers attenuate the amplitude in the business cycle by expanding the fiscal outcome in a recession and contracting it in a boom. 7 Bruce Gyngell. Which prime minister initiated the “bonk ban” in Federal Parliament in 2018? If the private markets considered that the central bank would start hiking rates then they would decline to buy at the fixed (controlled) yield because they would expect long-term bond prices to fall overall and yields to rise. 22 Sagrada Família, Barcelona. 13 Uzbekistan (bordered by Afghanistan, Kazakhstan, Kyrgyzstan, Tajikistan and Turkmenistan). The economy may not get much useful output from such a policy but aggregate demand would be stronger and employment higher as a consequence. In Chapter 16 of The General Theory of Employment, Interest, and Money, Keynes wrote, in the book’s typically impenetrable style: If — for whatever reason — the rate of interest cannot fall as fast as the marginal efficiency of capital would fall with a rate of accumulation corresponding to what the community would choose to save at a rate of interest equal to the marginal efficiency of capital in conditions of full employment, then even a diversion of the desire to hold wealth towards assets, which will in fact yield no economic fruits whatever, will increase economic well-being. “Oh, d-d-dear!” is a catchphrase of which character in Winnie-the-Pooh books? • Front Page • One News Page[Aus]: Friday, 21 August 2020 What rustic Italian bread is named for the slipper it resembles? QUIZ ANSWERS. 2 Darkness or night. The investment mentality is tricky in these situations because even though yields on long-term bonds are expected to fall investors will still purchase assets at those maturities because they anticipate a major slowdown (following the central bank tightening) and so want to get what yields they can in an environment of overall declining yields and sluggish economic growth. Are you more of a Starboy kind of person? Credit: 11. Send us a question; we include one from a reader each week and acknowledge it here. 1 Midget. We deliver the best of Good Weekend to your inbox so it’s there when you’re ready to read. 9. 21 Alaska (Alaska’s westernmost point, the Aleutian Islands, stretches into the Eastern Hemisphere; thus, technically, Alaska is in both hemispheres). Sat 12 Dec 2020 02.00 EST. They spend a proportion of this income and the “induced consumption” (induced from the initial spending on the road) multiplies throughout the economy. Short-term assets are less prone to inflation risk because holders are repaid sooner. 2. Quiz of The Week: 12 - 18 September Have you been paying attention to The Week’s news? The quiz consists of 12 questions. What we know is that a rising deficit may, in fact, indicate a contractionary fiscal stance – which, in turn, creates such income losses that the automatic stabilisers start driving the fiscal outcome back towards (or into) deficit. Keynes’ The General Theory of Employment, Interest, and Money. 25. Who did PM Gough Whitlam refer to as “Kerr’s cur”, on November 11, 1975? The answer doesn’t tell me that the ability to control the term structure of interest rates diminishes- more that the willingness to use that control might diminish. 6 Mary Celeste. While some would say this would mean that the central bank loses the ability to influence private spending via monetary policy changes, the reality is that the economic consequences of such a situation would be unclear and depend on other factors such as expectations of future movements in aggregate demand, to name one important influence. December 13, 2019 — 11.28pm ... 12 Soil from Transylvania. In other words, the concept of a fiscal rule – where the government can set a desired balance (in the case of the question – zero) and achieve that at all times is fraught. 12. The government can stimulate demand in a number of ways when private spending collapses. Name the bright yellow spice of the ginger family and spell it correctly. It is without doubt that the central bank can manipulate the yield curve at all maturities to determine yields on public bonds. The Weeknd Lyrics Quiz - How to Play? The Weekend quiz. Good Weekend Superquiz and Target Time, Saturday, December 5 squib Trivia and word buffs: test your knowledge with today's superquiz and Target. Required fields are marked *. See how you go with the following questions. 7. It is likely that in attempting to achieve a balanced fiscal outcome the government will set its discretionary policy settings counter to the best interests of the economy – either too contractionary or too expansionary. 14 8 (Nebraska, Nevada, New Hampshire, New Jersey, New Mexico, New York, North Carolina and North Dakota). 7 Three (France, Spain and Morocco). They know that people will instinctively recoil from the idea if the nonsensical nature of the work is emphasised. 23. Assume, that net exports were in deficit (typical case) and private saving overall was positive. I hope this helps you develop an understanding of Modern Monetary Theory (MMT) and its application to macroeconomic thinking. In this case, the actual fiscal outcome would be a deficit equal to the sum of the other two balances. 7 Bruce Ginger.8 Fed Cup (1995-2020). Ten Kina.11 Hong Kong, Singapore, South Korea, Taiwan.12 Robert Menzies.13 Hanukkah.14 Hello (Lionel Richie, 1983). So just because the fiscal outcome goes into deficit doesn’t allow us to conclude that the Government has suddenly become of an expansionary mind. What island was briefly known as the Republic of Formosa? 16. 10. 4 Custard. Eurozone Dystopia: Groupthink and Denial on a Grand Scale – 2015, Full employment abandoned: shifting sands and policy failures. Unless you’re going to claim that the value added by the factory come in the future, once the factory has been completed? 1 Middlesex.2 North Atlantic Treaty Organisation. Good Weekend Quiz: August 29 • Trivia buffs: test your knowledge with this week's Good Weekend quiz. The quiz tests whether you have been paying attention or not to the blog posts that I post. • Australia • One News Page[Aus]: Friday, 6 December 2019 The term structure of interest rates provides financial markets with a indication of likely movements in interest rates and expectations of the state of the economy. Thanks. The Weekend Quiz – December 12-13, 2020. 15 Wheelchair racing. 3 The Trojan Horse. According to the proverb, what comes before a fall? 4 Breaking Bad (2008-13). Email: goodweekend@goodweekend.com.au: label it “GW Quiz Entry”. 3 Gallipoli Campaign. To read more from Good Weekend magazine, visit our page at The Sydney Morning Herald, The Age and Brisbane Times. 7. The General Theory of Employment, Interest, and Money, Structural deficits and automatic stabilisers. In which 1980 song might you “find yourself living in a shotgun shack”? 2. 6 Pluto. Good Weekend Quiz: August 22. 1. Your … Keynes maintained that in a crisis caused by inadequate private willingness or ability to buy goods and services, it was the role of government to generate demand. The Saturday Paper is a weekly newspaper, published 50 times a year by Schwartz Media. 9 Vietnam (world’s largest is Brazil). 9 Starbucks (Starbucks is the chief officer of the novel Pecod White whale). The reason for this uncertainty clearly relates to the operation of the automatic stabilisers. Except bottles were not even buried and dug up. 8. 11 Canute I (King of England 1016-1035, King of Denmark 1019-1035, King of Norway 1028-1035). 4 Sweden. Australian national accounts – second quarter of strong growth but still below where economy was a year ago; We are undermining our futures by deliberately wasting our youth 12 A hangover.13 Spain and Portugal.14 Plato was a student of Socrates.15 Greta Thunberg.16 Damien Hirst.17 Bernardine Evaristo.18 Mo Money Mo Problems (1997).19 Stephanie Gilmore. “To dig holes in the ground,” paid for out of savings, will increase, not only employment, but the real national dividend of useful goods and services. 9 Starbucks (Starbuck is the Pequod’s first mate in the novel Moby Dick). When that happens the sub-optimal but effective outcome would be suitable. From Old French for “pull-push”, what type of instrument is a sackbut? There was the interesting question how much to pay them. Its discretionary policy stance certainly is an influence but the final outcome will reflect non-government spending decisions. Trivia buffs: test your knowledge with this week's Good Weekend quiz. Target time . Earlier, in Chapter 10 of the General Theory you read the following: If the Treasury were to fill old bottles with banknotes, bury them at suitable depths in disused coalmines which are then filled up to the surface with town rubbish, and leave it to private enterprise on well-tried principles of laissez-faire to dig the notes up again (the right to do so being obtained, of course, by tendering for leases of the note-bearing territory), there need be no more unemployment and, with the help of the repercussions, the real income of the community, and its capital wealth also, would probably become a good deal greater than it actually is. By what name is the respiratory disease pertussis more commonly known? What Keynes demonstrated was that when private demand fails during a recession and the private sector will not buy any more goods and services, then government spending interventions were necessary. This may have a small inflationary effect post pandemic as we all jump on planes to travel to sunnier regions. 14 Portmanteau. Quibbling over Q1, where you say the impact on (output, GDP) of hole digging is the same as for a private investment plan which constructs a new factory. 1 whale.2 New York. December 11, 2020 — 8.37pm. In which section of an orchestra would you find a “frog”? Saturday quiz. 5 World War I (1914-18). Sent every Saturday. Then private spending declines. 5 Five times (1974, 2006, 2010, 2014, 2018). The following blog posts may be of further interest to you: The automatic stabilisers increase deficits (or reduce surpluses) in times of slack aggregate demand. Italy’s coastal Cinque Terre region comprises how many towns? The Weekend Quiz – December 12-13, 2020 – answers and discussion. Log in, register or subscribe to save articles for later. That factory is going to be making things that are useful. Save. re Q1, the ‘Furlough’ in the UK is identical to what Keynes suggested. Now available for purchase – For details. Good Weekend Superquiz and Target Time, Saturday, December 12. aliciamorse December 11, 2020. 14. Trivia buffs: test your knowledge with this week's Good Weekend quiz. The answer was to pay them as much as would not lead to a reduction in demand for those who could continue to work throughout the pandemic without endangering public health. What is the typical order of events in a triathlon? 9. Trivia and word buffs: test your knowledge with today's superquiz and Target. 21. 3 Despacito (Luis Fonsi and Daddy Yankee), 7.08 billion.Four 3 meters. Seersucker, the fabric, is … Macroeconomic research, teaching and advocacy. twenty five. Sometimes commentators will confine the concept to public bonds but that would be apparent from the context. Granted, the effect on aggregate demand from paying the workers is the same no matter what the workers are doing, but surely there are secondary effects from the fruits of their labour? By Jacqui Martinez and Stephanie Bull. 21 Dec, 2019 5:00am . Here are the answers with discussion for this Weekend’s Quiz. However, this capacity to control the term structure of interest rates is diminished during periods of high inflation. Then in attempting to apply the fiscal rule, the discretionary component of the fiscal outcome would have to contract. What do John Williamson’s True Blue, The Master’s Apprentices’ Because I Love You and Silverchair’s Tomorrow have in common? Quiz answer. The above-mentioned voice actor is also the frontman of which Australian band? Five Gambit.6 1.7 Artemis.8 David copperfield.. 9 Jupiter and Saturn. Photograph: RB/Redferns. In tennis, what was the name of the Billie Jean King Cup prior to September 2020? 12 Sandwich. It is not reasonable, however, that a sensible community should be content to remain dependent on such fortuitous and often wasteful mitigations when once we understand the influences upon which effective demand depends. What is the collective noun for a group of pandas? Remember bond prices and yields are inverse. Keynes clearly understands that digging holes will stimulate aggregate demand when private investment has fallen but not increase “the real national dividend of useful goods and services”. To make use of their factory requires making stuff and selling it, finding buyers willing to part with cash, which I think is not part of the meaning of “current” in the question, no? • Front Page • One News Page[Aus]: Friday, 28 August 2020 Technically, which is the westernmost, northernmost and easternmost US state? Which three presidents does Forrest Gump meet in the 1994 movie? 7 Nessun Dorma. 8 1776. @’Rob Rawlings’ Sure, but I read Bill’s question with the emphasis on “current” economic growth. 13 False. 1 Midget. Date: Sunday 25 October Time: 6:30pm Venue: Eleven Bridge, 11 Bridge St, Sydney NSW 2000 Good Weekend’s The Quiz trivia masters have teamed up with Good Food’s restaurant critics to present The Good Weekend Quiz Live at Eleven Bridge. 1 Grapefruit. Had the Treasury assumed that some 40% would be unable to safely work then the ‘Furlough’ would have been capped at 60% of previous earnings. So the private and public interest rate structure could become separated. This contraction would further reduce aggregate demand and the automatic stabilisers (loss of tax revenue and increased welfare payments) would be working against the discretionary policy choice. The final outcome would depend on net exports and whether the private sector was saving overall or not. ‘But the answer is true because as long as the hole-digging operation is paying on-going wages to the workers who spend them then this will add to aggregate demand and hence income (economic) growth in the current period. 3. 1 Malcolm Turnbull. Many mainstream economics characterise the Keynesian position on the use of public works as an expansionary employment measure as advocating useless work – digging holes and filling them up again. A person who buys a fixed-income bond for $100 with a coupon (return) of 10 per cent will expect $10 per year while they hold the bond. Those 80% who continued to work through the pandemic have been accumulating the 20% of their wages that they have not been able to spend (in holidays, entertainment etc) in increased savings. In so far as millionaires find their satisfaction in building mighty mansions to contain their bodies when alive and pyramids to shelter them after death, or, repenting of their sins, erect cathedrals and endow monasteries or foreign missions, the day when abundance of capital will interfere with abundance of output may be postponed. Credit: 6. The Weekend Quiz – February 6-7, 2021 – answers and discussion The Weekend Quiz – February 6-7, 2021 Unemployed in Australia forced to live in … Finally, if a flat terms structure inverts, the short-rates are higher than the long-rates. In other words, without any discretionary policy changes, the fiscal balance will vary over the course of the business cycle. The yield curve is a graphical depiction of the term structure – so that the interest rates on bonds are graphed against their maturities (or terms). Or a Beauty Behind The Madness? People were paid to sit at home and do nothing since that generated both demand and public health.
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