Question from Past Macroeconomics Qualifying Exam (Fall, 2004 - Question four) at George Mason UniversityEdit

Evaluate the implications for monetary and fiscal policy in a large open economy under conditions

  • (1) of fixed and
  • (2) of flexible exchange rates, paying particular attention to the following models:
    • a. The Neoclassical Synthesis
    • b. Rational Expectations
    • c. Does this analysis offer any insight into whether or not large open economies should prefer fixed or flexible exchange rate systems?


  • (a)
  • (b)
  • (c)

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