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What is Macroeconomic Policy: Active vs. Passive about?

Macroeconomic policy debates whether policy should be active or passive, and conducted by rule or discretion. For active policy, economists argue the economy experiences shocks requiring stabilization. Others argue policy should be passive, as the economy is naturally stable and past policies caused fluctuations. Rule-based policy commits to announced responses, while discretion allows flexibility. Rules are preferred due to distrust of political opportunism and time inconsistency of discretion, which c

Author

My Nguyễn

Language

EN