The role of Council of Economic Advisers (CEA).

Question

Want to see more full solutions like this?

Answer 1

Question

Chapter 33, Problem 1DQ

To determine

The role of Council of Economic Advisers (CEA).

Expert Solution & Answer

Explanation of Solution

The CEA is a body of officers, who are responsible for advising the president on domestic as well as international monetary policy of the government. They provide necessary guidance to the president regarding the fiscal policy of the president and the country. The functions of the CEA can be summarized as follows:

1. Assist and advise the president in the fiscal matters, which is the prime most duty of the CEA by being in the executive office of the president.

2. To compile and submit the studies relating to the developments in the economy to the president by collecting the timely and authoritative data from the economy.

3. To appraise the various economic activities of the government; after a detailed analysis, the required recommendations are laid down to the president.

4. Develop and recommend national economic policies to the president.

5. To prepare the required reports about various aspects of the economy, on president's request.

The members of the Council of Economic Advisers and their university affiliations are as follows:

Jason Furman (28th chairman) holds PhD in Economics from Harvard University.

Sandra Black received B.A from University of California, PhD in Economics from Harvard University.

Jay Shambaugh received B.A from Yale, M.A.L.D from Tufts University and PhD from University of California.

Economics Concept Introduction

Concept introduction:

Council of Economic Advisers: It is the agency which advises the president on economic matters. The office is included within the executive office of the president.

Want to see more full solutions like this?

Subscribe now to access step-by-step solutions to millions of textbook problems written by subject matter experts!

Students have asked these similar questions

Where can I go to get my own wax supplies?

Problem 2. If the consumer preference can be represented by a CES function with δ = 0.5, i.e. u(x, y) = x0.5 + y0.5. Let the prices and income be (px, py, w). 1. Set up the Lagrangian expression.2. Take the first-order conditions.3. Substitute into budget constraint to derive the optimal consumption bundles.

1. A town relies on four different sources for its non-drinking water needs: dam water, reclaimed water, rain water, and desalinated water. The different sources carry different risks and costs. For instance, desalinated water is fully reliable due to abundant sea water, but it is more expensive than other options. Reclaimed water also has relatively lower risk than rain or dam water since a certain amount can be obtained, even during the dry. season, by the treatment of daily generated waste water. Using any of the four options requires an investment in that resource. The return on a particular water source is defined as the amount of water generated by the source per dollar of investment in it. The expected returns and standard deviations of those returns for the four water sources are described in the following table: Water resource Expected return St. Deviation Dam water 2.7481 0.2732 Reclaimed water 1.6005 0.0330 Rain water 0.5477 0.2865 Desalinated water 0.3277 0.0000 Higher…

Answer 2