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1. Say the marginal tax rate is 30% and that government expenditures do not change with output. Say also that the economy is at potential output and that the deficit is $200 billion. a. What is the size of the cyclical deficit? b. What is the size of the structural deficit? c. How would your answers to a and b change if the deficit were still $200 billion but output were $100 billion below potential? d. How would your answers to a and b change if the deficit were still $200 billion but output were $100 billion above potential? e. Which is likely of more concern to policy makers: a cyclical or a structural deficit? 2. What fiscal policy actions would you recommend in the following instances? a. The economy begins at potential output, but foreign economies slow dramatically. b. The economy has been operating above potential output and inflationary pressure rises. c. A new technology is invented that significantly raises potential output. 3. Answer the following about Monetary Policy: a. Why is the Fed's role as a lender of last resort an important function of the Fed? b. What distinguishes credit easing from quantitative easing? What problem was each designed to address? c. How was operation twist expected to avoid the criticisms of quantitative easing? d. Why are large financial institutions considered to be too big to fail? What problem does it create? e. How would a precommitment policy address problems in the economy? What is the risk of such a policy