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How Do New Classical Economists View the Importance of Policy

question 253

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How do new classical economists view the importance of policy rules and discretion in
macroeconomic policy?


Definitions:

Proportion of Measurements

The fraction or percentage of measurements falling within a specified range in a dataset.

Frequency Tabulation

A statistical method for organizing data into a table to show how often each different value occurs.

Tchebysheff's Theorem

A statistical theorem that provides a bound on the probability that the value of a random variable deviates from its mean by more than a certain multiple of its standard deviation.

Standard Deviations

Measures the amount of variation or dispersion from the mean in a set of data points.

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