The Great Moderation Consensus About Macroeconomic Policy Is That

Multiple Choice

The Great Moderation consensus about macroeconomic policy is that:

A) only monetary policy works against recessions, but fiscal policy is effective only in the long run.
B) expansionary monetary and fiscal policies can both reduce unemployment in the long run.
C) expansionary monetary and fiscal policies are both effective in the short run but not in the long run.
D) discretionary monetary and fiscal policies are effective in the short run and in the long run.