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The Weekend Quiz – July 1-2, 2017

Welcome to The Weekend Quiz. The quiz tests whether you have been paying attention or not to the blogs I post. See how you go with the following questions. Your results are only known to you and no records are retained.

1. National accounting shows us that a government surplus equals a non-government deficit. If fiscal austerity does generate fiscal surpluses it does so by swapping public for private debt.

2. In a stock-flow consistent macroeconomics, the sectoral balance stocks all sum to zero.

3. The payment of a positive interest return by the central bank on overnight bank reserves eliminates the need for it to conduct open market operations to ensure its policy rate is sustained (ignore any reserve requirements).

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