ADDITIONAL NOTES - lags - implementation lag

3 important questions on ADDITIONAL NOTES - lags - implementation lag

What do we call the time when the recession or inflation is discovered but there is a significant time before for it is possible to act?

Implementation lag

How long could it take for a policy to be implemented?

More than a year

Which policy could be quickly implemented? Why?

Monetary policy could be implemented quicker than fiscal policy
because changing the money supply is much easier by setting the overnight rate target, but fiscal policy needs more time for approval and implementation.

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