The architects of monetary and fiscal policy seek to use the tools at their disposal to meet macroeconomic policy objectives.

a. What are some challenges - specifically around the timeliness and accuracy of data - that they face in trying to decide what policies to implement?

b. In addition to these, what additional timing challenges are unique to fiscal policy (but that monetary policy makers can avoid)? How do monetary policy makers avoid them?

c. Given these challenges, reflect on what you think policy makers should do going forward