1)Who makes up the Council of Economic Advisers?

2)What is a delay in implementing monetary policy called?

1)The Council of Economic Advisers is an executive agency made up of a chairman along with other members and their supporting staff. They look at all the statistical data associated with making forecasts in economic policy in order to better advise the president. The chairman, like many other federal agencies and departments, is nominated by the president and then confirmed by the Senate. The members of the Council of Economic Advisers are typically from either academia or part of the corporate world with reputations of being experts in economics and business affairs. The terms aren't set for the members, but traditionally have only been a few years and have changed with each new administration. The Council is tasked with providing research and advice and also helping to prepare the annual Economic Report of the President.

2)Inside lag is the terminology used to refer to a delay in implementing monetary policy. This lag occurs after an economic shock and refers to the time between the shock occurring and government action to respond to the economic shock. This is different than outside lag, which refers to the time between government action and the effects thereof on the economy.

Inside lag has two components: recognition and implementation. Recognition refers to the identification of the shock and the need for policy adjustment. Implementation refers to the development of appropriate economic policies to be implemented.