Ebook Macroeconomics (9th edition): Part 2
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Ebook Macroeconomics (9th edition): Part 2
©Sởa-tì/StimHiíiFiscal PolicyI Fundamental Questions1How can fiscal policy eliminato a GDP gap?3 What aro tho offocts of budget deficits?2How has U.S. Ebook Macroeconomics (9th edition): Part 2. fiscal policy changed over time?4 How does fiscal policy differ across countries?Macroeconomics plays a key role in national politics. When Jimmy Carter ran for the presidency against Gerald Ford in 1976, he created a "misery index" to measure the state of the economy. The index was the sum of the Ebook Macroeconomics (9th edition): Part 2 inflation rate and the unemployment rate, and Carter showed that it had risen during Ford's term in office. When Ronald Reagan challenged Carter in 1Ebook Macroeconomics (9th edition): Part 2
980, he used the misery index to show that inflation and unemployment had gone up during the Carter years as well. The implication is that presidents ©Sởa-tì/StimHiíiFiscal PolicyI Fundamental Questions1How can fiscal policy eliminato a GDP gap?3 What aro tho offocts of budget deficits?2How has U.S. Ebook Macroeconomics (9th edition): Part 2ncumbent president is open to criticism by opponents. For instance, many people believe that George Bush was defeated by Bill Clinton in 1992 because of the recession that began in 1990—a recession that was not announced as having ended in March 1991 until after the election. Clinton's 1992 campaign Ebook Macroeconomics (9th edition): Part 2 made economic growth a focus of its attacks on Bush, and his 1996 campaign emphasized the strength of the economy.In 1996, a healthy economy helped CEbook Macroeconomics (9th edition): Part 2
linton defeat Bob Dole. And in the election of 2004, Bush supporters made economic growth a major focal point of their campaign against Kerry. More re©Sởa-tì/StimHiíiFiscal PolicyI Fundamental Questions1How can fiscal policy eliminato a GDP gap?3 What aro tho offocts of budget deficits?2How has U.S. Ebook Macroeconomics (9th edition): Part 241Find more at www.downloadslide.com242Part Throe Microeconomic PolicyFiscal policy includes government spending on the provision of ịỊootỉs and set vices as well as infrastructure. In this photo, workers create mud bricks in the t. J he hr it Jts will fj Ebook Macroeconomics (9th edition): Part 2cts. Such activities are often provided by government and funded hy taxpayerCairtfflr r a liemore than just campaign rhetoric, however. By law the govEbook Macroeconomics (9th edition): Part 2
ernment is responsible for the macroeconomic health of the nation. The Employment Act of 1946 states:It is the continuing policy and responsibility of©Sởa-tì/StimHiíiFiscal PolicyI Fundamental Questions1How can fiscal policy eliminato a GDP gap?3 What aro tho offocts of budget deficits?2How has U.S. Ebook Macroeconomics (9th edition): Part 2coordinate and utilize all its plans, functions, and resources for the purpose of creating and maintaining, in a manner calculated to foster and promote free competitive enterprise and the general welfare conditions under which there will be afforded useful employment opportunities, including self e Ebook Macroeconomics (9th edition): Part 2mployment for those able, willing, and seeking to work, and to promote maximum employment, production, and purchasing power.I iscal policy is one toolEbook Macroeconomics (9th edition): Part 2
that government uses to guide the economy along an expansionary path. In this chapter, we examine the role of fiscal policy—government spending and t©Sởa-tì/StimHiíiFiscal PolicyI Fundamental Questions1How can fiscal policy eliminato a GDP gap?3 What aro tho offocts of budget deficits?2How has U.S. Ebook Macroeconomics (9th edition): Part 2nally, we describe the difference in fiscal policy between industrial and developing countries.Q■ 1. Fiscal Policy and Aggregate1 How can fiscal policyDemandeliminate a GDP gap? 7777' ? 777 Ĩ777777~7The GDP gap is the difference between potential real GDP and the equilibrium level of real GDP. If th Ebook Macroeconomics (9th edition): Part 2e government wants to close the GDP gap so that the equilibrium level of real GDP reaches its potential, it must use fiscal policy to alter aggregateEbook Macroeconomics (9th edition): Part 2
expenditures and cause the aggregate demand curve to shift.Fiscal policy is the government’s policy with respect to spending and taxation. Since aggre©Sởa-tì/StimHiíiFiscal PolicyI Fundamental Questions1How can fiscal policy eliminato a GDP gap?3 What aro tho offocts of budget deficits?2How has U.S. Ebook Macroeconomics (9th edition): Part 2 www.downloadslide.comChapter 11 Fiscal Policy243effect on the level of aggregate demand. Taxes affect aggregate demand indirectly by changing the disposable income of households, which alters consumption.By varying the level of government spending, policymakers can affect the level of real CDP.l.a. Ebook Macroeconomics (9th edition): Part 2 Shifting the Aggregate Demand CurveChanges in government spending and taxes shift the aggregate demand curve. Remember that the aggregate demand curvEbook Macroeconomics (9th edition): Part 2
e represents combinations of equilibrium aggregate expenditures and alternative price levels. An increase in government spending or a decrease in taxe©Sởa-tì/StimHiíiFiscal PolicyI Fundamental Questions1How can fiscal policy eliminato a GDP gap?3 What aro tho offocts of budget deficits?2How has U.S. Ebook Macroeconomics (9th edition): Part 2 demand that would result from an increase in government spending or a decrease in taxes. Only if the aggregateFIGURE 1Eliminating tho Recessionary Gap: Higher Prices Mean Greater spending(a) Aggregate Demand and Supply {constant prices in Keynesian range of AS curve)(b) Aggregate Demand and Supply Ebook Macroeconomics (9th edition): Part 2(rising prices in intermediate range of AS curve)Real GDPWhen aggregate demand increases from AD to AD, in Figure 1(a), equilibrium real GDP increasesEbook Macroeconomics (9th edition): Part 2
by the full amount of the shift in demand. This is because the aggregate supply curve is horizontal over the area of the shift in aggregate demand. I©Sởa-tì/StimHiíiFiscal PolicyI Fundamental Questions1How can fiscal policy eliminato a GDP gap?3 What aro tho offocts of budget deficits?2How has U.S. Ebook Macroeconomics (9th edition): Part 2he aggregate supply curve begins to slope up before potential real GDP (YpJ is reached, as shown in Figure 1(b) of the figure.244If the price level rises as real GDP increases, the multiplier effects of any given change in aggregate expenditures are smaller than they would be if the price level rema Ebook Macroeconomics (9th edition): Part 2ined constant.Find more at www.downloadslide.comhttps://khothuvien.coniPart Throe Microeconomic Policy©Sởa-tì/StimHiíiFiscal PolicyI Fundamental Questions1How can fiscal policy eliminato a GDP gap?3 What aro tho offocts of budget deficits?2How has U.S.©Sởa-tì/StimHiíiFiscal PolicyI Fundamental Questions1How can fiscal policy eliminato a GDP gap?3 What aro tho offocts of budget deficits?2How has U.S.Gọi ngay
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