chapter14TheBudgetBalance,theNationalDebt(宏观经济学-加州大学-詹姆斯·布拉德福特·德隆)剖析.ppt

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chapter14TheBudgetBalance,theNationalDebt(宏观经济学-加州大学-詹姆斯·布拉德福特·德隆)剖析.ppt

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CHAPTER 14 The Budget Balance, the National Debt, and Investment Questions From the standpoint of analyzing stabilization policy, what is the best measure of the government’s budget balance? From the standpoint of analyzing the effect of changes in the national debt on long-run growth, what is the best measure of the government’s budget balance? Questions What is the typical pattern America’s debt follows over time? How has recent experience in the past generation deviated from this traditional pattern of debt behavior? What are the reasons that we should worry about a rising national debt? What are the reasons that we shouldn’t worry too much about a rising national debt? Debt Deficits The national debt (D) is the amount of money that the government owes those from whom it has borrowed when government spending tax revenues, the difference is the government surplus (-d) the national debt falls by d when government spending tax collections, the difference is the government deficit (d) the national debt rises by d Debt Deficits Economists are interested in the debt and the deficit for two reasons the deficit is an index of how government spending and tax plans affect the IS curve the debt and deficit are closely connected with national savings and investment a rising debt tends to depress capital formation a high national debt means that future taxes will have to be higher to pay interest charges The Deficit the IS Curve An increase in government purchases or a decrease in taxes increases aggregate demand the IS curve shifts out The appropriate measure of fiscal policy is the full-employment deficit (or surplus) it measures what the government’s budget balance would be if the economy was at full employment Figure 14.1 - An Increase in the Full-Employment Deficit Shiftsthe IS Curve Outward Measuring the Budget Balance The government budget balance reported in the news is generally the unified cash balance the difference between the money the government actua