曼昆宏观第34章_货币政策及财政政策对总需求的影响.pptVIP

* If you skipped the previous slide, which shows the algebraic derivation of the multiplier, then you may need to explain the delta notation to students. * This graph replicates Figure 5 in the textbook. Note: This graph demonstrates the crowding-out effect in isolation, ignoring the multiplier effect. * The textbook gives a nice example: the first President Bush reduced federal income tax withholding to stimulate consumer spending to combat the recession. However, this was just a temporary reallocation of tax liability and, consequently, had a very small affect on aggregate demand.