曼昆宏观货币政策和财政政策对总需求的影响.ppt

* 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. See the textbook for more details. This exercise gets students to apply the preceding material on the effects of fiscal policy on aggregate demand. Finding the answers requires students use the formula for the multiplier but does not require that students understand the algebraic derivation of this formula. * This slide and the next discuss material from the FYI box entitled “How Fiscal Policy Might Affect Aggregate Supply.” These two slides may be omitted without loss of continuity. The tax rate cut, other things equal, would reduce government revenue. But other things aren’t equal: as the textbook explains, the rightward shift in AS increases income, which, in turn increases the tax base. Some supply-siders believe that the increase in income and the tax base are so large that a tax rate cut ends up INCREASING tax revenue rather than decreasing it. This is a theoretical possibility but does not have much empirical support. Most economists and policymakers believe that a tax rate cut causes revenue to fall, even if it stimulates additional economic activity. There’s a very nice discussion of supply-side economics and the Laffer Curve toward the end of the chapter entitled “Application: The Costs of Taxation.” This chapter appears as Chapter 8 in every version of the textbook except Brief Principles of Macroeconomics (which omits it in the name of being –