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宏观经济学chapter 21..ppt

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宏观经济学chapter 21.

Chapter 21 Fiscal policy and foreign trade Some key terms Fiscal policy the government’s decisions about spending and taxes Stabilisation policy policymaker’s actions to try to keep output close to its potential level Budget deficit the excess of government outlays over government receipts National debt the stock of outstanding government debt UK Public Finances 2001-2 (£bn) Revenue Expenditure direct tax goods and services income tax 104 NHS 59 corporation tax 38 education 50 social security 63 defence 24 indirect tax laworder 23 VAT 61 het 10 excise duty 37 transfer payments property tax 32 social sec 109 Other 64 debt int 23 other 61 Total 398 Total 394 Government in the income-expenditure model aggregate demand is now AD= C+I+G disposable income is YD=Y-NT=Y-tY=(1-t)Y where YD is disposable income, Y is income and t is the net tax rate Government in the income-expenditure model Direct taxes affect the slope of the consumption function and hence the slope of the AD schedule. Government expenditure affects the position of the AD schedule. Consumption and Taxes Consumption and Taxes Consumption and Taxes: an example Aggregate demand and taxes Government Spending The Multiplier Revisited Fiscal policy? The government budget Deficits and the fiscal stance The size of the budget deficit is not a good measure of the government’s fiscal stance. The structural budget shows what the budget would have been if output had been at the full-employment level. The inflation-adjusted budget uses real not nominal interest rates to calculate government spending on debt interest. Automatic stabilisers mechanisms in the economy that reduce the response of GNP to shocks for example, in a recession: payments of unemployment benefits rise receipts from VAT and income tax fall Limits on active fiscal policy Time lags: it takes time to diagnose the problem. Data has lags. Decisions take time to take action. Budget proces

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