巴德 宏观经济学原理（英文版·第8版）Chapter 16 PowerPoint.pptxVIP

Can fiscal stimulus end a recession? 16When you have completed your study of this chapter, you will be able to1 Describe the federal budget process and the recent history of tax revenues, outlays, deficits, and debts.2 Explain how fiscal stimulus is used to fight a recession.3 Explain the supply-side effects of fiscal policy on employment, potential GDP, and the economic growth rate.CHAPTER CHECKLISTFiscal Policy 16.1 THE FEDERAL BUDGETThe federal budget is an annual statement of the revenues, outlays, and surplus or deficit of the government of the United States. The federal budget has two purposes: To finance the activities of the federal government To achieve macroeconomic objectivesFiscal policy is the use of the federal budget to achieve the macroeconomic objectives of high and sustained economic growth and full employment. 16.1 THE FEDERAL BUDGETThe Institutions and LawsThe President and the Congress make the budget and develop fiscal policy on a fixed annual time line.Fiscal year is the year that begins on October 1 and ends on September 30 of the next year. 16.1 THE FEDERAL BUDGETBudget Balance and DebtBudget balance = Tax revenues – OutlaysThe government has a balanced budget when tax revenues equal outlays (budget balance is zero).The government has a budget surplus when tax revenues exceed outlays (budget balance is positive).The government has a budget deficit when outlays exceed tax revenues (budget balance is negative). 16.1 THE FEDERAL BUDGETThe government borrows to finance a budget deficit and repays its debt when it has a budget surplus.The amount of debt outstanding that arises from past budget deficits is called national debt.Debt at end of 2017 = Debt at end of 2016 + Budget deficit in 2017. 16.1 THE FEDERAL BUDGETThe Federal Budget in Fiscal 2017 16.1 THE FEDERAL BUDGETOn the tax revenues side of the budget:The largest item is personal income taxes―taxes that people pay on wages and salaries and on interest. The second large