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Chapter 7 Fiscal Policy Summary Principles of Microeconomics, ISBN: 9781260326475 Macroeconomic Theory CA$11.82
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Chapter 7 Fiscal Policy Summary Principles of Microeconomics, ISBN: 9781260326475 Macroeconomic Theory
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Chapter 7 Fiscal Policy Summary Principles of Microeconomics, ISBN: 6475 Macroeconomic Theory This bundle is all in one for the whole course in one term! Principle of Macronomic. This includes all the PowerPoint from the professor and the explained in detail powerpoint (2 PowerPoint versions) t...

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  • Chapter 7
  • December 13, 2022
  • 61
  • 2021/2022
  • Summary

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Fiscal Policy

, Fiscal policy
↳
refers to a
government's approach toward its own
spending &


taxation

↳ Minister budget
of finance presents annual to parliament each that
an
spring

estimates & expenditures the
contains
of tax revenues
for year.

↳) Goal of fiscal policy: to reach full employment stable
price.

↳ Net tax revenue: MTR Taxrevenue
Transfer payments.
= -




↳
Increase in tax rate would mean increase in MTR, results in
shift upwards of both HTR line



& budget line



·

Budget: summary/plan of governments revenues and
outlays

↳
Major revenues sources
for you:

-

Personal tax income



-




Corporate tax income




-




Consumption tax (GST, etc...


↳)
Major outlay for gou:

Transfer payments
-




Gor
spending
-




National debt payments
-

, Budget balance: MTR-Gor
spending
-




tends
-Budget surplus: HTR exceeds G, gou
Gexceeds
-Budget deficit: HTR, you will borrow

National debt sum
of the
federal gov annual budget deficit
-




minus its surplus.

+
Difference between debt
deficit
Debt stock variable,
is
single point time, a
·
a a in



accumulates

·

Deficit is a
flow variable, over a
period of time.


Balance budget: HTR: G within time period (usually yearl
-



a
given a

, Gor budget affected by
·

is



↳
Change the level GDD
in
of
↳)
change in tax rates (T).

·
Incr. in t
shifts both HTR & BL up

↳
Change in amount
of God
spending (G)


Incr. G shifts the BL down
the Gline
shifts
·

in
up,

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