Chapter 7 Fiscal Policy Summary Principles of Microeconomics, ISBN: 9781260326475 Macroeconomic Theory
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Course
Macroeconomic Theory
Institution
Capilano University (CapU
)
Book
Principles of Microeconomics
Chapter 7 Fiscal Policy Summary Principles of Microeconomics, ISBN: 6475 Macroeconomic Theory
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Class notes Macroeconomic Theory Principles of Microeconomics, ISBN: 9781260326475
Summary Principles of Microeconomics, ISBN: 9781260326475 Macroeconomic Theory
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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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