Dynamic Aggregate Demand and Supply Quiz
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Questions and Answers

Which of the following accurately describes the impact of expansionary fiscal policy in the dynamic aggregate demand and supply model?

  • Expansionary fiscal policy increases GDP and leads to higher interest rates. (correct)
  • Expansionary fiscal policy leads to lower inflation and stagnant GDP.
  • Expansionary fiscal policy leads to a decrease in both GDP and inflation.
  • Expansionary fiscal policy results in higher inflation and lower real interest rates.

    • What is the primary difference between the traditional fiscal policy model and the dynamic aggregate demand and supply model?

  • The traditional model uses supply and demand principles, while the dynamic model uses a Keynesian approach.
  • The traditional model assumes a fixed price level, while the dynamic model considers changing price levels. (correct)
  • The traditional model focuses on long-term economic growth, while the dynamic model focuses on short-term fluctuations.
  • The traditional model is more complex and accounts for international trade, while the dynamic model simplifies the economy.

    • How does the yield curve typically respond to effective expansionary fiscal policy?

  • The yield curve steepens, indicating a decrease in economic growth expectations.
  • The yield curve steepens, indicating an increase in economic growth expectations. (correct)
  • The yield curve flattens, indicating a decrease in economic growth expectations.
  • The yield curve flattens, indicating an increase in economic growth expectations.

    • Which of the following would be considered a consequence of ineffective fiscal policy?

    <p>People increase savings, offsetting the stimulus effect of government spending. (D)</p> Signup and view all the answers

    Which of the following statements about the impact of contractionary fiscal policy in the dynamic model is accurate?

    <p>Contractionary fiscal policy reduces inflation but also slows down economic growth. (B)</p> Signup and view all the answers

    What does the text suggest about the relationship between expansionary fiscal policy and real and nominal interest rates?

    <p>Expansionary fiscal policy leads to an increase in both real and nominal interest rates. (C)</p> Signup and view all the answers

    Which of the following situations would most likely weaken the effectiveness of expansionary fiscal policy?

    <p>A belief that the stimulus is temporary. (A)</p> Signup and view all the answers

    How does contractionary fiscal policy affect the AD curve?

    <p>It shifts the AD curve to the left. (C)</p> Signup and view all the answers

    What is the primary risk associated with fiscal policy aimed at stimulating aggregate demand?

    <p>Higher inflation (C)</p> Signup and view all the answers

    Which of the following accurately describes supply management policies?

    <p>They involve reducing import tariffs to increase aggregate supply. (D)</p> Signup and view all the answers

    In the national income equation, what does the variable 'Y' represent?

    <p>GDP (B)</p> Signup and view all the answers

    How can a government finance a budget deficit according to the content provided?

    <p>Using excess private savings or foreign debt (B)</p> Signup and view all the answers

    What is a key difference between demand-side policies and supply-side policies?

    <p>Demand-side policies can lead to inflation, while supply-side policies can improve productivity without inflationary pressure. (A)</p> Signup and view all the answers

    What is the primary consequence of central bank financing?

    <p>It leads to high inflation. (D)</p> Signup and view all the answers

    What is a negative effect of bond financing?

    <p>It raises borrowing costs for businesses. (C)</p> Signup and view all the answers

    What is the main argument of John Maynard Keynes regarding government intervention during economic downturns?

    <p>The government must step in if the private sector consumption and investment fall. (D)</p> Signup and view all the answers

    What can external borrowing potentially cause?

    <p>More expensive imports. (C)</p> Signup and view all the answers

    Which of the following best describes expansionary fiscal policy?

    <p>An increase in government spending or decrease in taxes to boost demand. (B)</p> Signup and view all the answers

    What is commonly true about developing countries in relation to deficit financing?

    <p>There is a strong link between deficits and inflation. (D)</p> Signup and view all the answers

    During which historical event did government spending significantly increase to combat economic collapse?

    <p>The Great Depression (D)</p> Signup and view all the answers

    Why is printing money considered the most inflationary way to finance a deficit?

    <p>It dilutes the value of the currency. (B)</p> Signup and view all the answers

    What happens when the private sector saves more than it invests?

    <p>The private sector has extra funds (C)</p> Signup and view all the answers

    What was the dominant belief regarding government budgets before the Great Depression?

    <p>Governments should balance their budgets annually. (D)</p> Signup and view all the answers

    Which statement accurately describes the relationship between government budget deficits and trade balances?

    <p>A country with a budget deficit often borrows from abroad (D)</p> Signup and view all the answers

    What is a potential risk associated with expansionary fiscal policy?

    <p>Higher inflation rates. (A)</p> Signup and view all the answers

    What consequence can result from a government consistently running large deficits?

    <p>Debt accumulation (A)</p> Signup and view all the answers

    What was the main focus of government spending prior to the Great Depression?

    <p>State and local projects (B)</p> Signup and view all the answers

    What effect does bond financing have on the economy?

    <p>It reduces financial resources in circulation. (D)</p> Signup and view all the answers

    What does an increase in interest rates from bond financing lead to?

    <p>Increased costs for consumer loans. (C)</p> Signup and view all the answers

    Which of the following is a method governments use to finance budget deficits?

    <p>Issuing government bonds (A)</p> Signup and view all the answers

    What does contractionary fiscal policy aim to accomplish?

    <p>Slow down the economy in times of high inflation. (C)</p> Signup and view all the answers

    What is a likely outcome of unsustainable fiscal policies?

    <p>Drastic cuts in government spending (D)</p> Signup and view all the answers

    What is the 'Guns or Butter' debate primarily concerned with?

    <p>The trade-off between military and social welfare spending. (D)</p> Signup and view all the answers

    What change occurred in federal government spending after the Great Depression?

    <p>Federal government began accounting for a larger share of total spending. (D)</p> Signup and view all the answers

    How do governments risk creating inflation when financing deficits?

    <p>By borrowing from the central bank (D)</p> Signup and view all the answers

    Which scenario describes a trade deficit?

    <p>Imports exceed exports (D)</p> Signup and view all the answers

    What indicates a healthy balance of payments?

    <p>A positive current account balance (B)</p> Signup and view all the answers

    Which of the following components of the equation "Y  C  I  G  X  m" represents government spending?

    <p>G (D)</p> Signup and view all the answers

    How does fiscal policy indirectly impact consumption (C)?

    <p>By impacting income after tax. (B)</p> Signup and view all the answers

    What is the primary goal of fiscal policy in relation to aggregate supply?

    <p>To direct resources to key economic sectors. (B)</p> Signup and view all the answers

    Which of the following is NOT a type of tax system?

    <p>Proportional (B)</p> Signup and view all the answers

    What does a progressive tax system imply?

    <p>Higher-income individuals pay a larger proportion of their income in taxes. (D)</p> Signup and view all the answers

    What does 'Internal Balance' refer to in the context of fiscal policy?

    <p>A state of full employment with controlled inflation. (B)</p> Signup and view all the answers

    How can fiscal policy promote 'External Balance'?

    <p>By ensuring sustainable current account balances. (C)</p> Signup and view all the answers

    Which of the following is NOT a goal of fiscal policy?

    <p>Maintain national debt at zero. (A)</p> Signup and view all the answers

    Flashcards

    Fiscal Policy

    Government actions like tax cuts to influence demand.

    Aggregate Demand Shift

    Increase in overall demand due to more disposable income.

    Inflation Risk

    Potential increase in prices as demand rises.

    Savings-Investment Balance

    Relationship between private savings and government deficit.

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    Supply Management

    Policies like reducing tariffs to boost supply.

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    Fiscal Policy Equation

    Y = C + I + G + X - M represents key components of an economy.

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    Components of GDP (Y)

    GDP comprises consumption, investment, government spending, exports, and imports.

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    Consumption (C)

    Household spending on goods and services, influenced by disposable income.

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    Investment (I)

    Business spending on capital goods to enhance production capabilities.

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    Government Spending (G)

    Expenditure by the government on public services and infrastructure.

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    Progressive Tax System

    Higher-income individuals pay a larger share of their income in taxes.

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    Internal Balance

    State of an economy with full employment and stable prices.

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    External Balance

    Sustainable balance of payments where exports equal imports.

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    Private Sector Borrowing

    Taking loans from domestic banks for financing needs.

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    Foreign Borrowing

    Taking loans from other countries or institutions like the IMF or World Bank.

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    Inflationary Finance

    Financing through money creation, leading to inflation and reduced purchasing power.

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    Inflation Tax

    The loss of purchasing power when money is printed excessively to cover deficits.

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    Bond Financing

    Government sells bonds to raise funds, avoiding inflation but increasing borrowing costs.

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    External Financing Risks

    Borrowing from foreign lenders that can lead to inflation if it affects currency value.

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    Developing Countries Vulnerability

    Budget deficits in developing nations link strongly to inflation risks.

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    Pre-Great Depression Fiscal Policy

    A belief in maintaining balanced budgets annually before 1929.

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    Contractionary Fiscal Policy

    A government strategy to reduce inflation by cutting spending or increasing taxes.

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    Dynamic Aggregate Demand & Supply Model

    A model that considers changing GDP and prices over time, unlike static models.

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    Expansionary Fiscal Policy

    A method used to boost GDP by increasing government spending or cutting taxes.

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    Aggregate Demand Shift Right

    Occurs when government increases spending, raising GDP and prices.

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    Employment and Inflation Trade-off

    Expansionary policies raise employment but can lead to higher inflation.

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    Contractionary Policy Effects

    Reduces inflation by lowering GDP through cutting spending or raising taxes.

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    Effective vs. Ineffective Fiscal Policy

    Effective policies stimulate growth, while ineffective ones lead to increased savings and no impact.

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    Yield Curve Steepening

    A situation where long-term interest rates rise more than short-term rates, signaling growth.

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    Current Account Balance

    The difference between a country's exports and imports.

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    Trade Surplus

    When a country exports more than it imports.

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    Trade Deficit

    When a country imports more than it exports.

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    Fiscal Balance

    The difference between government revenues and expenditures.

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    Sustainable Fiscal Policy

    A government approach to finance deficits without leading to crises.

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    Capital Outflows

    Investors moving money out of a country, often due to low confidence.

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    Borrowing from the Central Bank

    Government financing through creating money, which can lead to inflation.

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    Issuing Government Bonds

    A method for governments to finance deficits by selling bonds.

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    Keynesian Revolution

    An economic theory by John Maynard Keynes advocating government intervention in the economy.

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    Guns or Butter Debate

    The choice government makes between military spending (guns) and social welfare spending (butter).

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    Aggregate Demand (AD)

    The total demand for goods and services within an economy at a given overall price level and time.

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    Government Spending During Crises

    Increased government expenditure during economic emergencies to stabilize the economy.

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    Economic Cycle

    The fluctuations in economic activity characterized by expansion and contraction phases.

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    Study Notes

    Week 1 - Definition of Fiscal Policy

    • Fiscal policy is how the government spends money and collects taxes to influence the economy.
    • The goal is to maximize economic growth, lower unemployment, and control inflation.
    • Key aspects include tax, spending, and borrowing.
    • Government actions, at national, regional and local levels, all play a role in fiscal policy.

    Tools of Fiscal Policy

    • Two main fiscal policy tools:
      • Government Expenditure (Spending): Funds infrastructure, education, healthcare and defence.
      • Taxes: Government collects money from people and businesses.
    • Fiscal policy can be expansionary (to boost the economy) or contractionary (to slow the economy or lower inflation).
      • Expansionary policy:
        • Increase government spending, e.g., building roads, unemployment benefits.
        • Reduce taxes to give people more money for spending.
      • Contractionary policy:
        • Decrease government spending, e.g., cut budgets.
        • Increase taxes to remove extra cash from people.

    Taxes as a Tool

    • Taxes are the government's primary way to fund public services.
    • The tax system has different types.
      • Direct taxes : Income tax, capital gains tax, corporate tax
      • Indirect taxes : Sales tax, VAT
      • Other taxes : Excise duties, custom duties, property tax.

    Week 1 - Types of Taxes

    • Income Tax : Taken from salaries.
    • Sales Tax : Added to purchases (VAT, GST).
    • Corporate Tax : Paid by businesses on their profits.
    • Excise Tax : Applied to specific goods (e.g., alcohol, tobacco).
    • Custom Duties : Taxes on imports/exports.

    Week 1 - Simple Explanation of Key Concepts

    • Fiscal Deficit: When government spending is more than the revenue earned. (Government needs to borrow money.)
    • Surplus Budget: When government earns more than it spends. (Rare)
    • Balanced Budget: Government spending exactly equals tax revenue. (Theoretical ideal)

    Week 1 - Government Expenditure

    • To grow the economy, the government spends on projects that matter.
    • Three main areas of government spending:
      • Transfer Payments: Welfare payments. (e.g., pensions, unemployment benefits)
      • Current Spending: Government spending on daily operations. (e.g., salaries for teachers and nurses)
      • Capital Spending: Long-term investment in infrastructure. (e.g., roads, hospitals, prisons).

    Week 1 - Government Expenditure Tools

    • The government uses three main ways to fund spending:
      • Taxation.
      • Natural Resources (e.g., oil, gas).
      • Deficit Financing: Borrowing money when spending is greater than revenue.

    Week 1 - Government Expenditure vs. Taxes

    • Government purchases directly impact aggregate demand.
    • Example: New highways boost demand for materials and services.
    • Taxes indirectly impact aggregate demand.
    • Example: Lower taxes increase disposable income, boosting consumer spending.

    Week 1 - Key Takeaways

    • Fiscal policy impacts key economic indicators, including output, employment, inflation, and balance of payments.
    • Fiscal policy influences aggregate supply by directing resources to essential sectors.

    Week 2 - Uses of Fiscal Policy

    • Pre-Great Depression: The dominant belief was that governments must balance their budgets annually. Large government projects were already funded through borrowing.
    • Keynesian Revolution (1936): John Maynard Keynes challenged the idea of always balancing budgets. He argued that if private sector consumption and investment fall, governments must increase spending, or reduce taxes to support aggregate demand.

    Week 2 - Government Spending During Crises

    • The graph shows the share of federal government spending over time.
    • The Great Depression (1930s): Large increases in government spending to combat economic collapse.

    Week 2 - Key Takeaways

    • Modern economies rely on active fiscal policy, especially during crises.
    • Policymakers use spending to stabilize economies in good and bad times.

    Week 2 - Expansionary vs. Contractionary Fiscal Policy

    • Expansionary fiscal policy is used during economic downturns (high unemployment), to increase aggregate demand e.g increase government spending or cut taxes.
    • Contractionary fiscal policy is used during periods of high inflation to reduce aggregate demand, e.g., reduce government spending or increase taxes.

    Week 2 - Dynamic Aggregate Demand & Aggregate Supply Model

    • Traditional fiscal policy models assume static GDP and prices.
    • Real economies evolve dynamically, with long-term GDP growth and shifting price levels.

    Week 2 - Expansionary Fiscal Policy in Dynamic Model

    • The economy starts in long-run equilibrium.
    • Government increases spending to bring economy back to full employment
    • Policy Response: Increase spending/tax cuts
    • Result: Shifts AD to right, increasing GDP, but also increasing price level/inflation

    Week 2 - Contractionary Fiscal Policy in Dynamic Model

    • Economy starts in long-run equilibrium, with demand being too high, leading to inflation.
    • Policy Response: Decrease spending/increase taxes
    • Result: Shifts AD to the left, reducing inflation, but also reducing GDP.

    Week 2 - Effective Fiscal Policy

    • Expansionary fiscal policy boosts GDP and inflation, and increases nominal & real interest rates.
    • It supports investment in riskier assets.
    • Key takeaway: Well-executed fiscal policy stimulates economic activity and encourages investment.

    Week 2 - Ineffective Fiscal Policy

    • If people believe stimulus is temporary, they save, not spend, which offsets government spending.
    • Example: If people expect future tax hikes, they save more, canceling out the stimulus effect.

    Week 2 - Loss of Control: Hyperinflation & Crisis

    • If governments print too much money (to finance deficit) inflation spirals out of control,
    • Markets lose confidence, potentially causing rapid inflation, currency depreciation, and higher interest rates.
    • Market collapse can be common in unstable economies.

    Week 2 - The "Magic Factors" Behind Fiscal Policy Effectiveness

    • The multiplier effect: an initial change in spending leads to a larger overall economic impact.
    • Tax cuts: More disposable income leads to more consumption (higher output).
    • Government spending/investment spending: Creates public demand (risk of inflation)

    Week 2 - Calculating the Tax Multiplier

    • The tax multiplier shows how much output (Y) decreases when taxes (T) increase.
    • The size of the multiplier depends on the MPC (marginal propensity to consume).

    Week 2 - Simple vs. Complex Tax Multipliers

    • Simple tax multiplier assumes tax cuts only affect consumption, no impact on investment or trade.
    • Complex tax multipliers account for how tax cuts may impact all GDP components and potential leakages (savings, imports, taxes)

    Week 2 - Factors Affecting Fiscal Multipliers

    • Openness: More imports reduce the impact of government spending.
    • Closed economies: Spending stays domestic.
    • Exchange rate system: Fixed rates lead to stronger effects.
    • Debt levels: High debt may indicate lower multipliers.

    Week 2 - Modern Views of the Fiscal Multiplier

    • 1960s-1970s: Strong belief in government spending effect on growth
    • 1970s Stagflation: Keynesian theory began to weaken, shifting to monetarism.
    • Fiscal policy's effectiveness varies by economic environment, including confidence of people in economic policies.

    Week 2 - Automatic Stabilizers

    • Policies that adjust automatically to economic changes without new laws.
    • Reduce severity of recessions and slow overheating economies.
    • Examples: Progressive taxes, unemployment benefits.

    Week 2 - Consumption Stabilization in the EU

    • EU stabilizers are even stronger than income stabilization (70% consumption loss absorbed by taxes, benefits, and reduced savings).
    • Households reduce savings when income falls, keeping spending stable.

    Week 3 - Fiscal Policy Lags

    • Recognition time lag (9-18 months) is needed to identify economic problems, like a recession or inflation.
    • Action time lag: Governments take time to debate and implement policies.
    • Effect time lag: Delayed impact on the economy from the implemented policies.

    Week 3 - Problems with Proper Timing (Economic Stability)

    • Fiscal Policy can be a double-edged sword. Proper timing can stabilize the economy, bad timing can make things worse.
    • Examples: If a government increases spending to late in a recovery, it might trigger inflation instead of growth.

    Week 3 - One Solution: Automatic Stabilizers

    • Policies that automatically adjust to economic changes.
    • Examples: Progressive taxes, unemployment benefits.
    • Goal: To reduce recession severity and cool down overheated economies.

    Week 3 - How Automatic Stabilizers Work in Different Phases of the Economy

    • During a recession: Unemployment benefits. Income falls → Taxes decrease.
    • During an overheated economy: Higher wages, higher employment → Higher taxes, unemployment benefits reduced.

    Week 3 - Automatic Stabilizers in the EU

    • Stabilizers in the EU are around 35% effective. Variation in efficiency, between countries.

    Week 3 - Consumption Stabilization in the EU

    • Consumption loss is stabilized by an average of 70% in the EU. (due to taxes, benefits, and reduced savings).
    • Households reduce savings when income falls (keeping spending stable).

    Week 3 - Fiscal Position/Balance

    • Fiscal balance is the difference between government revenue and spending.
    • A positive balance is a surplus. A negative balance is a deficit.
    • Fiscal balances are used to measure financial health and the government's ability to meet its financial obligations.

    Week 3 - The Federal Government Debt

    • When government spending exceeds revenues it borrows money.
    • Debt increases during major crises or wars.

    Week 3 - Budget Deficits & Recessions

    • Government deficits tend to increase during recessions. (due to lower tax revenue and increased spending).

    Week 3- How Should the Fiscal Position Be Assessed?

    • Measuring a fiscal position is complex, with no one size-fits-all method.
    • Challenges arise due to varying economic conditions.
    • The IMF's Government Finance Statistics Manuel (GFSM 2014) describes a framework, providing a basis for assessing fiscal health

    Week 3 - Coverage of the Public Sector

    • Public sector is the group of entities responsible for fiscal activities.
    • Public sector includes different levels of government. (National, Subnational, social security funds, public corporations)

    Week 3 - When to Record Government Transactions

    • Commitment basis: government records transaction when they commit to it. (e.g., when issuing or signing a contract).
    • Accrual basis: records transactions when economic event actually happens. (e.g., services/goods are delivered).
    • Due-for-payment basis: Transactions are recorded before any penalties or fees are charged.
    • Cash basis: Transactions recorded when cash is received/paid.

    Week 3 - Main Fiscal Indicators

    • Flow indicators measure economic activities over a specific period. (E.g., government revenue and expenditures in 2024)
    • Stock indicator measure the value of assets and liabilities at a specific point in time. (E.g., the total national debt at the end of 2024)
    • Types of Fiscal indicators: Primary, Operational balances.

    Week 4 - Debt Accumulation: A Vicious Cycle

    • Uncontrolled debt growth due to interest payments.
    • Budget deficit: more spending than revenue
    • Higher interest payments: increased debt
    • Debt accumulation/debt growth → vicious cycle

    Week 4 - Operational Budget Deficit Formula

    • Basic equation for the deficit: ∆D = G^N + rD- T
      • D = Total government debt;
      • G^N =Non-interest government spending; r= interest rate on debt; T = Taxes collected.

    Week 4 - Linking Debt Growth to Economic Growth

    • Debt grows at the interest rate.
    • GDP grows at a rate g.
    • If GDP growth is faster than interest rate, debt-to-GDP ratio decreases.

    Week 4 - Understanding Debt Ratio Changes

    • Debt-to-GDP ratio depends on the difference between interest rate and GDP growth rate ( g > r, a positive debt-to-GDP ratio change)

    Week 4 - Final Message

    • Debt isn't always a problem - economic growth can keep debt under control.
    • Debt becomes a problem when interest rate is above GDP growth rate.

    Week 4 - Fiscal Stimulus and Crisis of Confidence

    • Governments lose confidence in their ability to repay debt if people anticipate future taxes.
    • This reduces consumption and slows the economy.

    Week 4 - The Paradox of Thrift

    • If everyone tries to save more, total spending falls and the economy contracts.
    • Keynesians warn that excessive saving can cause recession.

    Week 4 - Household Debt and the 2008 Financial Crisis

    • Household debt-to-income ratio skyrocketed before the 2008 recession.
    • After recession, household debt fell but remained high.
    • Excessive debt can worsen a recession or make stimulus less effective.

    Week 4- France's Fiscal Response to COVID-19

    • France spent heavily on direct crisis spending and loan guarantees for businesses.
    • Extensive support measures including more money for health and insurance, subsidized wage payments and support for small businesses.
    • Post-covid recovery plan introduced. €100 billion investment in two years
    • Focus to improve competitiveness (green energy)

    Week 4 - Limits of Fiscal Policy After a Crisis

    • Government borrowing can increase interest rates reduce private investment.
    • Excessive spending or intervention can trigger inflation.
    • Delays in policy implementation can reduce effectiveness.

    Week 4 - Exam Cheat Sheet

    • Solvency: Long-term ability to pay debts.
    • Liquidity: Short-term ability to pay bills.
    • If interest rate is greater than GDP growth then debt is considered unsustainable.

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