Economics Part II
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The document discusses several key roles of the federal government in the US economy, including taxation, monetary policy through the Federal Reserve, and approaches to trade. It notes that the government raises funds primarily through various taxes, outlines different tax types, and explains monetary policy concepts like the discount rate. The document also briefly discusses major economic theories like Keynesian, Reaganomics, and Austrian approaches and the government's role in business development regarding free trade versus protectionism.
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This was one of my presentations given at the recent Teach IT conference in Singapore. November 2011. For more resources see here - http://teachit2011.uwcsea.wikispaces.net/Workshop_03
20121222 mankiw economics chapter36
The document discusses six debates around macroeconomic policy:
1) Whether policymakers should try to stabilize the economy through monetary and fiscal policy interventions.
2) Whether the government should fight recessions through spending hikes rather than tax cuts.
3) Whether monetary policy should be rules-based rather than discretionary.
4) Whether central banks should aim for zero inflation.
5) Whether governments should balance their budgets.
6) Whether tax laws should be reformed to encourage more saving.
20091128 mankiw economics chapter1
1. The document outlines 10 principles of economics, organized into three categories: how people make decisions, how people interact, and how the economy as a whole works.
2. It provides explanations and examples for each principle, discussing concepts like trade-offs, incentives, markets, productivity, and inflation.
3. The principles are presented as fundamental ideas that provide a framework for understanding economic behavior at both the individual and aggregate level.
Monetary and fiscal policy notes and debat directions
This document discusses different economic theories and policies, including:
1. Classical economics believes that markets will naturally correct themselves through adjustments in supply and demand without government intervention. Keynesian economics holds that economies are unstable and governments must take action through fiscal and monetary policy to correct imbalances.
2. Fiscal policy refers to how governments tax and spend, with Keynesians advocating for deficit spending during recessions to boost demand. Supply-siders believe tax cuts can spur growth by putting more money in private hands.
3. Monetary policy involves how central banks like the Federal Reserve regulate money supply by adjusting interest rates and reserves, aiming to control inflation. Tighter monetary policy reduces money supply to lower
Fiscal and supply side policy
This document summarizes the history and approaches to fiscal policy, including:
- 1850s-1950s emphasized 'sound finance' and balanced budgets
- 1950s-1970s saw the rise of Keynesian demand management using deficits
- 1980s-2008 returned to balanced budgets and using fiscal policy for supply incentives
- 2008 crisis led to increased spending and deficits before austerity reduced deficits
It discusses arguments around automatic stabilizers, supply-side vs demand-side tools, and trade-offs between equity and efficiency.
10 monetary & fiscal policy2
Monetary and fiscal policy are tools used by governments to influence economic activity. Monetary policy refers to actions taken by central banks to influence the supply and cost of money. Key instruments of monetary policy include bank rates, open market operations, and reserve requirements. Fiscal policy involves manipulating taxes and government spending to achieve objectives like full employment and price stability. During inflation, fiscal policy aims to reduce aggregate demand, while during depressions it aims to increase demand through deficit spending and tax cuts.
Distribution of income
Governments use taxes to raise revenue and redistribute income through spending on public goods and services. The degree of redistribution depends on the type and progressivity of taxes. Progressive taxes place a higher burden on higher incomes, making them redistributive. Regressive taxes like indirect taxes place a higher burden on lower incomes. There are differing views on the appropriate role of taxes. Supply-side views favor lower taxes to incentivize work and investment, while demand-side views see taxes as a tool to manage the economy and achieve fairness.
Monetary and Fiscal Policy
1) Governments use monetary and fiscal policy tools to try to influence aggregate demand in the economy and prevent recessions.
2) Through monetary policy, central banks can use interest rates, bonds, and bank reserves to expand or contract the money supply and stimulate or slow economic growth. Through fiscal policy, governments can cut taxes or increase spending to expand the economy, or raise taxes or decrease spending to contract the economy.
3) The goal of these policies is to maintain stable economic growth of around 2% without causing too much inflation by either increasing or decreasing overall demand in the country.
Recommended
Using Video Tools to Develop Student's Writing Skills
This was one of my presentations given at the recent Teach IT conference in Singapore. November 2011. For more resources see here - http://teachit2011.uwcsea.wikispaces.net/Workshop_03
20121222 mankiw economics chapter36
The document discusses six debates around macroeconomic policy:
1) Whether policymakers should try to stabilize the economy through monetary and fiscal policy interventions.
2) Whether the government should fight recessions through spending hikes rather than tax cuts.
3) Whether monetary policy should be rules-based rather than discretionary.
4) Whether central banks should aim for zero inflation.
5) Whether governments should balance their budgets.
6) Whether tax laws should be reformed to encourage more saving.
20091128 mankiw economics chapter1
1. The document outlines 10 principles of economics, organized into three categories: how people make decisions, how people interact, and how the economy as a whole works.
2. It provides explanations and examples for each principle, discussing concepts like trade-offs, incentives, markets, productivity, and inflation.
3. The principles are presented as fundamental ideas that provide a framework for understanding economic behavior at both the individual and aggregate level.
Monetary and fiscal policy notes and debat directions
This document discusses different economic theories and policies, including:
1. Classical economics believes that markets will naturally correct themselves through adjustments in supply and demand without government intervention. Keynesian economics holds that economies are unstable and governments must take action through fiscal and monetary policy to correct imbalances.
2. Fiscal policy refers to how governments tax and spend, with Keynesians advocating for deficit spending during recessions to boost demand. Supply-siders believe tax cuts can spur growth by putting more money in private hands.
3. Monetary policy involves how central banks like the Federal Reserve regulate money supply by adjusting interest rates and reserves, aiming to control inflation. Tighter monetary policy reduces money supply to lower
Fiscal and supply side policy
This document summarizes the history and approaches to fiscal policy, including:
- 1850s-1950s emphasized 'sound finance' and balanced budgets
- 1950s-1970s saw the rise of Keynesian demand management using deficits
- 1980s-2008 returned to balanced budgets and using fiscal policy for supply incentives
- 2008 crisis led to increased spending and deficits before austerity reduced deficits
It discusses arguments around automatic stabilizers, supply-side vs demand-side tools, and trade-offs between equity and efficiency.
10 monetary & fiscal policy2
Monetary and fiscal policy are tools used by governments to influence economic activity. Monetary policy refers to actions taken by central banks to influence the supply and cost of money. Key instruments of monetary policy include bank rates, open market operations, and reserve requirements. Fiscal policy involves manipulating taxes and government spending to achieve objectives like full employment and price stability. During inflation, fiscal policy aims to reduce aggregate demand, while during depressions it aims to increase demand through deficit spending and tax cuts.
Distribution of income
Governments use taxes to raise revenue and redistribute income through spending on public goods and services. The degree of redistribution depends on the type and progressivity of taxes. Progressive taxes place a higher burden on higher incomes, making them redistributive. Regressive taxes like indirect taxes place a higher burden on lower incomes. There are differing views on the appropriate role of taxes. Supply-side views favor lower taxes to incentivize work and investment, while demand-side views see taxes as a tool to manage the economy and achieve fairness.
Monetary and Fiscal Policy
1) Governments use monetary and fiscal policy tools to try to influence aggregate demand in the economy and prevent recessions.
2) Through monetary policy, central banks can use interest rates, bonds, and bank reserves to expand or contract the money supply and stimulate or slow economic growth. Through fiscal policy, governments can cut taxes or increase spending to expand the economy, or raise taxes or decrease spending to contract the economy.
3) The goal of these policies is to maintain stable economic growth of around 2% without causing too much inflation by either increasing or decreasing overall demand in the country.
Unit 4.ppt
This document provides information about measuring economic performance, including GDP, GDP per capita, inflation, unemployment, and business cycles. It discusses how economists calculate GDP using the expenditures approach and defines real GDP. It explains how the consumer price index is used to measure inflation and defines the labor force in determining the unemployment rate. The document also introduces aggregate supply and demand analysis and how it can explain economic fluctuations between expansion, peak, contraction, and trough.
General question
Questions asked related to economy for a finance domain student.Questions asked during the interviews.
Inflation in india
The document discusses inflation in India. It provides statistics showing India's inflation rates for wholesale and consumer prices are high at 7.55% and 10.36% respectively in May 2012. The chairman of an economic advisory council notes that while growth is slowing in India, inflation remains at a high level unlike other countries where growth and inflation are both low. The document then examines the nature and causes of inflation in India, including supply shocks from food and fuel price increases, trade deficits, and political instability. It argues that inflation in India is more structural due to issues like bottlenecks in the agriculture sector rather than monetary causes. Finally, it discusses how organized retailing in India could help reduce inflation by improving supply chain efficiency and increasing
Monetary policy
The document discusses monetary and fiscal policies used to address inflation. It defines inflation and describes its stages and types. The causes of demand-pull and cost-push inflation are explained. Effects of inflation and instruments of monetary policy like bank rate, cash reserve ratio, and open market operations are summarized. Key differences between monetary and fiscal policy are highlighted. Objectives of monetary policy to maintain price stability and credit flow are stated.
Unit 5 fiscal and monetary policy
Fiscal policy deals with changes in government spending and taxation to achieve economic goals like decreasing unemployment or inflation. There are two types: expansionary fiscal policy which increases spending or decreases taxes, and contractionary fiscal policy which decreases spending or increases taxes. Expansionary fiscal policy is used to decrease unemployment, while contractionary is used to decrease inflation. John Maynard Keynes first suggested governments could influence the economy through fiscal policy. Major taxes include income tax, corporate tax, sales tax, excise tax, and property tax. Government spending areas include defense, healthcare, education, infrastructure. Monetary policy changes the money supply through the central bank, the Federal Reserve. It can be expansionary by increasing the money supply or contraction
Monetary and Fiscal Policy Q&A
This document contains a question and answer session about monetary and fiscal policy. It discusses several key points:
- Countries usually use a combination of monetary and fiscal policy, but political views can shape which is emphasized. For example, Ronald Reagan focused on tax cuts over increased spending.
- Government agencies look for early signs, like changes in housing or unemployment, that the economy may slow down before enacting monetary or fiscal stimulus.
- Examples of fiscal stimulus include infrastructure projects, education spending, welfare programs, and new government agencies. Monetary tools besides interest rates include open market operations and reserve requirements.
- "Supply-side" fiscal policy focuses on business tax cuts while "demand-side" policy
Political Economy HON 272 01
This document discusses key economic concepts and theories including:
1) Different types of economic systems like laissez-faire capitalism and regulated capitalism.
2) Macroeconomic indicators such as GDP, GNI, unemployment, and inflation.
3) John Maynard Keynes' theory that government deficit spending can stimulate economic growth by increasing consumption.
4) Milton Friedman's counterargument that monetary policy rather than fiscal policy is what drives economic growth.
5) Exchange rate systems like fixed and floating rates and how currency can appreciate or depreciate.
Supply side policy SFLS online
The document discusses supply-side policies and their history. It began in 1974 when three men in a bar drew a graph showing that tax revenue depends on tax rates, with an optimal rate that maximizes revenue. This influenced Ronald Reagan's presidency in the 1980s to pursue trickle-down economics through policies like tax cuts. Supply-side policies aim to increase aggregate supply by incentivizing businesses through deregulation, lower taxes, and reduced welfare benefits. They have the goals of full employment, price stability, and growth, but can increase inequality and require fiscal discipline to avoid budget deficits that "crowd out" private investment.
Fiscal Policy & Inflation
This document discusses fiscal policy and how it is used in Malaysia to control inflation. It explains that fiscal policy involves adjusting government spending and tax rates to influence the economy. The government of Malaysia implements contractionary fiscal policy to reduce inflation by decreasing government purchases, increasing taxes, and decreasing transfer payments. This lowers aggregate demand and production in the economy, reducing inflationary pressures.
Money, the Price Level, and Inflation
The price level is a measure of the average price in an economy and is measured at a point in time.. The rate of inflation is the rate of change of.
Money Inflation
This presentation is about Money Inflation, i.e. the loss of value of a country's currency with respect to one or more foreign reference currencies.
Monetary and Fiscal Policy 2
This document summarizes different ways governments can manipulate the economy through monetary and fiscal policy to speed up or slow down economic growth. It discusses tools like interest rates, taxation, and government spending that are used in expansionary and contractionary policies. The document also outlines some common arguments against government intervention in the economy, such as increased national debt, imbalances created when policies change or end, and the difficulty governments face in predicting economic conditions. It introduces the opposing economic philosophies of John Maynard Keynes and Friedrich Hayek on these issues.
Final report theories
The document discusses the economic policies of President Bill Clinton, known as Clintonomics. It describes how Clintonomics aimed to balance the budget through tax increases, reduce inflation through moderate monetary policy appointments to the Federal Reserve, enact limited deregulation, reform welfare programs to increase work requirements, and pursue low inflation and unemployment rates. Overall, Clintonomics combined elements of both Republican and Democratic economic ideas to modernize government and distribute more authority locally while reducing the federal deficit.
Chapter 23 five debates over macroeconomic policy
The document discusses several debates around macroeconomic policy:
1) Whether policymakers should stabilize the economy by boosting or cutting aggregate demand through fiscal and monetary policy when demand is too low or high.
2) Whether monetary policy should be rules-based or left to the discretion of central banks.
3) Whether central banks should aim for zero inflation given the costs and benefits.
4) Whether governments should balance their budgets or allow deficits, and the impact on debt and generations.
5) Whether tax laws should be reformed to encourage more private saving and long-term growth. Counterarguments note the impact on inequality and effectiveness.
36
This document discusses five debates around macroeconomic policy: 1) whether monetary and fiscal policy should stabilize the economy, 2) whether monetary policy should be rules-based or discretionary, 3) whether the central bank should target zero inflation, 4) whether the government should balance its budget, and 5) whether tax laws should encourage more saving. For each debate, arguments on both sides are presented.
Inflation and Price Levels Revision.
This document discusses various topics related to inflation including:
- Definitions of inflation and general price levels
- Types of inflation such as anticipated, unanticipated, walking, and galloping inflation
- Parties affected by inflation such as families receiving subsidies, investors, and debtors
- Causes of inflation including demand-pull and cost-push inflation
- Policies to reduce inflation such as monetary and fiscal policies
- Methods of calculating and measuring inflation including price indices, absolute prices, and comparative prices
Control of inflation
This document discusses measures to control inflation through monetary and fiscal policy. It explains that inflation occurs due to a mismatch between demand (D) and supply (S), creating disequilibrium. Monetary policy tools used by central banks to reduce money supply and demand include increasing bank rates, open market operations, and cash reserve ratios. Fiscal policy tools include reducing government expenditure, increasing direct taxes, and public borrowing. Both policies aim to correct the disequilibrium between D and S to reduce inflation.
Monetary policy & inflation@ ppt doms
Monetary policy determines the supply and availability of money in an economy in order to achieve objectives like economic growth and price stability. It is implemented by central banks and involves managing interest rates and the money supply. When the economy is slowing, monetary policy aims to increase the money supply and lower rates to boost aggregate demand. When inflation is high, it seeks to tighten the money supply or raise rates to reduce aggregate spending. The goals are macroeconomic stability with low unemployment and inflation alongside steady growth.
Economic stabilization Managerial Economics
This document discusses economic stabilization policies used to control business cycles and their effects. It outlines the need to control violent fluctuations in economic activity that lead to unemployment and poverty. The major goals of stabilization policies are to prevent excessive economic fluctuations and promote employment while encouraging free enterprise. The two main policies discussed are fiscal policy, which uses government spending, taxation and borrowing, and monetary policy which controls money supply and interest rates through tools like open market operations, bank rates, and cash reserve ratios. The document concludes that an appropriate mix of fiscal and monetary policies is most effective at stabilizing the economy.
Chapter 26
This document summarizes key aspects of economic policy under flexible exchange rates. It discusses how flexible exchange rates allow monetary policy to target domestic goals while fixed rates relinquish monetary control. Fiscal and monetary policies are examined, finding that fiscal policy is less effective if capital is mobile while monetary policy remains effective. Coordinating the two policies can help achieve multiple targets. The impacts of various exogenous shocks are also analyzed.
As with most things in economics, taxation is a mixed blessing. It.docx
As with most things in economics, taxation is a mixed blessing. It is a blessing for those who receive dollars from taxpayers, which is about 40% of the population; and it is a nuisance for those who have to pay the taxes. The objective of this unit is to help you understand taxes and understand how they affect your life and the economy.
The income tax system began in earnest in 1913 with the Sixteenth Amendment to the Constitution that gave Congress legal authority to tax income. A rudimentary income tax system was tried during the Civil War but was eventually declared unconstitutional. There was no income tax during the high watermark of America's industrial capitalism, beginning in about 1870 and continuing to 1910. If you made money in that era, you kept it. Many of the most famous capitalist names emerge from this era: Rockefeller, Carnegie, McCormick, Swift, and Vanderbilt.
Two major disasters in our economic history, the Great Depression and World War II, changed the role of taxation and government forever. Beginning in the mid-1930s, following the ideas of John Maynard Keynes, the U.S. government began to spend money much more aggressively. In the past, government believed mostly in a balanced budget, but that changed when the Great Depression lingered for an entire decade.
Later, to finance a two-front, world war, taxes were raised to about 90%. Thus began the era of big taxes to pay for big government. Taxes, of course, have fallen from that lofty peak to a more modest 35% marginal tax rate at present, but the number of taxes has increased exponentially. All but six states have an income tax; likewise, many counties and cities have an income tax.
Though there are many ways to slice the tax onion, perhaps the best is the following:
Progressive taxes: This is a tax system in which tax rates increase as income increases. In other words, the more money you make, the more taxes you pay. This system places a greater burden on those best able to pay and almost no burden on the poor. For example, according to Internal Revenue Service (IRS) statistics, the top 50% of earners pay 97% of the taxes. The top 1% of earners pays 30% of all income taxes. On the other hand, over fifty million people, or one-third of the adult population in the United States, pay no taxes whatsoever.
Regressive taxes: In theory, these are the opposite of progressive taxes; these tax strategies fall more heavily on the poor. Common sense would suggest that these would be rarely used in a well-organized economy, but in fact, they are among the most commonly used because of their relative invisibility. Sometimes called the nickel and dime tax, regressive taxes tend to be small for each individual event; therefore, they are not widely noted. A good example of a regressive tax is the sales tax. It takes a much larger percentage of a poor person’s income than the income of someone of wealth. The reason there is no protest is that it takes such a small amount of money on ...
3.4 Demand And Supply Side Policies
The document discusses various macroeconomic concepts related to fiscal and monetary policy such as:
- Supply side policies can shift the LRAS curve to increase potential output without raising inflation.
- Fiscal policy tools like government spending, taxation, and transfers can be used for demand management.
- Monetary policy tools like interest rates can influence money supply and demand to impact output and inflation.
- Crowding out refers to how increased government spending and borrowing can reduce private investment by raising interest rates.
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Unit 4.ppt
This document provides information about measuring economic performance, including GDP, GDP per capita, inflation, unemployment, and business cycles. It discusses how economists calculate GDP using the expenditures approach and defines real GDP. It explains how the consumer price index is used to measure inflation and defines the labor force in determining the unemployment rate. The document also introduces aggregate supply and demand analysis and how it can explain economic fluctuations between expansion, peak, contraction, and trough.
General question
Questions asked related to economy for a finance domain student.Questions asked during the interviews.
Inflation in india
The document discusses inflation in India. It provides statistics showing India's inflation rates for wholesale and consumer prices are high at 7.55% and 10.36% respectively in May 2012. The chairman of an economic advisory council notes that while growth is slowing in India, inflation remains at a high level unlike other countries where growth and inflation are both low. The document then examines the nature and causes of inflation in India, including supply shocks from food and fuel price increases, trade deficits, and political instability. It argues that inflation in India is more structural due to issues like bottlenecks in the agriculture sector rather than monetary causes. Finally, it discusses how organized retailing in India could help reduce inflation by improving supply chain efficiency and increasing
Monetary policy
The document discusses monetary and fiscal policies used to address inflation. It defines inflation and describes its stages and types. The causes of demand-pull and cost-push inflation are explained. Effects of inflation and instruments of monetary policy like bank rate, cash reserve ratio, and open market operations are summarized. Key differences between monetary and fiscal policy are highlighted. Objectives of monetary policy to maintain price stability and credit flow are stated.
Unit 5 fiscal and monetary policy
Fiscal policy deals with changes in government spending and taxation to achieve economic goals like decreasing unemployment or inflation. There are two types: expansionary fiscal policy which increases spending or decreases taxes, and contractionary fiscal policy which decreases spending or increases taxes. Expansionary fiscal policy is used to decrease unemployment, while contractionary is used to decrease inflation. John Maynard Keynes first suggested governments could influence the economy through fiscal policy. Major taxes include income tax, corporate tax, sales tax, excise tax, and property tax. Government spending areas include defense, healthcare, education, infrastructure. Monetary policy changes the money supply through the central bank, the Federal Reserve. It can be expansionary by increasing the money supply or contraction
Monetary and Fiscal Policy Q&A
This document contains a question and answer session about monetary and fiscal policy. It discusses several key points:
- Countries usually use a combination of monetary and fiscal policy, but political views can shape which is emphasized. For example, Ronald Reagan focused on tax cuts over increased spending.
- Government agencies look for early signs, like changes in housing or unemployment, that the economy may slow down before enacting monetary or fiscal stimulus.
- Examples of fiscal stimulus include infrastructure projects, education spending, welfare programs, and new government agencies. Monetary tools besides interest rates include open market operations and reserve requirements.
- "Supply-side" fiscal policy focuses on business tax cuts while "demand-side" policy
Political Economy HON 272 01
This document discusses key economic concepts and theories including:
1) Different types of economic systems like laissez-faire capitalism and regulated capitalism.
2) Macroeconomic indicators such as GDP, GNI, unemployment, and inflation.
3) John Maynard Keynes' theory that government deficit spending can stimulate economic growth by increasing consumption.
4) Milton Friedman's counterargument that monetary policy rather than fiscal policy is what drives economic growth.
5) Exchange rate systems like fixed and floating rates and how currency can appreciate or depreciate.
Supply side policy SFLS online
The document discusses supply-side policies and their history. It began in 1974 when three men in a bar drew a graph showing that tax revenue depends on tax rates, with an optimal rate that maximizes revenue. This influenced Ronald Reagan's presidency in the 1980s to pursue trickle-down economics through policies like tax cuts. Supply-side policies aim to increase aggregate supply by incentivizing businesses through deregulation, lower taxes, and reduced welfare benefits. They have the goals of full employment, price stability, and growth, but can increase inequality and require fiscal discipline to avoid budget deficits that "crowd out" private investment.
Fiscal Policy & Inflation
This document discusses fiscal policy and how it is used in Malaysia to control inflation. It explains that fiscal policy involves adjusting government spending and tax rates to influence the economy. The government of Malaysia implements contractionary fiscal policy to reduce inflation by decreasing government purchases, increasing taxes, and decreasing transfer payments. This lowers aggregate demand and production in the economy, reducing inflationary pressures.
Money, the Price Level, and Inflation
The price level is a measure of the average price in an economy and is measured at a point in time.. The rate of inflation is the rate of change of.
Money Inflation
This presentation is about Money Inflation, i.e. the loss of value of a country's currency with respect to one or more foreign reference currencies.
Monetary and Fiscal Policy 2
This document summarizes different ways governments can manipulate the economy through monetary and fiscal policy to speed up or slow down economic growth. It discusses tools like interest rates, taxation, and government spending that are used in expansionary and contractionary policies. The document also outlines some common arguments against government intervention in the economy, such as increased national debt, imbalances created when policies change or end, and the difficulty governments face in predicting economic conditions. It introduces the opposing economic philosophies of John Maynard Keynes and Friedrich Hayek on these issues.
Final report theories
The document discusses the economic policies of President Bill Clinton, known as Clintonomics. It describes how Clintonomics aimed to balance the budget through tax increases, reduce inflation through moderate monetary policy appointments to the Federal Reserve, enact limited deregulation, reform welfare programs to increase work requirements, and pursue low inflation and unemployment rates. Overall, Clintonomics combined elements of both Republican and Democratic economic ideas to modernize government and distribute more authority locally while reducing the federal deficit.
Chapter 23 five debates over macroeconomic policy
The document discusses several debates around macroeconomic policy:
1) Whether policymakers should stabilize the economy by boosting or cutting aggregate demand through fiscal and monetary policy when demand is too low or high.
2) Whether monetary policy should be rules-based or left to the discretion of central banks.
3) Whether central banks should aim for zero inflation given the costs and benefits.
4) Whether governments should balance their budgets or allow deficits, and the impact on debt and generations.
5) Whether tax laws should be reformed to encourage more private saving and long-term growth. Counterarguments note the impact on inequality and effectiveness.
36
This document discusses five debates around macroeconomic policy: 1) whether monetary and fiscal policy should stabilize the economy, 2) whether monetary policy should be rules-based or discretionary, 3) whether the central bank should target zero inflation, 4) whether the government should balance its budget, and 5) whether tax laws should encourage more saving. For each debate, arguments on both sides are presented.
Inflation and Price Levels Revision.
This document discusses various topics related to inflation including:
- Definitions of inflation and general price levels
- Types of inflation such as anticipated, unanticipated, walking, and galloping inflation
- Parties affected by inflation such as families receiving subsidies, investors, and debtors
- Causes of inflation including demand-pull and cost-push inflation
- Policies to reduce inflation such as monetary and fiscal policies
- Methods of calculating and measuring inflation including price indices, absolute prices, and comparative prices
Control of inflation
This document discusses measures to control inflation through monetary and fiscal policy. It explains that inflation occurs due to a mismatch between demand (D) and supply (S), creating disequilibrium. Monetary policy tools used by central banks to reduce money supply and demand include increasing bank rates, open market operations, and cash reserve ratios. Fiscal policy tools include reducing government expenditure, increasing direct taxes, and public borrowing. Both policies aim to correct the disequilibrium between D and S to reduce inflation.
Monetary policy & inflation@ ppt doms
Monetary policy determines the supply and availability of money in an economy in order to achieve objectives like economic growth and price stability. It is implemented by central banks and involves managing interest rates and the money supply. When the economy is slowing, monetary policy aims to increase the money supply and lower rates to boost aggregate demand. When inflation is high, it seeks to tighten the money supply or raise rates to reduce aggregate spending. The goals are macroeconomic stability with low unemployment and inflation alongside steady growth.
Economic stabilization Managerial Economics
This document discusses economic stabilization policies used to control business cycles and their effects. It outlines the need to control violent fluctuations in economic activity that lead to unemployment and poverty. The major goals of stabilization policies are to prevent excessive economic fluctuations and promote employment while encouraging free enterprise. The two main policies discussed are fiscal policy, which uses government spending, taxation and borrowing, and monetary policy which controls money supply and interest rates through tools like open market operations, bank rates, and cash reserve ratios. The document concludes that an appropriate mix of fiscal and monetary policies is most effective at stabilizing the economy.
Chapter 26
This document summarizes key aspects of economic policy under flexible exchange rates. It discusses how flexible exchange rates allow monetary policy to target domestic goals while fixed rates relinquish monetary control. Fiscal and monetary policies are examined, finding that fiscal policy is less effective if capital is mobile while monetary policy remains effective. Coordinating the two policies can help achieve multiple targets. The impacts of various exogenous shocks are also analyzed.
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As with most things in economics, taxation is a mixed blessing. It.docx
As with most things in economics, taxation is a mixed blessing. It is a blessing for those who receive dollars from taxpayers, which is about 40% of the population; and it is a nuisance for those who have to pay the taxes. The objective of this unit is to help you understand taxes and understand how they affect your life and the economy.
The income tax system began in earnest in 1913 with the Sixteenth Amendment to the Constitution that gave Congress legal authority to tax income. A rudimentary income tax system was tried during the Civil War but was eventually declared unconstitutional. There was no income tax during the high watermark of America's industrial capitalism, beginning in about 1870 and continuing to 1910. If you made money in that era, you kept it. Many of the most famous capitalist names emerge from this era: Rockefeller, Carnegie, McCormick, Swift, and Vanderbilt.
Two major disasters in our economic history, the Great Depression and World War II, changed the role of taxation and government forever. Beginning in the mid-1930s, following the ideas of John Maynard Keynes, the U.S. government began to spend money much more aggressively. In the past, government believed mostly in a balanced budget, but that changed when the Great Depression lingered for an entire decade.
Later, to finance a two-front, world war, taxes were raised to about 90%. Thus began the era of big taxes to pay for big government. Taxes, of course, have fallen from that lofty peak to a more modest 35% marginal tax rate at present, but the number of taxes has increased exponentially. All but six states have an income tax; likewise, many counties and cities have an income tax.
Though there are many ways to slice the tax onion, perhaps the best is the following:
Progressive taxes: This is a tax system in which tax rates increase as income increases. In other words, the more money you make, the more taxes you pay. This system places a greater burden on those best able to pay and almost no burden on the poor. For example, according to Internal Revenue Service (IRS) statistics, the top 50% of earners pay 97% of the taxes. The top 1% of earners pays 30% of all income taxes. On the other hand, over fifty million people, or one-third of the adult population in the United States, pay no taxes whatsoever.
Regressive taxes: In theory, these are the opposite of progressive taxes; these tax strategies fall more heavily on the poor. Common sense would suggest that these would be rarely used in a well-organized economy, but in fact, they are among the most commonly used because of their relative invisibility. Sometimes called the nickel and dime tax, regressive taxes tend to be small for each individual event; therefore, they are not widely noted. A good example of a regressive tax is the sales tax. It takes a much larger percentage of a poor person’s income than the income of someone of wealth. The reason there is no protest is that it takes such a small amount of money on ...
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The document discusses various macroeconomic concepts related to fiscal and monetary policy such as:
- Supply side policies can shift the LRAS curve to increase potential output without raising inflation.
- Fiscal policy tools like government spending, taxation, and transfers can be used for demand management.
- Monetary policy tools like interest rates can influence money supply and demand to impact output and inflation.
- Crowding out refers to how increased government spending and borrowing can reduce private investment by raising interest rates.
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The document discusses the role of the Federal Reserve in regulating the money supply. It explains that the Federal Reserve was created to control inflation and recession by increasing or decreasing the money supply through monetary policy. The Federal Reserve uses tools like changing the discount rate and reserve requirements to encourage or discourage bank lending, which impacts the money supply and the overall economy. The goal is to maintain stable prices, full employment, and economic growth.
Unit 5 econ student
The document discusses the Federal Reserve and its role in managing the national economy through monetary policy. It explains that the Fed aims to keep the banking system stable and healthy by setting reserve requirements, discount rates, and conducting open market operations to influence the money supply and interest rates. The goal is to allow the economy to grow and maintain stable prices and full employment. Fiscal policy, which involves government spending and taxation, is also discussed as a tool used by the government to influence economic activity.
The Business Cycle
The document discusses the business cycle, which consists of four phases: expansion/growth, peak, recession, and trough/depression. During expansion, spending and employment rise until reaching a peak. Then a recession begins as spending and employment fall. The cycle bottoms out at a trough, with low production and high unemployment, before beginning expansion again. The business cycle is influenced by internal factors like consumption, investment, and government policy, as well as external factors such as technology and wars. The government uses fiscal and monetary policy to stabilize the economy and prevent severe recessions or inflation.
TCW L1.3 - MARKET GLOBALISM & INTEGRATION.pptx
The document discusses the impact of trade tensions on business confidence and financial markets in 2018-2019. It states that trade tensions took a toll on business confidence in 2018, tightening financial conditions for emerging markets in the spring and advanced economies later in the year, weighing on global demand. Conditions eased in 2019 as the US Federal Reserve signaled a more accommodating monetary policy and markets became optimistic about a US-China trade deal, though financial conditions remain slightly restrictive.
Economic evironment
This document discusses key elements of a country's economic environment that can impact businesses. It describes economic conditions like business cycles, economic systems like capitalism and socialism, economic policies set by governments, and the international economic factors like the World Trade Organization, IMF, and United Nations. Laws and regulations framed by governments help implement economic policies and control business activities within a country.
Unit 9 and 10 powerpoint
The document discusses different types of business organizations including sole proprietorships, partnerships, and corporations. It outlines the key advantages and disadvantages of each structure. It also covers topics like stocks, bonds, market organizations, resolving business disputes, and how wages are determined. Overall, the document provides an overview of fundamental concepts in business and economics.
Unit 14 government spending and revenue
The document provides information about the federal budget process and fiscal policy in the United States. It discusses budget deficits and debt, the main sources of government revenue and expenditures, different types of taxes, and key economic indicators.
Unit 14 government spending and revenue
The document provides information about the federal budget process and fiscal policy in the United States. It discusses key topics such as government spending, revenues, taxes, deficits, and debt. It also covers economic indicators and concepts including GDP, unemployment, inflation, and the business cycle.
Unit 14 government spending
The document provides information about key economic concepts including:
1. It defines government budgets, revenues, expenditures, deficits, and debt.
2. The top sources of government revenue and largest expenses are discussed, including social security and defense spending.
3. Economic indicators like GDP, unemployment, and inflation are explained.
4. Business cycle phases including expansion, peak, contraction, and trough are outlined.
Unit 14 government spending
The document provides information about key economic concepts including:
1. It defines key government budget terms like federal budget, budget resolution, budget deficit, and debt.
2. It lists the top sources of US government revenue as individual income taxes, payroll taxes, corporate income taxes, and excise taxes.
3. It explains important economic indicators that measure the health of the economy such as GDP, unemployment, inflation, and the consumer price index.
Lecture_2_post_mid.ppt
This document discusses key concepts from Keynesian and Monetarist economic theories. It covers topics such as aggregate demand, the multiplier effect, liquidity preference, and the quantity theory of money. The document provides explanations, formulas, and diagrams to illustrate important relationships between concepts like consumption, investment, money supply, and national income.
Global Macro-economics, Trends, Portfolio Implications
My presentation to the Bombay Chartered Accountants' Society International Economic Study Circle on Global macro-economics, trends, portfolio implications
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Public Finance [fiscal policy]
The document discusses the key concepts and objectives of fiscal policy. It defines fiscal policy as using government spending, taxation and borrowing to influence economic activity and goals such as employment levels, inflation, and income distribution. The objectives of fiscal policy in developing countries are outlined as increasing capital formation, national income, price stability, equal income distribution, reducing unemployment, decreasing regional disparities, and improving the balance of payments. Tools of fiscal policy discussed include public revenue, expenditure, debt, and deficit financing.
It's Only Money
The document discusses why global economies have become increasingly dependent on central bank monetary stimulus to boost economic growth. It argues that a variety of imbalances, such as globalization, debt levels, environmental regulations, and aging populations, have reduced the productivity of capital. To counteract these imbalances, governments and central banks have lowered interest rates, enacted quantitative easing programs, and reduced banking regulations to increase the amount of money and credit in the economy. However, relying too heavily on monetary policy to stimulate growth risks creating larger economic distortions over the long run. Addressing the underlying imbalances through productive economic and social policies could help reduce the need for continual monetary stimulus.
Chapter 5 exchange and international economics
This document summarizes key concepts in exchange and international economics including barter, mercantilism, money, banking, central banking, foreign exchange, trade balances, inflation, and trade barriers. It defines important terms and provides overviews of economic theories like comparative advantage and the quantity theory of money. Graphs are included to illustrate concepts like demand-pull and cost-push inflation. The roles of institutions like the IMF, World Bank, and central banks like Bangko Sentral ng Pilipinas are outlined.
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The Legislative Branch 2017
The document provides an overview of the legislative branch of the US government, including its members, organization, powers, and process for passing bills. It discusses that Congress is made up of the House of Representatives and Senate. The House has 435 members representing districts, while the Senate has 100 members with 2 per state. It also outlines the roles of congressional leaders, committees, and the process a bill goes through from introduction to becoming a law or not.
Chapter 10 and 11 electoral process
This document provides an overview of the electoral process in the United States, including the roles of political parties, elections, and voting. It discusses the two-party system and differences between conservative and liberal ideologies. The primary election process is explained where voters select delegates who then nominate candidates at conventions. Campaign fundraising, voter registration, and the general election process culminating in the electoral college are also summarized.
We the people - Unit1
This document provides an overview of civics and citizenship. It defines a citizen as a legally recognized member of a country. Good citizenship involves being a productive member of society and respecting the principles of equality, liberty, and justice. The document then discusses the history of immigration to the US and the process of becoming a naturalized US citizen through residency and passing citizenship tests. It also notes trends in the changing demographics of the US population over time.
Legislative Branch - Making the laws and more.
Article I of Constitution - Qualification of Senate and House, How a Bill becomes a law, duties and prohibition of power for Congress,
We the people
This document provides an overview of civics and citizenship. It defines a citizen as a legally recognized member of a country. Being a good citizen involves respecting laws and others' rights, voting, and being informed. The document then discusses the history of immigration to the US, from the 1700s to today. It also outlines the process for becoming a US citizen through birthright, naturalization after residency and passing tests, or gaining legal status via visas or refugee status. Finally, it notes trends in the changing US population and demographics.
Foundations
There are two main categories of government: non-democratic and democratic. Non-democratic governments include dictatorships, monarchies, theocracies, and oligarchies. Democratic governments include democracies, republics, and constitutional monarchies. The document then discusses the purposes of government as maintaining order, providing services and laws, and guaranteeing freedoms. It provides an overview of the origins of the US government, including the Declaration of Independence, Articles of Confederation, and the writing of the US Constitution.
Econ notes part i
This document provides an overview of different economic systems and how goods and services are obtained under each system. It discusses traditional economies, command economies, and market economies. The US system is characterized as a mixed economy with private ownership of resources but some government regulation. Key aspects of capitalism like profit, competition, and how they keep prices low and drive innovation are explained. Different types of businesses - sole proprietorships, partnerships, and corporations - are defined. Factors of production like natural resources, capital, labor, and their importance for business decisions are covered. Metrics for assessing the economy like GDP, economic indicators, and the business cycle are also summarized.
Blair county government
Local governments provide essential services to communities and get their authority from state constitutions. Blair County is governed by a Board of Commissioners and contains several municipalities like Altoona, Hollidaysburg, and Duncansville. These municipalities use forms of government like mayor-council plans and council-manager plans. Special districts also exist to provide services across multiple jurisdictions, like school districts. Local, state, and federal governments often collaborate to fund infrastructure projects.
Politics
This document outlines the key aspects of the electoral process in the United States. It discusses the two-party system and compares it to multi-party systems. The major political parties, Republicans and Democrats, are described as generally conservative or liberal. The roles of third parties and political financing are also covered. The document then explains the primary and general election process, including nominating candidates and the electoral college system for electing the President.
Local government
Local governments, like county and municipal governments, provide important services to communities. Blair County is governed by a Board of Commissioners and divided into townships and boroughs that each have their own form of local government. The main roles of local government are to provide services like roads, education, snow removal, and ensure public health and safety through ordinances, zoning, police, and fire services. Local governments get their authority from state legislatures and charters that outline their powers and responsibilities.
State government
The document discusses the powers and structure of state government in Pennsylvania. It outlines that states and the federal government share power under federalism. The state establishes rules for health, safety, and welfare. It has legislative, executive, and judicial branches similar to the federal government. The legislative branch is called the General Assembly and consists of a House and Senate. The chief executive is the Governor. The judicial branch includes trial courts, appeals courts, and a state Supreme Court. Citizens can participate through initiatives, recalls, and referendums.
Judicial branch
This document provides an overview of the US judicial branch and court system. It discusses that the judicial branch exists to ensure equal justice and protect people's rights. There are three levels of federal courts: district courts, courts of appeal, and the Supreme Court. The Supreme Court is the highest court and can rule on the constitutionality of laws. It explains key aspects like how cases are chosen and decided through majority opinions.
Bill of rights
The document provides an overview of the Bill of Rights and its amendments. It explains that the Bill of Rights was added to the Constitution to protect individual liberties in response to concerns over a strong federal government. The summary discusses the key protections covered in the first ten amendments, including freedom of speech, religion, press, assembly, right to bear arms, due process, and rights of the accused. It also notes later amendments that protected civil rights and expanded voting rights.
The Executive Branch
The document summarizes the qualifications, roles, and powers of the President of the United States. It outlines that the President must be at least 35 years old, a natural born citizen, and have lived in the US for at least 14 years. It also discusses the President's roles as chief of state, commander-in-chief, chief executive over the executive departments, and chief diplomat in foreign relations. Finally, it provides details on the presidential line of succession and the Vice President's role.
The Legislative Branch
The document provides information about the legislative branch of the US government. It discusses the members and organization of Congress, including the House of Representatives and Senate. It explains that Congress is bicameral, with 435 members in the House serving 2 year terms and 100 Senators serving 6 year terms. The document also outlines the powers of Congress, such as passing legislation and approving budgets, and how a bill becomes a law through committee review and votes in both the House and Senate.
The Constitution
The document summarizes key aspects of the U.S. Constitution, including the weaknesses of the Articles of Confederation that led to the 1787 Constitutional Convention. It describes the compromises reached at the convention, such as the Great Compromise and Three-Fifths Compromise. It also outlines the five basic principles the Constitution is based on: popular sovereignty, limited government, federalism, separation of powers, and checks and balances. It provides an overview of the three-branch structure of government and the three parts of the Constitution: the Preamble, Articles, and Amendments.
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二、回国进私企、外企、自己做生意的情况，这些单位是不查询毕业证真伪的，而且国内没有渠道去查询国外文凭的真假，也不需要提供真实教育部认证。鉴于此，办理一份毕业证【微信：A575476】即可
三、进国企，银行，事业单位，考公务员等等，这些单位是必需要提供真实教育部认证的，办理教育部认证所需资料众多且烦琐，所有材料您都必须提供原件，我们凭借丰富的经验，快捷的绿色通道帮您快速整合材料，让您少走弯路。
留信网认证的作用:
1:该专业认证可证明留学生真实身份
2:同时对留学生所学专业登记给予评定
3:国家专业人才认证中心颁发入库证书
4:这个认证书并且可以归档倒地方
5:凡事获得留信网入网的信息将会逐步更新到个人身份内，将在公安局网内查询个人身份证信息后，同步读取人才网入库信息
6:个人职称评审加20分
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8:在国家人才网主办的国家网络招聘大会中纳入资料，供国家高端企业选择人才
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选择实体注册公司办理，更放心，更安全！我们的承诺：可来公司面谈，可签订合同，会陪同客户一起到教育部认证窗口递交认证材料，客户在教育部官方认证查询网站查询到认证通过结果后付款，不成功不收费！
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Economics Part II
- 1. The Role of the Federal Government
- 2. Business Cycle, Competition, Monopoly, etc. Monetary Policy, Inflation, Federal Reserve, etc.
- 3. To Tax or Not To Tax – That Is The Question! Economic Theories The Role of The Federal Reserve Free Trade vs. Protectionism
- 4. NOTE: We have already discussed Adam Smith’s circular flow model and how government, households, and businesses work together to keep the economy moving. Economics Part II looks at the role of government in our economy
- 5. ◦ Taxes - The biggest means for government raising funds is through taxation Regressive Taxes – tax the poor or low income people a higher percentage than the rich or high income people (Sales tax) Progressive Taxes – tax the rich or higher income people a higher percentage than poor or low income people (Income tax) Note: The top 25% population pay 75% of all Federal income tax.
- 6. Income Tax – Tax on income earned from work or investments (FEDERAL, & STATE) Sales Tax – Tax on goods purchased (STATE & SOMETIMES LOCAL) Property Tax – Tax on real estate (land or houses) (LOCAL) Inheritance/Death Tax – tax on money inherited from a deceased person/Money of dead person (FEDERAL & STATE) Excise Tax – Luxury goods – racing cars, yachts, etc. (FEDERAL & STATE***)
- 7. 3. Bonds – loans to government that can be cashed in seven, ten, or other time period – PROBLEM - CHINA is taking over our country by buying up bonds.
- 8. Reagonomics or Supply-side economics Give tax breaks to big business and give incentives for hiring people, investing money back into businesses and giving a spark to the economy More jobs equate better economic conditions for everyone Keynesian economics Advocates government intervention and action by the central bank to stabilize the economy Insists that equilibrium, during times of depression, can not be reached on its own. Government spending, specifically on infrastructure, should be used to get the economy moving. Austrian School Supports laissez faire approach to government or GOVERNMENT SHOULD LEAVE IT ALONE Entrepreneurship is the driving force in economic development, see private property as essential to the efficient use of resources, and usually (if not always) see government interference in the market as counterproductive - Ron Paul - He is a believer in the Austrian School of economics.
- 9. ◦ The Federal Reserve System – regulates banks and the amount of money in circulation as well as setting rates that banks must pay to borrow money Created as a way to stop banking panics and the run on banks for money Took much more power during the Great Depression Jobs Discount Rate – fee given to banks for borrowing money from the central bank. It is in the form of a percentage – 5% Interest Rate – fee given to consumers who borrow money from banks. It is in the form of a percentage and is based on Discount Rate (and consumers credit rating)
- 10. What is money? – Coins or paper money that is considered legal tender by the government that issues it. Inflation vs. Deflation The government can’t just print as much money as it wants to because that would cause inflation or the value of money would be less due to excessive amounts in circulation Deflation is the value of money increases due to less money being in circulation. Scarcity = higher value.
- 11. The Fed tries to control Inflation/Deflation with its power to set interest rates and controlling, for the most part, how much currency is put into circulation
- 13. The Government encouraging business development ◦ Open Market vs. Protectionism Free trade or open market takes away tariffs and lets the market work freely Protectionism tries to protect your own country’s economy by governing in a way that benefits you own businesses over other countries’ businesses.