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Lecture6
Fiscalpolicyandthepublicdebt
7-1
LearningObjectivesOutlineequilibriumintheeconomybetweenaggregatesupplyanddemandforgoodsandservices.Explainhowadegreeofeconomicstabilityisbuiltintoourtaxsystem.Surveysomebasicproblemsintheapplicationoffiscalpolicy.
7-2
LearningObjectives(cont.)Brieflydiscussseveralcontrastingbudgetphilosophies.Assessthequantitativeandqualitativeaspectsofthepublicdebt.Discusstheimplicationsof,andcomplicationsassociatedwith,fiscalpolicywithintheaggregatedemand–aggregatesupplyframework.
7-3
Macro-EconomicequilibriumTheeconomywillbeinamacroequilibriumwhenaggregatedemandforgoodsandservicesequalsaggregatesupplyforgoodsandservices.AD–aggregatedemandforgoodsandservicesismadeupofC+I+G+(X-M).TheADcurveisdownwardslopingbecauseof:1.interestrateeffect;2.real-balanceseffectand3.foreignpurchaseseffect.
7-4
AggregatesupplycurveTheshort-runaggregatesupplycurveisupwardslopingasinputpricesareassumedtobefixed–thereforeanincreaseinpricesforfinalproductswillincreaseprofitabilityandhenceencouragefirmstosupplymore.Thelong-runaggregatesupplycurveisverticalatthelevelofpotentialoutputconsistentwiththeeconomy’snaturalrateofunemployment.Noguaranteethattherewillbesufficientdemandtoensurefullemployment.Ortoomuchdemandandthereforeinflation.RevisionofADandAS:
7-5
EquilibriumandfullemploymentQprepresentsfullemploymentequilibriumfortheeconomy–seediagramonnextslide.TheeconomyiscurrentlyatQebelowfullemploymentequilibrium–calledadeflationarygap.TheaimoffiscalpolicyistoincreaseADiftheeconomyisbelowfull-employmentequilibrium–orreduceitifitisabovefullemploymentequilibrium.
7-6
EquilibriumrealGDPandequilibrium
pricelevel7-7ASLSQpASPricelevelRealdomesticoutputADQePeQ1P3Q2P2
DiscretionaryFiscalPolicyThede
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