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4 Cards in this Set

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  • Back
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Fiscal policy?
Area of economic policy.
-Concerned w/
1. govt. purchases
2. taxes
3. transfer payments
Net Taxes

How does the change in net taxes combat contraction?
Tax revenues (collected by govt.) MINUS transfer payments (made by govt. to individuals)
cut in next taxes (like increase in govt. purchases) touches off expansionary multiplier process.
Discretionary Fiscal Policy
Changes in the laws regarding govt. purchases & net taxes.
Many tax & spending laws are written in such a way that levels of fiscal policy variables change automatically as economic conditions vary.
Automatic Fiscal Policy
Changes in govt. purchases/net taxes taht are caused by changes in economic conditions given unchanged tax spending laws.