Macro Economics Chapter 12

Front 1

Social insurance:

Back 1

programs are government programs intended to protect families against economic hardship

Front 2

Expansionary fiscal policy:

Back 2

increases aggregate demand

Front 3

Concretionary fiscal policy:

Back 3

reduces aggregate demand

Front 4

Automatic stabilizers:

Back 4

government spending and taxation rules that cause fiscal policy to be expansionary when the economy contracts and contractionary when the economy expands

Front 5

Discretionary fiscal policy:

Back 5

policy that is the result of deliberate actions by poly makers rather than rules

Front 6

Clinically adjusted budget balance:

Back 6

an estimate of what the budget balance would be if real GDP were exactly equal to potential output

Front 7

Fiscal years:

Back 7

run from October 1 t September 30 and are named by the calendar year in which they end

Front 8

Public debt:

Back 8

government debt held by individuals and institution outside the government

Front 9

Debt-GDP ratio:

Back 9

government debt as a percentage of GDP

Front 10

Implicit liabilities:

Back 10

spending promises made by governments that are effectively a debt despite the fact that they are not include d in the usual debt statistics