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Lect 4.1Fiscal Policy

Lect 4.1Fiscal Policy

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Published by: api-3696178 on Oct 16, 2008
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After studying this chapter, you will able to
\ue000Describe the federal budget process
\ue000Describe the recent history of federal expenditures, tax
revenues, and the budget deficit
\ue000Distinguish between automatic and discretionary fiscal
\ue000Define and explain the fiscal policy multipliers
\ue000Explain the effects of fiscal policy in both the short run
and the long run
\ue000Distinguish between and explain the demand-side and
supply-side effects of fiscal policy
The Federal Budget
The federal budget is the annual statement of the federal
government\u2019s expenditures and tax revenues.
Fiscal policy is the use of the federal budget to achieve

macroeconomic objectives, such as full employment, sustained long-term economic growth, and price level stability.

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