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- Contrast the effectiveness of fiscal policy in the BKM and AD-AS models.Explain how time lags present an additional problem in fiscal policy.Explain your decision making regarding government expenditure and how it changed based on the macroeconomic conditions. What was the intent of your fiscal policy decisions in response to the given economic climate? Evaluate your fiscal policy decisions, including how they impacted key macroeconomics factors such as real GDP growth and unemployment. To what extent did your policies yield positive or negative outcomes? Refer to the AD/AS model to support your analysis in this section of your report.
- What are some key factors that policymakers should consider when determining the optimal balance between tax rates and public spending in fiscal policy? Please answer with referencesWhat role does fiscal policy play in influencing aggregate demand and managing economic fluctuations? Provide examples of expansionary and contractionary fiscal policies.Explain why implementation lag for fiscal policy is longer than monetary policy.
- What type of fiscal policy would be appropriate to use during a recessionary period? How might this affect aggregate demand, unemployment, and inflation?Discuss the challenges of predicting the effects of discretionary fiscal policy on aggregate economic activity.How do the instances when expansionary fiscal policy should be used compare with those for contractionary fiscal policy? Expansionary fiscal policy should be used during recessions to help build the economy and contractionary fiscal policy should be used when there is high inflation. Expansionary fiscal policy should be used to increase government revenue and contractionary fiscal policy should be used to increase consumer spending. Expansionary fiscal policy should be used to combat high inflation and contractionary fiscal policy should be used to increase government revenue. Expansionary fiscal policy should be used to decrease the unemployment rate and contractionary fiscal policy should be used when economic growth is too fast.
- Define what is 'automatic stabiliser' in fiscal policy, and provide 2 examplesList what specific, deliberate actions the federal government could take to enact expansionary fiscal policy.What is the impact of using Fiscal policy tools on an economy - more specifically aggregate demand and how can they be used to potentially assist (stimulate) an economy experiencing sluggish growth or in a recession. In your discussion, investigate the positive impacts, potential impact of lags, as well as other disadvantages associated with fiscal tools.
