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Fiscal Policy

QuestionAnswer
Discretionary Fiscal Policy Congress crates a bill to change AD, however has time lags.
Non discretionary policy Automatic staiblizers that are built in and dont require new legislation.
Expansionary Fiscal Policy Laws that reduce unemployment and increase GDP (Close a Recessionary Gap)
Contractionary Fiscal policy Laws that reduce inflation, decrease GDP (Close a Inflationary Gap)
Multiplier effect Initial change in spending will set off spending change that is magnified in the economy
Marginal Propensity to Consume (MPC) How much people consume rather than save when there is change in income.
Marginal Propensity to Save (MPS) How much people rather save than consume when there is change in income.
Deficit Spending when a government's expenditures exceed its revenues within a specific fiscal period, resulting in a budget deficit
Time lags delays between an economic event (like a recession or policy change) and its subsequent effects or policy response
Crowding Out Government spending might cause unintended effects that weaken impact of the policy
Created by: JellyfishGriddy
 

 



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