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1、Chapter Four,Fiscal Policy,Learning objectives,After studying this chapter you should be able to: 1. Explain the meaning of fiscal policy in various ways 2. Describe the major types of fiscal policy 3. Tell the limitations of fiscal policy 4. Say something about the time lags of fiscal policy,Notes,
2、I. New Words 1. to smooth vt. 清除= to remove 2. to foresee vt. 预见= to form an idea or judgement about what is going to happen in the future 3. to offset vt. 抵消，补偿= to make up for. 4. contractionary a. 收缩的，收紧的= tight (与expansionary“扩张性的”相对) 5. omnipotent a. 万能的，全能的= having unlimited power,Notes,I. New
3、 Words 6. mandatory a. 命令的=compulsory 强制性的 7. to supplement vt. 对进行补充 8. limitations n. 限制，局限性 9. time lags 时间上的滞后 10. pointless 无意义的=meaningless or useless,Notes,II. Useful and Idiomatic Expressions 1. in addition此外 2. in such case在此情况下 3. a fall in. 在方面的下降 4. to have immediate effect/impact on sth
4、. 对有直接的影响 5. be drawn out in time时间上被拉长= be lengthened in time 6. to crowd out排挤掉= to make increase impossible because of lack of willingness to bear the higher cost,Notes,III. Key Terms 1. fiscal policy财政政策（不能误译成financial policy） 2. net taxes净税收=taxes-transfer payments 3. transfer payment(s) 转让/拨性支
5、付= a payment made or income received in which no goods or services are being paid for. Pensions, unemployment benefits, subsidies to farmers, etc., are transfer payments, which are excluded in calculating GDP. 4. autonomous expenditure自主支出 5. budget deficit预算赤字= the excess of government expenditure
6、over government income 6. aggregate demand总需求= the sum of demands for all the goods and services in an economy at any particular time,Main Text,Definitions of Fiscal Policy There are four ways of defining it: (1) Fiscal policy means the use of government spending and taxation decisions to influence
7、macroeconomic conditions. (2) Some economists also define it as the governments decisions about spending and taxes.,Main Text,Definitions of Fiscal Policy (3) The choice of levels of government spending, taxation, and borrowing in order to influence the level of aggregate economic activity. (4) Fisc
8、al policy is the attempt by government to smooth the fluctuations in aggregate expenditure by varying its purchases of goods and services or its net taxesthat is, taxes minus transfer payments. If the government foresees a decline in investment or exports, it may attempt to offset the effects of the
9、 decline on autonomous expenditure by increasing its own purchases, increasing transfer payments, or cutting taxes.,Main Text,Major Types of Fiscal Policy Expansionary fiscal policy Contractionary fiscal policy,Main Text,Limitations of Fiscal Policy Why cannot shocks to aggregate demand immediately
10、be offset by changes in fiscal policy? Why doesnt the government create a fiscal expansion when unemployment is persistently high?,Main Text,Time Lags of Fiscal Policy Change in government purchases of goods and services Tax cut Rising income Higher interest rates,1. What is fiscal policy? 2. How many types of fiscal policies are available for a government to use? 3. Is fiscal policy omnipotent in solving a countrys economic troubles? Explain. 4. What is meant by time lags of fiscal policy?,Questions for Chapter 4,This is the end of Chapter 4,Thank you for your attention,