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Macro Economins

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Submitted By syedzakirahmed
Words 5375
Pages 22
University of Liberal Arts Bangladesh (ULAB)
School of Business

MBA Programme
Spring 2012
Macroeconomics
Lecture note: 5

Course Teacher:
Shish Haider Chowdhury shishchowdhury@yahoo.co.uk Cell: 018 19225594

02 March 2012

Fiscal Policy and Monetary Policy

Fiscal Policy
Government's revenue (taxation) and spending policy designed to: (1) counter economic cycles in order to achieve lower unemployment, (2) achieve low or no inflation, and (3) achieve sustained but controllable economic growth. In a recession, governments stimulate the economy with deficit spending (expenditure exceeds revenue). During period of expansion, they restrain a fast growing economy with higher taxes and aim for a surplus (revenue exceeds expenditure).

Fiscal policies are based on the concepts of the UK economist John Maynard Keynes (1883-1946), and work independent of monetary policy which tries to achieve the same objectives by controlling the money supply.

Stances of fiscal policy

The three possible stances of fiscal policy are neutral, expansionary, and contractionary. The simplest definitions of these stances are as follows: • A neutral stance of fiscal policy implies a balanced budget where government spending equals tax revenue. Government spending is fully funded by tax revenue and overall the budget outcome has a neutral effect on the level of economic activity; • An expansionary stance of fiscal policy involves government spending exceeding tax revenue; and • A contractionary fiscal policy occurs when government spending is lower than tax revenue.
However, these definitions can be misleading because, even with no changes in spending or tax laws at all, cyclical fluctuations of the economy cause cyclical fluctuations of tax revenues and of some types of government spending, altering the deficit

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