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3- Economics- Macro > Fiscal And Supply Side Policy > Flashcards

Fiscal And Supply Side Policy Flashcards

1
Q

A country’s banking system is an important part of the institutional structure of its economy because of its role

A

As a source of investment funds for business

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2
Q

The consequence of increasing the interest rate when the exchange rate is rising is likely to be an increase in

A

A level of unemploymentr

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3
Q

A large increase in borrowing by consumers is most likely to lead to a

A

Rise in imports into uk

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4
Q

The monetary policy comm (mpc) of the boe meets each month to decide on the rate of interest that is most likely to help it achieve the gov inflation target
Mpc is most likely to increase interest rates if

A

The rate of growth of gdp is above the long term trend rate of growth

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5
Q

Expansionary monetary policy is most likely tgo

A

Shift ad curve to right

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6
Q

Monetary policy

A

Involves controlling the macroecon through changes in monetary vairables such as the money supply or interest rates
Changes in short term interest rates, principle tool of monetary policy in recent years
Ususally first line of defence
Easy to implement- meeting of mpc

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7
Q

Mpc

A

Monetary policy comm- bofe
Central ank not gov
Changed 19970- balir moved out as believed politicians were using monetary policy for political gain

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8
Q

How does monetary policy work

A

Aim to influence ad
Mpc sets interest ratee that it pays commercial banks on their deposits held at bofe
And rate it chanegs for short term lends to those same commercial banks and financial institutions

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9
Q

Bank rate

A

Bank rate sets the benchmark/base ratee for all other interest rates charged throughout banks system in uk
Changes interest rates inflluence ad via transmission mechanism of monetary policy

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10
Q

Time lags

A

May occur monetary policy- up to 2y before full effect of monetary policy will have its impact on whole economy
Aim gradually encourage consuemrs and busineses to adjust spending to keep inflationary prssure under control so econ can continnue to grow steadiily
Making forcasts of inflation and decide interest rate changes appropriate
But reaction of consumers and businesses to interest rates uncertain as are potential time lags 6

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11
Q

Interest rates for other banks/financial organisation

A

Depend on legth of loan and level of risk
Variety of interest rates paid to savers depends on sums of money deposits and ease of access
Interest rates do tent to move in same direction0

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12
Q

Impacts of changing interest rates on ad- via transmission mechanism- consumption

A

Increase interest rates, increase cost borrowing- therefore consumers borrow less to finance consumer spending on consumer durables- cars
Demand personal loans decreases0- consumers spend less on credit cards- w v high interst- 200%^
Encouragge save more- increase return
Discretionary income decrease as mortgage repayment increases
Cost of mortage increase, demand houses decreases, house pirces fall, wealth efecte worson
Mortagage equity withdrawal- mew- decrease- consumers fund spending by increasing sixe of their mortageg
Value of shhares on stock market most liekly decrease whhen interest rates rise- feel less welathy, decrease spending
Decrease consumer confidence- about future earnings or job security- act based on this security

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13
Q

Impacts of changing in interest rates on ad- investment

A

Business investment in new caputal decrease as incrase interest rates
As borrowing fund capital expendaiture increase
Decrease business confidence in future demand, decrease investment0- in new plant, machinery, companies, new buildings, infrastructure

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14
Q

Impacts of changes in interest rates on ad- via transmission mechanism- exports

A

Increase interest rates, increase change rate, decrease demand exports
Foreigners take adv of high interest rates and deposit cash with uk banks- increase demand sterling, hot money flows- cash for short term investment purpose
Reverse-if interest rates decrease- hot money flows out of pound sterling, decrease demand, depreciation of currency, demand exports increase esp demand elastic0- increase ad

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15
Q

Lras impact o f changing interest rates via transmission mechanism

A

Increase interest rates may damage the supply side of the economy by increasing cost of borrowing
Firms more diff to invest in new capital and r&d
Damage competitivee adv longer term
Economists argue uncertainty caused by accelerating inflation is likely to be even more damge to supply side of ecoomy in lr

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16
Q

Evaluation of effectiveness of monetary policy

A

Main objective of mpc to keep cpi inflation in line with target rate of 2%- aim promote macroecon stability
If mpc faills to keeep cpi inflation w/in target- govenor of bofe must make open letter of explanation to chancellor
Sucessful in demand pull inflation decreasing in recent years0
But blunt instrument when deealing with cost push- 20066-2008- iinflation increase due to cost push factors- oil and comodity prices (raw materials, wheat, copper)) increase
Less effective increase ad when stuck in recession and confidence - paradox of thrift
Could increase value of pound- decrease pirce imports

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17
Q

Examples of coost push inflation recent years

A

2011- 5.2%- commodity prices, weak pound, increase cost imports, gov increase vat to 200^%
Inflation peak 11.1^% oct 2022- high energy prices and wheat (r-u), weak pound- collapse confidence truss
Credit crunch- cost push 5.2%0- but bofe not increase interest rates so not push int o deeper recession

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18
Q

Paradox of thrift

A

Save rather spend
Job security- as firms cut costs as decrease ad- cut back spending
Made redundancies- cant spend more
Wealth efect- assets stocks and property decreae value prce

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19
Q

Fiscal policy

A

Use of taxation, gov spending and gov borrowing to achieve macroecon obejctives

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20
Q

Fiscal automatic stabilisers

A

Dont require any change in gov polciy
Therefore not considered expansionary or contractionary fiscal policy

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21
Q

Automatic stabilisers- output fall

A

Tax revenue automatically decrease
Incomes and revenuue decrease when ad fall
Lower income, lower tax rates
Gov spending increase automatically, increase welfare and unemployment beneffits

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22
Q

Automatic stabilisers- output increase

A

Tax revenue increase
Income tax and firms revnuue increase0 move higher tax bracket
Welfare fall

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23
Q

Blair gov- auutomatic stabilisers?

A

No resorted to active or expansionary fiscal policy to deal with credit crunch recession in 2009

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24
Q

Direct taxation

A

Largely taxes on income paid directly to gov by individual tax payer
Income households and coperations
Tax liability cannot be passed onto others q

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25
Q

Direct tax rates

A

Personal tax allowance- 12.5k
Income tax rates, 00%, 20%(above 12.5), 40% over 50k, 45% over 150k but loose tax allowance over 100k

National houshold contributions on workers

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26
Q

Why may a gov wish to increase income tax

A

Increase rveenue to avoid borrowing when increase spending
Decrease ad- contractionary fiscal policy- decrease disposable income- ad falls as consumer spending a componeent of ad
If progressive- increase equality as redistribution of wealth

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27
Q

Indirect taxation

A

Largely on spending
Vat 20%^
Excise duties- tobacco, alcohol, sugar, tax, fuel duties - demerit goods
Depends on price leasticity and supply for good- firms may be able to shift burden of tax onto consumer
Recent decades- shift away from using direct taxations as part of discretionary fiscal policy

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28
Q

Adv indirect taxation

A

Influence spending pattern
Correct externalities
Incentive effect
Flexibility

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29
Q

Indirect tax- influence spenidng patterns

A

Indirect tax changes are arguably more effective in changing overall patterns of demand for particular g
Change relative rpices and discourage consumption of demerit goods

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30
Q

Indirect tax- correct externalities

A

Indirect taxes for negative externalities
The polluter pays principel for internalising external cost of production and consumption

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31
Q

Incentive effects- indirect tax

A

Indiect taxes have less impact upon individual work v leisure changes
May increase indirect taxes rather than direct tax flexibility

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32
Q

Disadv indirect tax

A

Distribution effects- regressive effect of many indirect taxes to make disrtibution of income more unequal
Inflationary pressures- increase can trigger cost push inflation
Crime- create incentives to avoid indirect taxes- eg smuggling ciggarettes
Stealth taxes- lack of announcement means people unaware of how much pay in indirect atxes- goes against ‘certainty principle’ of good tax system

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33
Q

Proportional tax

A

Everybody pays ssame % of their income
Egg russia at 13%

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34
Q

Progressiive taxation

A

More earnt, bigger ^% of income spent in tax
Uk

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35
Q

Regressive taxation

A

Low income groups pay bigger proportion of incomee in tax
Criticism of indirect tax- vat

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36
Q

Main objectives of uk tax system

A

Funds gov spendng- able to borrow moeny up to a certan extent but majority must come from taxation to avoid inflationary pressure
Manage economy as a whole- macroecon performance- eg alter taxes and rates to influence econ growth , inflation, unemployment, bop
Decrease certain tax- microecon supply side benefits such as more incentives
Redistribution of iincome- fairness in society
Correct market failure- micro econ improvement workings of market, indirect taxes on demerit goods fund to decrease negative externalities

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37
Q

Horizontal equity

A

Where people or firms with same income and financial circumstances pay same amount of tax

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38
Q

Verticle equity

A

When amount that people pay is based on their ability to pay
High income groups pay income more than low incomes

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39
Q

Principles of taxation

A

Decide if tax is good or bad from economic pov

Economical
Equity
Convevnience
Certainty

Efficiency, flexible- modern principels, ones above canons

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40
Q

Economical taxation

A

Tax should be simple and easy to colect
So revenue is maximised compared to coost of collection

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41
Q

Equity taxation

A

Taxes should be fair and based on taxpayer ability to pay
Justification for progressive nature of income tax
Horiontal and verticle equity

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42
Q

convenience of taxation

A

Payment method and timing should be convenient to the taxpayer

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43
Q

Certainty of taxation

A

Tax payers hsould understand how system works
Cleaer, what, when and how to pay
Taxes diff to evade

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44
Q

Efficient tax systeem

A

Meets its aims whilst minimising neagtive distortions
Eg decrease individual incentives to work save and invest

45
Q

Flexible tax system

A

Structure and rates of taxation must be capable of easy alteration in responsible to changing economic conditions

46
Q

Hypothication of taxes

A

Taxes raised for specific purpose- revenue earmarked for particular use
Large proportion of tax on cigarettes for smoking related disorders
Reveal how much individuals are prepared to pay for partiuclar services- if still ocnusme
Eg,. Tv licnce0- tax cover cost of bbc

47
Q

Pigouvian taxes

A

Take money from those creating negative externalities
Spend revenue on compensating those who suffer the spillover or r=negative consequencees
Some argue fuel tax and improt tax used to subsidise investment in alternatives to fossil fuels

48
Q

Benefit principel

A

Argument taxes should be linked to the benefits that taxpayer recive from teh tax

49
Q

Gov spending categories

A

Current spenidng0
Capital spending
Transfer payments

50
Q

Current spending- gov spending

A

Wages public sector wrkers and consumables- medicine in hospital
Less sensible to borrow for

51
Q

Capital spending

A

Spending on infrastructure
Growing economu by increasing productve capacity, supply side0
Building schools, hospitals
More sensible to borrow for - long term benefits

52
Q

Transfer payments0- gov spending

A

Transer of income from tax payers to those recieving beneifts/pensions
One group to another

53
Q

Budget deficit

A

Occur when gov spending exceeds gov rev from taxation and other sources of income- eg. Prescription charges
Borrowing for just one yeaar

54
Q

Budget surplus

A

Gov revenue exceeds gov spending

55
Q

Balanced budget

A

Gov revenue equals gov spenidng
Last seen in 2000-2001

56
Q

How to fix budget deficit

A

Eliminate by cut back public spending or raise tax- long term implications
Infrasturcture less- damage supply side
Increase tax- decrease incentive work save and invest

57
Q

If budget surplus- how to fix

A

Gov use exess rev or other expendaiture to repay preious borrowing
Private sector debt repayment- psdr

58
Q

National debt

A

Accumulated borrowing
How much state owes
Peaks in wars and recessions

59
Q

Cyclical deficit

A

Gov in debt during recession

60
Q

Structural deficit

A

Gov in debt during growth phase
Current spending

61
Q

Expansionary fiscal policy

A

Discretionary /active fiscal policy
Deliberate chanegs in direct/indirect taxation and gov spenidng to influence ad
Successful 1949-79

62
Q

How expansionary fiscal policu works

A

In recession gov boost public spendng/cut direct taxes to stimulate ad an set off positive multiplier

63
Q

Cut income tax- expansionary fiscal policu

A

Give consumer more disposable income- increase demand for sonsumer g&s
Retailer increase order from manufacturer- take on more workers, increase investment, more capital spending
Demand new premises, factories and homes increase- increase consumption workers
Net injection exceed net withdrwawal positive multiplier
Increase sales- firms more profitable and falling unemployment means income increase
Increased income from employyment and dividens from rising profit- increase ad until econ settle at higher equilibrium

64
Q

Cut vat- expansionary fiscal policy

A

Hope decrease prices would encourage consuemrs to spend more on other g&s boosting ad
Cut cost in production
Eg. In 2009 lack of confidence- cut vat from 17.5 to 15%^ rather cut in direct tax

65
Q

Increase gov spending on infrastructire projects- expansinary fiscal policu

A

If felt that tax saved or spent on imports
Eg build road andd rail networks- Increase effieciency in transport
Or build new schools and hospotal- expanding social capital
Both create work for construction workers- increasing iincome
Some extra income spent local g&s creating more jobs and income and profitcs- positive multiplier (iff injections exceed withdrawals) increase gdp

66
Q

impact increase gov spending- expansionary fiscal policu

A

Increase in recession- counteract. Fall in public spening
Important debt repayed when economy recover
High levels of borrowing in econ danger- crowding out effect

67
Q

Adv cut direct taxes

A

Increase spending as disposible income increases
Increase mpc- positive multiplier if increase net injections
Ad to right

68
Q

Disadv cut direct taxes

A

Lead to increase psnb
Decrease rveneu
Additional money saved or pay off existing debts- paradox of thrift
Spent imports- not beneficial to local g&s- no increased incentive for firms to invest

69
Q

Pro cut indirect tax

A

Sras to right- cut cost of production
Increas ad as less expensive- increase spending on other g&S

70
Q

Disadv cut indirect taxes

A

May lead to increase psnb
May increase demand demerit goods

71
Q

Increase gov spending adv

A

Road and rail network improved- transport mroe goods, decrease cost for firms
Expand social capital- new schools and hospitals
Creates jobs workers, boosts income, spent local g&s, creating more jobs, further boost income
Lras to rght- long term benefit- supply side
Multiplier and create more jobs

72
Q

Increase gov spending- disadv

A

Increae psnb
Time lags- planning permisson and get programmes started- eg in 2009 recession- labour bought forward infrastructure n pipeline
Crowd out private sector spending and investment- damage competitiveness in industry longer term

73
Q

Multiplier effect

A

Increase gdp+ multiplier x increas enet injections into circular flow of inocme
1=mps+mpt+mpm+mpc
Multiplier = 1/1-mpc = 1/mps+mpm+mpt

74
Q

Negatiev multiplier

A

Decrease gdp= increase net withdrawals x multipier

75
Q

Effectiveness of expansionary fiscal policy depends on

A

Multiplier efect
If have higher margiinal propensity to consumer- higher multiplier

76
Q

History of fiscal policy- 1945 to 1970s

A

Discretionary expansionary fiscal policu
Sucesfulin keeping unemployment low and stable economic growth
1970s oil price crisis

77
Q

1979-1008 fiscal policy istory

A

Automiatic stabilisers not effective
Stagflation- increase unemployment, increase accelerated cost push inflation
End of 1970s- expansionary- artificiail econ growth when supply side econ (structural weakeness) unable to grwo fast enough for existing demand
Poorly judged and misused00- accelerating inflation and increase inports ‘unecessary and decrease cmpetitiveness of british businesses

78
Q

Recession 2000/01- fiscal policy history

A

Collapse dot com bubble and 911
Bush cut tax and increase spending-sucess
Uk econ-avoid recessioin-supply side fiscal rather expansionary fsical
Not structural deficit as capital not current spending

79
Q

2009 credit crunch recession-fiscal policy

A

Lbaour use of expansionary
Positive multiplier to lift out
Infrastructure projects bought forward and bail out banks
Psnb increase- current capital and tranfer (increase unemployment

80
Q

2010-2016 fiscal

A

Osbiurne cut budget
Austerity decrease gov spending
Cut welfare 26k to 20k max
Vat increase 17.5 to 20%
Cut local authoritie -libraries
Cut surestart scheme -intridyce more single motehrs into work with better childcare

81
Q

Contractionary fiscal policy

A

Decrease ad ti decrease inflationary pressures
Increase direct tax, decrease disposabke inckne- decrease ad when in positive output gap

82
Q

Single currency

A

Used in european single currency
Reduce domestic inflation
Us firms took adv of ireland in single currency
Increase fdi- foreign direct investment, increase net injection , positve multiplier, increase gdp, positive output gao, fuel inflationary demand ohkk
Increase direct tax to redhce ad

83
Q

Fiscal supply side policies

A

Aim to shift lras to right
Increase efficiency and boost productive capacity
Largely targeted private sector aiming to improve quality factor inputs- esp capital labour and entrepreneurship
More poduction at lower price level

84
Q

Main categories of supplyy side policies- not all fiscal

A

Competition policy
Increase incentives to work save and invest
Creation more flexible labour market
Policies to encourage increased investment in infrastucture and r&d

85
Q

Creation more flexible labour market- supply side

A

Eg deregulation- easier to hire and fire staff, increase spending on education and training - fiscal

86
Q

Competition policy

A

Deregulation
Decrease barriers to entry
Make markets more competitive- eg privatisation

87
Q

Increase incentives to work save and invest- supply side

A

Lower taxes- high income- save, low- no work

Decrease welfare benefits- welfare refomr, decrease replacement ratio

88
Q

Policies to encourage increased investiment in infrastructure and r&d- supply side

A

Subsidies (gov pays) or tax break for r&d- inflation reduction plan biden
Provided directly- gov spending- fiscal
Telecoms, ewater, electricity

89
Q

Fiscal supply sider policies

A

Decrease direct tax or increase tax allowances
Changes to welfare benefit system
Increased spendiing education and training
Increased capital spending infrastructure
Encourage investment in r&d

90
Q

Decrease direct tax or increase tax allowances- fiscal supply side

A

Enhance incentive to work save and invest, lower unemployment trap
Increase save- banks more cash to lend to businesses and entrepreneurs
More busiinesses ratani more profit for reinvestment
Shareholders retain more dividens, encourage individuals to invest in cpmanies by-purchasing stocks
Important taxes arent reduced so much that gov no revenue to deliver effective public services

91
Q

Changes to welfare benefit system- fiscal supply side

A

Increase incentives find work, decrease uneemployment trap
Thatcher- increase benefits in line with inflation rather av earnings
Blair- working tax credit meant workers recieived extra benefits
Incapacity benefits decreaes for thhose deemed less sick and capable of carying on with soem sort of wokrk
Current con gov- decrease working tax credit, raise national living wage to 10.42 pounds
Taxpayer not subsidising underpaying employer
Welfare benefits combined uc- no more than 20k per year

92
Q

increase spending education and training- fiscal supply side

A

Increase occupational mobility
Increase efficiency and effectiveness of labour in lr
0v expensive and time lag
Current con gov- apprenticeship levy give large firms funds to train mroe employees

93
Q

Encourage investment in r&d- fiscal upply side

A

Gov fund r&d in defence o rhealthcare
Tax credit, tax allowances, gov grants (subsidies, influence q+q of r and d by prvate sector
V expensive and diff enforce patents on international market

94
Q

Effectiveness of supply side policies- free marketeer

A

No-classical
Private sector more likely to deliver technical and allocative efficiency
Concerned risk gov failure

95
Q

Keynsian interventionist approach to supply side policies

A

Market failre concern
Carefully target gov spending n merit goods and infrastructure, r&d, education and training
Lead to crowding in effect- firms attracted to areas with good infrasturcture, good controls within r&d and more skilled workforce

96
Q

Crowding out effect

A

Gov spending/borrowing displaces private sector spending/borrowing

Increase gov borrowing, increase interest rates, increase cost of borrowing private esector jobs, deter from investing, decrease ad in short term
Longer term- low levels of investment- less competitive industries, decrease domestic sales and exports, decrease econ growth lr

97
Q

Keynsian argument of crowding out efefct

A

Sensiblee borrow in recession
Injection compensating decrease private sector spending
During recession, privaet sector, investment falls

98
Q

Most economists wouuld argue that crowding out effect

A

Takes place during period of econmic growth
Fund current expendaitrue- unsustainable in lr0- structural budget deficit
But if on capital- kensians may argue- then justified as leads to stronger econ growth i n longer term

99
Q

Neutral fiscal stance

A

Gov runs a balanced budgeht

Designed to have a benigni mpact on level of econ activity

100
Q

Demand management

A

Influence level of ad in econ
Eg through contractionary fiscal poliu
Create greater stability and smoothing out fluctuations in econ cycle
Eg inject extra demand - cut in taxes or increase gov spending- when private sector demand too low- opp if demand pull inflation
In past- gov attempt to fine tune econ by fiscal policy- most accept now not so precise

101
Q

Psnb

A

Public sector net borrowing
Diff between tax rev and gov expendatityre
Borrow from banking sector or non bank private sector- insurance companies, pension fynds, hedge funds, individuals- sell bonds

102
Q

Benefits of budget deficit

A

Finance capital spending- eg build new roads ro schoools- boot lr supply side of econ- brown justify post 2001
Keynsian- yes- boost ad to lift out of recesion

103
Q

An increase in teh exchange rate is most likely to contribute to

A

A reduction of inflation

104
Q

Public expenditure is gov spending on goods and services folllowing their consideration of

A

Collective needs

105
Q

A structural budget deficit can occur when

A

The econ is at full emp

106
Q

If there is a budget deficit that is addressed by the gov increasing tax the likely impact of this measure to rebalance the budget is

A

Reduced ad

107
Q

Tax against multinational often avoid

A

But under oecd rule smust prove that pay at least 15% tax rate in each and every couontry they operate
Estimates it would raise 220bn dollars globally per year

108
Q

Inhibitiing factors to global consistent tax

A

Ie saudi arabia does not even have corpoerate tax system but instead has a tax system based on islamic principles

3- Economics- Macro (21 decks)

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