Module 20 - Demand-side macroeconomic policy Flashcards

1
Q

Fiscal policy

A

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2
Q

Budget deficit, budget surplus and fiscal stance

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3
Q

Current and capital expenditure

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4
Q

Final expenditure and transfers

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5
Q

Public sector net borrowing (PSNB)

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6
Q

Public sector net cash requirement (PSNCR)

A

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7
Q

Structural deficit or surplus

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8
Q

Current budget position

A

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9
Q

Discretionary fiscal policy

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10
Q

Fine-tuning policy

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11
Q

Pure fiscal expansion

A

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12
Q

Crowding out

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13
Q

Current budget balance

A

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14
Q

Distinguish between automatic fiscal stabilisers and discretionary fiscal policy

A

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15
Q

Explain how fiscal policy can be used to manage aggregate demand

A

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16
Q

Outline the practical problems of using fiscal policy

A

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17
Q

Explain the long-term problems of persistent budget deficits

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18
Q

Give examples of fiscal rules

19
Q

Discuss the ways in which fiscal policy in the UK has changed (the fiscal policy yo-yo) in the period 2008-2015

20
Q

Monetary policy

21
Q

Minimum reserve ratio

22
Q

Financial crowding out

23
Q

Funding

24
Q

Liquidity map

25
Outline the goals of monetary policy
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26
Outline two ways in which the money supply can be controlled in the medium and long term
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27
Outline three categories of short-term monetary measures
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28
Explain four techniques that can be used to control the money supply
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29
Explain why it may be difficult to control the money supply
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30
Explain how the central bank can control interest rates
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31
Discuss the problems of using interest rates to control credit
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32
Discuss the effectiveness of monetary policy in influencing the level of aggregate demand
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33
State the reasons for making the Bank of England independent
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34
Outline how the Bank of England's inflation target operates
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35
Outline the main features of monetary policy in the UK in recent years
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36
Constrained discretion
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37
Goodhart's Law
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38
Taylor Rule
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39
Discuss the relative merits of discretionary demand-management policy
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40
Discuss the relative merits of a rules-based approach used in the UK
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41
Discuss the extend to which a rules-based approach is used in the UK
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42
Outline how supply-side policies can be used to influence the main macroeconomic objectives (economic growth, unemployment, inflation and the balance of payments)
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43
Give examples to illustrate the links between demand-side policy and supply-side policy
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