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Topic: Fiscal policy

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  Fiscal policy - Wikipedia, the free encyclopedia
Fiscal policy is the economic term which describes the actions of a government in setting the level of public expenditure and how that expenditure is funded.
Contractionary fiscal policy - a decrease in government purchases of goods and services, an increase in net taxes, or some combination of the two for the purpose of decreasing aggregate demand and thus controlling inflation.
Governments often use their fiscal policy to try to influence the economy towards economic objectives such as low inflation and unemployment.
en.wikipedia.org /wiki/Fiscal_policy   (497 words)

 Fiscal Policy   (Site not responding. Last check: 2007-10-21)
Fiscal policy is the use of government taxing and spending powers to affect the behaviour of the ECONOMY.
Fiscal policy is primarily the responsibility of the federal government, although the provinces also have a role.
The difficulties in implementing fiscal policy are compounded by the presence of 2 major levels of government in Canada, whose expenditures and revenues collectively determine the stance of fiscal policy.
thecanadianencyclopedia.com /PrinterFriendly.cfm?Params=A1ARTA0002823   (3639 words)

 Fiscal Policy, by David N. Weil: The Concise Encyclopedia of Economics: Library of Economics and Liberty
Fiscal policy is the use of the government budget to affect an economy.
Fiscal policy is said to be tight or contractionary when revenue is higher than spending (the government budget is in surplus) and loose or expansionary when spending is higher than revenue (the budget is in deficit).
Fiscal policy is especially difficult to use for stabilization because of the "inside lag"—the gap between the time when the need for fiscal policy arises and when it is implemented by the president and Congress.
www.econlib.org /library/Enc/FiscalPolicy.html   (2075 words)

 Fiscal Policy - MSN Encarta
Fiscal policy and monetary policy, which is concerned with money supply, are the two most important components of a government's overall economic policy, and governments use them in an attempt to maintain economic growth, high employment, and low inflation.
Decisions on fiscal policy are inevitably influenced by political considerations, such as beliefs about the size of the role that governments should play in the economy, or the likely public reaction to a particular course of action.
Some countries may find their fiscal policy decisions constrained by the requirements of the International Monetary Fund (IMF), which often grants aid packages subject to conditions relating to fiscal policy.
encarta.msn.com /encnet/refpages/RefArticle.aspx?refid=761579937   (588 words)

 Fiscal policy - Wikipedia, the free encyclopedia   (Site not responding. Last check: 2007-10-21)
Fiscal Policy is the economic term which describes the behaviour of governments in raising money to fund current spending and investment for collective social purposes and for transfer payments to citizens and residents of the territory for which the government is responsible.
(On the last, the government declares a particular token to be money and demanding that it be accepted in settlement of debts.) Fiscal policy can include deficit spending to stimulate demand for domestic goods and services to rise (to fight unemployment) or efforts to cut deficits or raise the budget surplus to fight inflation.
For this reason a government will typically aim to ensure that its fiscal deficit averaged over the business cycle is no greater than the share of state spending of gross domestic product multiplied by the sustainable rate of growth of gross domestic product.
www.encyclopedia-online.info /Fiscal_policy   (383 words)

Fiscal policy is one of the most important economic tools available to the federal government.
However, the effect of fiscal policy is limited by certain factors: such as the crowding out effect, foreign loanable funds effect and time lag problems.
On the other hand, in the expansionary fiscal policy, government increases spending and reduces taxation, most likely result in a deficit which must be funded through borrowing.
staffwww.fullcoll.edu /fchan/macro/3fiscal_policy.htm   (293 words)

 Fiscal - Wikipedia, the free encyclopedia
The term fiscal refers to government debt, expenditures and revenues, or to finance (particularly financial revenue) in general.
Fiscal policy is the discretionary spending of governments.
Fiscal year and fiscal quarter are reporting periods for firms and other agencies.
en.wikipedia.org /wiki/Fiscal   (132 words)

 Reference.com/Encyclopedia/Fiscal policy
Contractionary fiscal policy is a deliberate change in government spending or taxes in order to slow the economy (to prevent inflation).
The reason for this is that monetary policy is run by the Federal Reserve Board, which does not have to deal with politics.
Also, fiscal policy (whether expansionary or contractionary) assumes things that are not necessarily true in real life: like that the government can change taxes almost instantaneously or that the government knows the exact extent of (in the case of contractionary fiscal policy) inflation.
www.reference.com /browse/wiki/Fiscal_policy   (758 words)

 The Role of Fiscal Policy - FRBSF Economic Letter (09/06/2002)
It illustrates the swing in discretionary fiscal policy since 2000, with the standardized surplus falling from 1.3% of GDP in 2000 to a projected deficit of 0.8% of GDP for 2002.
By the time a fiscal program is starting to boost business and consumer demand-that is, after policymakers recognize that economic growth has slowed, propose a fiscal package, debate it, pass it, and send it to the President for his signature-the economy is already likely to be recovering.
For this reason, discretionary fiscal policy in the U.S. is generally viewed as too unwieldy for dealing with the typical, mild recessions experienced in recent decades.
www.frbsf.org /publications/economics/letter/2002/el2002-26.html   (1719 words)

 fiscal policy - Hutchinson encyclopedia article about fiscal policy   (Site not responding. Last check: 2007-10-21)
That part of government policy concerning taxation and other revenues, public spending, and government borrowing (the public sector borrowing requirement).
Fiscal policy can also be used to direct the economy.
British governments after 1945 customarily made frequent adjustments to fiscal policy in order to regulate the level of economic activity.
encyclopedia.farlex.com /fiscal+policy   (212 words)

 Fiscal and Monetary Policy: Conference Summary (2005-12, 6/10/2005)
Recent developments, including the active use of countercyclical fiscal policy in Japan and the United States and the formation of a monetary union in Europe, have provided an impetus for a wide range of research on fiscal policy and its interaction with monetary policy, as represented by four of the conference papers.
Monetary policy rules are often expressed such that the choice variable for the central bank, usually a short-term nominal interest rate, is determined by a number of economic variables according to a mathematical equation.
Some key results from this study are that the effects of fiscal policy shocks on GDP tend to be small overall but that the effects of shocks prior to 1980 tend to be much larger than those after 1980.
www.frbsf.org /publications/economics/letter/2005/el2005-12.html   (1655 words)

 Fiscal Policy: Index
PDF file of Fiscal Policy: Lessons from the Last Economic Cycle (November 1997) (86KB): this paper sets out the key lessons that the present Government learned from the conduct of macroeconomic policy during the preceding economic cycle and outlines the ways in which these lessons contributed to the design of the current fiscal framework.
Analysing UK Fiscal Policy (November 1999): this paper describes the objectives of fiscal policy, the institutional framework to deliver them and analyses the interpretation of the main fiscal aggregates.
Fiscal Policy: Current and Capital Spending (June 1998): this paper discusses the rationale for the Government's two fiscal rules in the light of trends in current and capital spending and their interaction with the fiscal policy framework.
www.hm-treasury.gov.uk /Documents/UK_Economy/Fiscal_Policy/ukecon_fisc_index.cfm   (1185 words)

 Macroeconomic Policy
Fiscal policy thus strives to smooth out the business cycle by manipulating the federal budget to maintain just enough demand to keep people working but not so much as to fuel inflation.
In essence fiscal policy is a juggling act: By adjusting spending and taxation, the government can in principle maintain high levels of employment and stable prices.
Fiscal policy, on the other hand, appeals to politicians who want to keep the economy vigorous and growing even at the cost of moderately higher prices.
gopher.udel.edu /htr/Psc105/Texts/macro.html   (1127 words)

 Fiscal Policy Effects on Grade Inflation
The purpose of my paper is to suggest that grade inflation does exist and that another of its causes is fiscal and budgetary policy, specifically, the use by many states of enrollment based funding formulas as a means of allocating funds for higher education.
Administrative policy and practices such as reductions in rigorous core requirements, movements toward more electives, removal of first attempt grades from transcripts, and pass/fail options all tend to inflate performance as measured by grades (Edwards, 2000).
The 1999 AASCU State Issues Survey completed by 47 presidents and chancellors representing public colleges in 43 states, as to fiscal issues, concluded that economic conditions in their states were good but anticipated a slowing of growth in the year ahead.
www.newfoundations.com /Policy/Barndt.html   (3155 words)

 What Is Fiscal Policy?
Fiscal policy is the means by which a government adjusts its levels of spending in order to monitor and influence a nation's economy.
By using a mixture of both monetary and fiscal policies (depending on the political orientations and the philosophies of those in power at a particular time, one policy may dominate over another), governments are able to control economic phenomena.
Fiscal policy is based on the theories of British economist John Maynard Keynes.
www.investopedia.com /articles/04/051904.asp   (980 words)

 Fiscal Policy
In an earlier article, monetary policy was identified as one of the tools that a national government uses to influence its domestic economy.
The term fiscal policy refers to the expenditure a government undertakes to provide goods and services and to the way in which the government finances these expenditures.
The conduct of fiscal policy is very complicated in its effects on the economy, its reliance on external factors and the value-driven objectives that characterize much of the redistribution of resources and other fiscal policy choices.
www.finpipe.com /fiscpol.htm   (1793 words)

 Keynesian Impact on Public Policy
Michael Polanyi (1945) concluded that the policy conclusions of the General Theory simply amounted to claiming that monetary expansion, by lowering interest rates, would be sufficient to increase output and employment.
The impact of Keynesianism on public policy began to be felt during and after the gestation period of the late 1930s and early 1940s.
Monetary policy, dedicated exclusively to maintaining the Gold Standard before the war, was gradually revealed as being an important influence on output and thus a potentially effective policy tool.
cepa.newschool.edu /het/essays/keynes/publicpolicy.htm   (1467 words)

 The budget arithmetic test: Repairing federal fiscal policy   (Site not responding. Last check: 2007-10-21)
Policies that cannot succeed at putting the U.S. budget in orderfor example, reductions in domestic discretionary spending will be rendered increasingly irrelevant by the inexorable and unsustainable growth in health care entitlement costs, an issue that will come to the forefront of the budget debate with the retirement of the baby boom generation.
Policies aimed at accomplishing tax increases, defense cuts, and slower growth in entitlement spending must be put on the table.
Policies that cause a temporary swing from surplus to deficit could be justified to pull the economy out of recession.
www.epinet.org /content.cfm/bp153   (8962 words)

 Indiana Fiscal Policy Institute
The Indiana Fiscal Policy Institute (IFPI), formed in 1987, is a private, non-profit governmental research organization.
IFPI’s Mission is to enhance the effectiveness and accountability of state and local government through the education of public sector, business, and labor leaders on significant fiscal policy issues and the consequences of state and local decisions.
The Indiana Fiscal Policy Institute is a member of the National Taxpayer's Conference and the Governmental Research Association.
www.indianafiscal.org   (200 words)

 Fiscal policy and employment   (Site not responding. Last check: 2007-10-21)
In short, the case for fiscal policy as a way to create jobs is pretty much restricted to situations in which the economy is depressed and is close to a liquidity trap, with real doubts about whether monetary policy by itself can restore full employment.
If that assumption is right, the job creating effects of any fiscal expansion will be of short duration, a year or two; it's just silly to imagine that the Bush plan, or any plan, will raise employment for 10 years, let alone raise employment by a growing amount over a decade.
And the obvious policy implication is that fiscal expansion should be temporary, not permanent.
www.wws.princeton.edu /~pkrugman/fiscal.html   (738 words)

 Policy Library ¦  Tax Policy Resource   (Site not responding. Last check: 2007-10-21)
Child Tax Benefit Ineffective in Addressing Child Poverty An exhaustive examination of Canada’s family policy concludes that recent federal and provincial government initiatives are misguided and have not efficiently addressed the problems of child poverty.
The UK government is conducting similar reviews in its Performance and Innovation Unit review of the legal and regulatory framework for the voluntary sector and a Treasury review of the role of the voluntary sector in providing services.
The New Policy Institute argue for a reform of the council tax.
www.policylibrary.com /taxation   (3385 words)

 Colorado Fiscal Policy Institute   (Site not responding. Last check: 2007-10-21)
The Colorado Fiscal Policy Institute (COFPI), formerly the Colorado Fiscal Project, founded in 1996 as an all volunteer organization, is a coalition of community-based organizations, individuals, advocates, educators and nonprofits.
Through education, fiscal and policy analysis, and collaboration, the Institute informs policymakers, the media and the public about the importance of a fair and equitable state fiscal system.
The Colorado Fiscal Policy Institute is part of the State Fiscal Analysis Initiative (SFAI).
www.cclponline.org /cfpi   (150 words)

 Outline of the U.S. Economy
While the budget remained enormously important, the job of managing the overall economy shifted substantially from fiscal policy to monetary policy during the later years of the 20th century.
The growing importance of monetary policy and the diminishing role played by fiscal policy in economic stabilization efforts may reflect both political and economic realities.
One other reason suggests why fiscal policy may be more suited to fighting unemployment, while monetary policy may be more effective in fighting inflation.
usinfo.state.gov /products/pubs/oecon/chap7.htm   (4829 words)

 About Cato Institute - Fiscal Policy Studies
ato's fiscal policy program critiques the tax and spending policies of both major political parties and suggests free market and smaller government alternatives.
Cato's fiscal policy program combines expert analyses, publication of timely research studies, commentary in major media outlets, and policy forums to exchange views between leading scholars, analysts, legislators, and the general public.
Cato's work in the fiscal policy area is designed to generate interest and support for substantial reductions in the size of government through spending reductions, broad-based tax cuts, and tax reform to simplify and reduce the distortions created by the current tax system.
www.cato.org /research/fiscal.html   (1387 words)

 Fiscal Policy Today
The Keynesian revolution swept through and transformed economics in the 1940s and 1950s, and by the 1960s the view that the government could use fiscal policy to "fine tune" the economy was widespread.
After a brief discussion of how we can measure fiscal policy, we will find that fiscal policy has slipped from the pedestal on which it sat in 1960 and now lies dormant.
We suggest some reasons why this form of policy, so heavily hyped at mid century, is today of so little importance.
www.ingrimayne.com /econ/FiscalDead/Overview14newa.html   (242 words)

 Fiscal Policy Institute - Home Page
The Fiscal Policy Institute (FPI) is a nonpartisan research and education organization that focuses on the broad range of tax, budget, economic and related public policy issues that affect the quality of life and the economic well-being of New York State residents.
This is an updated and revised version of the Fiscal Policy Institute's analysis of Governor George E. Pataki's Executive Budget and alternative approaches to balancing New York State's 2005-2006 budget.
The Fiscal Policy Institute was among the various organizations that filed amicus briefs with the Supreme Court in this case.
www.fiscalpolicy.org   (3345 words)

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