Burman and Slemrod: Chapter 6

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Presentation transcript:

Burman and Slemrod: Chapter 6 Taxes and the Economy Burman and Slemrod: Chapter 6

Pigouvian Taxes and Subsidies Economic Externalities Positive Negative

Laffer Curve

Fiscal Policy and Monetary Policy US Treasury Federal Reserve

Taxes and Stimulus Keynesian Stimulus (Prime the Pump) Multiplier and the marginal propensity to consume Fiscal Lag Great Depression Great Recession

Recession Expansion Built in Stabilizers Taxes decrease because income decreases Expenditures increase with unemployment compensation and food stamps Deficits increase which stimulate the economy Recession Taxes increase because income increases Expenditures decrease with less unemployment compensation and food stamps Deficits decrease which slows the economy Expansion

Growth and Prosperity How do economic policies affect economic growth? 01 Counterfactual 02 Difference in differences 03 Local and State Economic Development 04

Research and Innovation Effects of Taxes Working Saving Entrepreneurship Research and Innovation

Trickle-Down Economics

Federal Debt

Federal Deficit

Treasuries Held by Federal Reserve

US Treasury General Information Internal Revenue Service Treasury Rates Yield Curve Treasury Direct Auction Schedule