1. CHAPTER 13
Fiscal Policy and Automatic Stabilizers: What Managers Need to Know
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2. Exhibit 13-1 Categories of U.S. Government Taxation, 2013 (Estimate)
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3. Exhibit 13-2 Categories of U.S. Government Spending, 2013 (Estimate)
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4. Exhibit 13-3 Types and Maturities of Government Securities
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5. Exhibit 13-4 Owners of U.S. Government Debt, January 1981 to January 2013
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6. Exhibit 13-5 Fiscal Multiplier’s Effect on AD, Real GDP, and GDP Price Index
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7. Exhibit 13-6 Effect of Government Borrowing in the Real Loanable Funds Market
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8. Exhibit 13-7 Endogenous Changes in the Major Macroeconomic Markets Weaken the Fiscal Multiplier
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9. Exhibit 13-8 Budget Surpluses Increase the Supply of Real Loanable Funds
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10. Exhibit 13-9 U.S. Government Deficits and Surpluses, 1970-2012
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11. Exhibit 13-10 Actual Deficit ≡ Active Deficit + Passive Deficit
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12. Exhibit 13-11 Neutral Fiscal Policy: Active Deficit = 0
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13. Exhibit 13-12 Expansionary Fiscal Policy: Active deficit = $30 Billion
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14. Exhibit 13-13 Contractionary Fiscal Policy: Active Surplus
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15. Exhibit 13-14 Lags in Fiscal Policy
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16. Exhibit A Nation’s Monetary Base Changes When Our Imaginary Horizontal Line Is Crossed and Central Bank’s Balance Sheet Changes
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17. Exhibit 13-16 Total Nominal U.S. Public Debt, 1968 (Q1)-2013 (Q1)
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18. Exhibit 13-17 U.S. Real Per Capita Government Debt, 1966-2012 (2005 Dollars)
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19. Exhibit Changes in a Government’s Balance Sheet: ∆ Assets ≡ Δ Liabilities + ∆ Stockholder’s Equity
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20. Exhibit 13-19 U.S. Government Gross-Debt-to-GDP Ratio, 1968 (Q1)-2013 (Q1)
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21. Exhibit International Comparison: Government Gross-Financial-Liabilities-to-GDP Ratios for Developed Nations in 2013
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22. Exhibit Crowding-Out with Perfectly Elastic, Perfectly Inelastic, and an Upward-Sloping Supply of Real Loanable Funds
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23. Exhibit 13-22 Assumptions for Calculating the Active and Passive Deficits
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24. Exhibit 13-23 Actual Deficit ≡ Active Deficit + Passive Deficit
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25. Exhibit 13-24 Neutral Fiscal Policy: Active Deficit = 0
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26. Exhibit 13-25 Monetary Effects of Government Taxes: Δ Monetary Base = 0
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27. Exhibit 13-26 Monetary Effects of Government Transfers to the Central Bank
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28. Exhibit 13-27 Monetary Effects of Government Spending: Δ Monetary Base = 0
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29. Exhibit 13-28 Monetary Effects of Government Borrowing: Δ Monetary Base = 0
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