Managing in a global economy by john marthinsen babson MBA chapter 11
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CHAPTER 11
Fiscal Policy and Automatic Stabilizers: What Managers Need to Know
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reserved.
Exhibit 11-1
Categories of U.S. Government Taxation, 2006
Source: U.S. Economic Report of the President, 2006, />p. 377 (accessed September 17, 2006).
Copyright© 2008 South-Western, a part of Cengage Learning. All rights
reserved.
Exhibit 11-2
Categories of U.S. Government Spending, 2006
Source: U.S. Economic Report of the President, 2005, />p. 377 (accessed September 17, 2006).
Copyright© 2008 South-Western, a part of Cengage Learning. All rights
reserved.
Exhibit 11-3
Types and Maturities of Government Securities
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reserved.
Exhibit 11-4
Owners of U.S. Government Debt, 1981–2006
Source: Federal Reserve Bank of St. Louis, Economic Data—FRED II, />(accessed September 17, 2006).
Copyright© 2008 South-Western, a part of Cengage Learning. All rights
reserved.
Exhibit 11-5
Effects of Government Borrowing in the Real Loanable
Funds Market
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reserved.
Exhibit M11-1
Crowding Out with Perfectly Elastic, Perfectly Inelastic,
and an Upward-Sloping Supply of Real Loanable Funds
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reserved.
Exhibit 11-6
Effects of Increased Government Borrowing in the Real
Goods Market
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reserved.
Exhibit M11-2
Effects of Government Borrowing in the Real
Loanable Funds Market
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reserved.
Exhibit 11-7
Budget Surpluses Increase the Supply of Real
Loanable Funds
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reserved.
Exhibit 11-8
U.S. Government Deficits and Surpluses, 1970–2005
Source: The White House, Office of Management and Budget, 2005, from Federal Reserve Bank of St. Louis,
Economic Data—FRED II, (accessed September 17, 2006).
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reserved.
Exhibit 11-9
Actual Deficit Active Deficit + Passive Deficit
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reserved.
Exhibit 11-10
Neutral Fiscal Policy: Active Deficit = 0
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reserved.
Exhibit M11-3
Assumptions for Calculating the Active and
Passive Deficits
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reserved.
Exhibit M11-4
Actual Deficit = Active Deficit + Passive Deficit
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reserved.
Exhibit M11-5
Neutral Fiscal Policy: Active Deficit = 0
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reserved.
Exhibit 11-11
Expansionary Fiscal Policy: Active Deficit = $30 Billion
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reserved.
Exhibit 11-12
Contractionary Fiscal Policy: Active Surplus
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reserved.
Exhibit 11-13
Lags in Fiscal Policy
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reserved.
Exhibit 11-14
Total U.S. Public Debt, 1966–2006
Source: Federal Reserve Bank of St. Louis, Economic Data—FRED, />(accessed September 17, 2006).
Copyright© 2008 South-Western, a part of Cengage Learning. All rights
reserved.
Exhibit 11-15
U.S. Real Per Capita Government Debt, 1966–2006
Source: Federal Reserve Bank of St. Louis, Economic Data—FRED, />(accessed September 17, 2006).
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reserved.
Exhibit 11-16
Changes in a Government’s Balance Sheet
Assets Liabilities + Stockholders’ Equity
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reserved.
Exhibit 11-17
U.S. Government Debt-to-GDP Ratio, 1966–2006
Source: Federal Reserve Bank of St. Louis, Economic Data—FRED, />(accessed September 17, 2006).
Copyright© 2008 South-Western, a part of Cengage Learning. All rights
reserved.
Exhibit 11-18
International Comparison: Government Debt-to-GDP
Ratios of Developed Nations for 2006
Source: OECD, Annex Table 32, ‘‘General Government Gross Liabilities: Percent of Nominal GDP,’’ http://
www.oecd.org/dataoecd/5/51/2483816.xls (accessed September 17, 2006).
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reserved.
Exhibit 11-19
A Nation’s Monetary Base Changes When Our
Imaginary Horizontal Line Is Crossed
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reserved.
