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10 cards from this deck
Gov spending displaces private sector economic activity
Fiscal expansion causes inflation → RBA raises rates → crowds out
Budget deficits cause current account deficits
(X−M)=(S−I)+(T−G)(X - M) = (S - I) + (T - G)(X−M)=(S−I)+(T−G)
Assumes (S−I)(S - I)(S−I) stays constant (doesn't in reality)
Expansionary monetary policy only causes inflation long-run
MV=PTMV = PTMV=PT
Velocity (V)(V)(V) and transactions (T)(T)(T) are fixed
1985
Govs can never run out (issue own currency)
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