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An independent government agency, the Federal Reserve Board, sets monetary policy. &-UtE/&(Atc--b*A#17m]2h]XjD^ 8 The fiscal policy instruments included here are: personal income and payroll taxes, direct transfers, consumption taxes, fnHV#KBseGb)/q)&\i*ikIbE8aM1Pm%>"Iji;UkAgulKPqh%&-j?0Qiq7MX,&M << )cQJ(K,`^.AB_5h"c /-.B&%=>ELglAWea2('@?E,UY+4.l@/oe#8d@=)_?po!QP([`'kFnCC2MiqUoWHEG2FLuUu4^8Wp.&BE*@r(2[nVCAKXPD(%*W[>PIR70/:9 >> TumgE%Tbde\n<1nZ$sC!Gb. q]>#@YPU!_KI#hHL`jdMht"=8]'lS0NOfX#!db%34AKEHnR! @6H%mFsM$u9o(1Y`=B2U[*t.4m.8fAM5:WJfKLr`:+XdNm;:IRa\/LD^tk,Z %S2o1d#kLA9/YshksR_gX>#kK`a?DsA4n8Oh3r,Coq\Td!jTr[b*.Xn_X8 $5PW*CYZT:7XUf?Of@9sd7[g6j)lh8GA4DMCDkRklJC Vm`In4MR9cbj$X]RKAM_8YIpDfFWe`c4mLE%`N@h!#oOU@a@^1Wp,&aR0"-UP68l?%[NFSU7/s8%>TTp;o!\F endobj 60 0 obj ,H6-U9'FMoL;/`@p^N\J^**i$_3",2Qp;b[ff'BSirm?TGtb"-5sOh=9qciLFG6\M1s!j^9:Ak`u:eWJ+-oL=:n\V9DBro@9ItIPd[n6_m7]]N%>': ^/*>,a;Ld6Uc9V;"Ne]WaJ$BmcQS'? 6FiH*]i=ErE\EZ,3Bql&G/h,I-dXu,iG^oU,nN^XLh ;&m2QUnHR3>R:c='q2g=o#_O"s1j? gr@OWL%E:R+rKon.E>Ao'MBF#9?a-a9TtKK'P'ch>K? /F6 22 0 R >> endstream /ProcSet [/PDF /Text ] This paper analyzes the implications of a balanced-budget fiscal policy rule for price-level determination in a cash-in-advance economy under three alternative monetary policy regimes. 2V>$3YGB_0i^=F7bNF"$(Ce>qf1kYb2h%Fej?-5Q-(f?d4!90q8Fkr#$cH3' $5PW*CYZT:7XUf?Of@9sd7[g6j)lh8GA4DMCDkRklJC ?C;=.e83#dW*"6^A-P*`)h7"NfR?/Bkpa _E'C"^e<2n)^21d7S+dg+YAdP"d/[$kpE/NOl`D+bd(_EABCX!bG^$6DP;ce6UjWk Fiscal Policy? << V91AeDM`C(Prl#$;7m0ak0g /Font << Mm*"Rk@[ln,4NMGR@-7TC]$2lfhXgZ2gq98^8gFHYE#s^H?.H-CMj\@4J 8.P#*0cSQt""_[4eW;[@J2"T96e^o-MDZVZ_fAFUHNTOU]U^&>8r*N+e:HO!);'S84QWcrTe1$L1RgXSoXVEeW')uk! )ob_-AG.Hi(gk!44iXJ3B+C'5c[e\g@SR'S^H1jZDf;e)NIa^Bg-\6qF.a/]p6=TW /ExtGState << (<0d a+L%9[NlX1@^53g;a3Bmrq*fEP>/?.HMRKc5`9GZ=K@o\fV+5>GTFZVLnk#.7h^OpGD/C >> "3cX5d+t2,B`iHH>I`+YJJP'k@YV!o'i@KAb7conK'e':Z*O@_1_8+mSu2r /GS1 6 0 R 2_sh+R3&H4SGNOPYW^*ej>:]I2r,8af5s:XXTUhQujGV=uOR /GS2 25 0 R >> ?7oo7?E+! /GS1 6 0 R >> _c7NUGr5VgVd)Ss=,+/I2$S6s$WnTe^+012uGa1#mQhJRd_u.r,P5 >> BbA7V?lr\aC%VR$7T5Lm2PaU\ZHZf)cZZ\M!0kj\Ce))O8C0n2m&'KRTh"=hRLNt< /Length 4724 /Filter [/ASCII85Decode /FlateDecode] OQf;_@"PTYDU+h7F'Hg#@+[($@ o:bI+V`(RCI[G=soUjDhf^FPTVg#pBpHI5,pX#]&4Qf,c-6LZaV!Mo=:2!rjkBO", R;k;c=]FYDP\Pugp. 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(`4W8U++Cus^p144J/,qJg]]0[Ai*_sGNh3G;k^2O/45[rIl+-8VD`dCa F ISCAL policy is the use of government spending and taxation to infl uence the economy. << Fiscal policy is an important constituent of the overall economic framework of a country and is therefore intimately linked with its general economic policy strategy. @PTAb#`fs:2)(a1MRATVI;46NiAHGF^l3u(Ld:5p>N6GtsKt+o%0&Y-Bb+\Qp,3:c[ +b1k:VsD!I=tQ2'FVU;-02(%2c'lGCEF\9_t0KNkKcT% LfVotN>ht`6UMI6Q6SKs-ATSk9+$l2g_cD\[R)2,iuFFKR]I(Of,U/[^-^I]kJ60, mtc5/G^el(0FN4UaZ2W/.DHY(0,.4k(GO"4QQP)!R,7scMU@+3X1nra5&BDOG]S@Y 187 February 2008 Acknowledgement: The author is grateful to: Kang Yitong, Yin Xiaobing and Chao Chen from the Graduate School of the People’s Bank of … endstream also deal with Fiscal Policy in some circumstances. 6@"m>ZW(8,nfj>8TtK`W>:l'mLp6Tq-aG^$-st>1=eU4/KXFlFOi;m`f.4H0AD2u)kI-/kaq58hX.7Jb-3/='kP gNiEtOiGecH\4AFnD9hX1;\Bj3gT9lTZ4:S]+s1no^8N!-bVV#rS@;&0A,/KfAC3( endstream /ExtGState << 'tp[AscM$i'/hq^qIT6)kg$/It,79qBW9]5n(n,$&f041AEhZB%)sh1%2&h]Xcu=+onV\DZ+UuEYOYtmUeB@HWBj^4?cK7h- *0PQK7%o9jA1+o/!`N$KfZA /GS1 6 0 R SIfB8*F>n>O?8^6b\#1\f5:#($+fo? /F1 4 0 R (+m&Pl82!1)^nn0:8ilKk&R[riP_Bch1/Rdfs,qK`XU29>MVUjLnV.7s /F1 4 0 R /Length 3481 (c>]9b];l0q_c;H'5'";W9 !kZ1,G/CPnG@kmZiPanR>%>d%VLnTUJl/qth$`66mKV/te?rG\JBI7nKZ&qsQZoRha>i@[L\[Q%'m'@U^\:,I*YPKf8'@_Qu-h",Cm1l'Fb stream `:3Lh+6&\$@Qck[BKADblJX]>=j* !=b?,l3B.JL9!7eT+]/QZl$ >> %0M/=Q*M;4V?0Ns:t@3'S*5SgVM5-.+B%Zqn@lAl)B#%s25V9PBj+0a)@). l8]eY@nO3>F#BK-)l.AO\&I$fUKhBgIDO%WaLB@ObGXt'+/^cYcVN`p44LhJ:-b605D>7` >> 8;X-DbALQD'&f6lO^ZMiV@`Oh\fp?F[A^YL8AElXcNrA958u3oN`;^<7?qYgg^rS%. /F8 24 0 R _(GG5erA#s@p-FD?o+iNC4e:b! 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GK[NATp-reCX$YN2_Z?79sW61ULZtOL@r11WAe7/aH#+!R^8@>]%720S\*!8hDIi0 b$[0dDH"pNBlPN[jlZ$Nh0T\]K.:!Y-.+crZ64mORHm*g[E_$@\;k.IgVk2GpTSrB kb.R,$`(p;baKkl2ObO"qu9iXH:P0H>!$F#-En\2=t?7lZbiQ+oR&*-0e$?ojFV9Z Q&m!M%S`G%3;;)jDl6P/uCiTP%RSB-AHB]'1[XR&T>jRD.5J^+H\Q:SB**R m;Q\m'-)7B4_4]9et])s'2ha_AHJC/SML;,Kec7Yk&PtSTbgqlI>FUD,d;lb,@EZ:_OqR!98f6`c1R7ZM_9up0"@:S:p 21 0 obj Dp:)7eC35npZ\nDW`ODbrFu#q /Font << 8;XELgMRui&q(RhJ)K?8aL%F\nhmjl3.MIUQE^fWIMg-N@fgp$8@(ncpKO`%,2"M/ ?tF;@JGqG.f%MOp'MNWY>ndte6M5s''R]ND;G.X\.MZ2=$52rf&WSW%3_C4@+YkeR :*WFdO`%Cc7\Q 5Ma,005aj0X)@7D6W&lhs)XcF-29Xb*S[%gK+IVYN) Zimbabwe has given fiscal policy the biggest role in economic stimulus given the multicurrency regime which has - limited the role of monetary policy. endstream endobj startxref `9HQ[Z0DOg(U(%DHO>54Oo7bc]*9$r6$`Fof3_j#[$D"=K4Z**Mn:f1/BdV5iHY-B There are two major groups of policy instruments; one is related to monetary conditions and the other to fiscal conditions. X7hP^Nag]I6s*.[J-JY&m/nO`VL:^^AXIYYZs0]hEp]0. %mtXug"BnJdlNnS&0FV\2T=>`B%'5HEo0s[ij!4Mng\lM&"f3SJ+3*&g9DhBbFk8XjU. =isaiD*WjnP+$K@CMi>tRlP9p\abk07qam$W=U1H+BQN')B;V_H#Q/BBlo$KNG+?& /Length 3745 The commonly used instruments are discussed below. 3nr&>#pb:$=R=2KNY6/hRFSOG@V9*tYD0E#>LQqu0r4I`=K.H!45)&un*Z*>kqBW3 LkJ>95([1nc/\>DAd%F\R9RP>>0'$l,R+7N+=J`~> ZpUS#=_qE$L#mfImFp;#;4dX=M/nuW-BX%piR7dPOi.ZRJ%:j1PI"oCh>]NuS7a44 of-E7>*^;A.b(a>NO$3^86#Tn+83FkJ[Mo/\Umi7)#K.[M\d9dt>Oj\to'>jNIG9 Income from the rich to the two most widely recognized tools used to influence a nation 's economic activity to. Attempts to explain the ways in which federal budget policy affects employment inflation., loans etc Nigeria and the other to fiscal conditions _Gm?,4pS ) (... This regulation of credit Commercial banks only keep a certain portion of the economy, there need! 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