The Multiplier: Macro Writing Assignment

The Multiplier
The Multiplier

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The Multiplier

Read this short article from the December 10, 2020 edition of The Economist: How much economic stimulus does America actually need? In the second-to-last paragraph, the author points out that the fiscal multiplier during the pandemic was only about 0.6. You may have noticed that a value of 0.6 is much smaller than any multiplier you have computed in this class.

Define the term multiplier and explain, in detail, how it is computed.

Provide an example where you take the reader through a few ‘rounds’ of additional spending generating additional income, and that income causing more consumption spending, etcetera.

Then explain why the multiplier will be smaller if people saved rather than spent their stimulus checks.

In your answer, be sure to define any economic terminology you employ.

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How ethical behaviors can impact the re-distributive policy of income tax

How ethical behaviors can impact the re-distributive policy of income tax
How ethical behaviors can impact the re-distributive policy of income tax

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How ethical behaviors can impact the re-distributive policy of income tax.

Order Instructions:

Capture this; I am against redistribute policy. I believe that redistributive is unfair to certain groups of people and it is unfair to another group of people regardless of their wealth. Income tax should be flat or proportions, same percentage for all. progressive U.S. current tax system gives negative incentives and discourages hard work. The government could support or give aid to those considered to be “less advantage” and not through taking other taxpayers earning.
Sources to be not older than 2012.

How ethical behaviors can impact the re-distributive policy of income tax

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How ethical behaviors can impact the re-distributive policy of income tax

Introduction

Taxation has always been used as a means for the governing body to earn for the purposes of provision of service to their people. It is a concept that has been there since long ago. There are however different methods through which the taxation process is carried out, income tax, value added tax and sales tax among others. This is all meant to ensure the sustenance of the social contract between the citizenry and the governing bodies. In the exercising of their taxing mandate the United States has come up with various methods that are meant to guide the process of taxation.

These methods typically need to conform to the values the society regards as ethical in order to gain acceptance among them. In so doing, the use of the redistributive system of taxation has been applied in the income tax collection. This system bears into consideration the amount of income and taxes in accordance with the same such that those who earn more pay more and vice versa. In the implementation of the same, the principle of equality was core. The taxation system additionally gives incentives to others by exempting them from taxation due to their financial situations.

Ethical behaviors and taxation

The rationality associated with decision making has long been considered as being due to the conscious and unconscious elements in our thoughts. The commitment of one to fulfill their social obligations such as the payment of tax has been premised on the principle of fairness where they are rewarded satisfactorily for their efforts (Chan, Wong and Wong, 2013). The same can be seen in taxation, in that those who feel satisfied by the services being offered by the government readily pays their taxes and are even willing to work harder in order to meet their tax obligations.

In the discharge of their taxation obligations, the government has made several rules that are intended to foster the principle of equality and social inclusion of all. The redistributive policy was thus implemented. This policy is meant to tax more for those who earn more and subsequently less for those who owe less. It is also coupled with certain incentives that are meant to cushion both businesses and individuals who earn less but have more social obligations.

The same is also meant to increase the chances of individuals in business as their risks would have been lowered by the incentive (Pastor and Veronesi, 2016). It is also meant to be a social cushion where the money saved by the incentives can be used in the performance of other social obligations in relation to the safeguarding of the basic societal provisions. In all this, the government tries to ensure equality and inclusiveness by giving the less fortunate the incentive for them to be able to provide for their basic needs.

All in all, the payment of tax is an obligation of every citizen and the incentives offered are meant to help the society by reducing their financial burdens so that they can be able to cater for their basic needs and also take risks in business ventures due to their skill set. It is therefore the general perception that in the discharge of their duty to pay tax, the citizens will be guided by their moral authority to fulfill their social obligations.

Negative impact of redistributive policy in income taxation.

The promotion of redistributive taxation and the progressive system in the imposition of the same has however led to the unethical behavior in many. This is because of the unfairness it has to the hard working Americans who toil to earn a living only to be taxed and the same used in supporting and offering essential services to those who do not work but wait on the incentives. This process of taxation is termed unfair since one is made to pay more for working harder. The cost benefits are classified as one of the factors that affect the ethical behaviors in people (Trautmann, van de Kuilen and Zeckhauser, 2013).

In the consideration of the same, the use of the redistributive system can be said to have negative implications in the motivation of citizenry generally classified as of the lower class in not seeking sources of income since they will be cushioned from paying taxes and yet receive the same basic services the others are receiving. The value of hard work and the utilization of the different talents will be diminished since preference is given to those with less as they do not have to pay but receive the services anyway….

How ethical behaviors can impact the re-distributive policy of income tax

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Macroeconomic Issues for 2018 in the Us and Europe

Macroeconomic Issues
Macroeconomic Issues

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Macroeconomic Issues

Order Instructions:
I want you to write and upload your analysis of what are the key macroeconomic issues for 2018 in the US and in Europe. Discuss the 5 below in a paragraph for each.

Five critical issues for 2018 macroeconomics are said to be:
1. tax reform shake out (Will Federal Reform work, what happens to State taxes?)
2. Can reduction in international imports to the US, raise US Exports and reignite the US GDP (Will bilateral trade agreements work to lower the trade deficit? Should it?);
3. Will Brexit cause or create Europe to grow faster?
4. Will capital formation and growth continue to reduce return to wages and increase inequality? (Will there be an increase in the productivity of labor or will it help increase wages or jobs?)
5. Other- You decide. Explain why you include this. It may be a country, a region or an economic category As the above 4.)

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Macroeconomic Issues Essay

Tax reform shake out

The tax reform shake out refers to the congressional battle to sway votes to either support or reject the proposed reforms. The reforms constitute a number of proposals from a 2016 blueprint report from the US Congress as well as the one page plan revealed by the US President in April 2017. The reforms include a reduction in marginal tax rates, expanding support for childcare, rescinding alternative minimum tax, and eliminating various deductions (O’Brien, 2017; Speaker Paul Ryan, 2016).

The tax reform could work since it is a pertinent bill that affects the lives and incomes of the majority of low to medium income earners in the country. The impacts of the reform on state taxes include a broadening of the downward flow of revenue, expansion of the tax base, and uniformity in the conformity by different states (Griffith, 2017; Kaeding & Pomerleau, 2017).

International imports to the US and bilateral trade agreements

In the attempt to correct the trade deficit, reducing the level of international imports to the US would not be the most effective approach to solving the issue. As a rebate, the trade partners might reduce their purchases from the US and lead to increased deficits. As such, a worthwhile approach would be the use of bilateral trade agreements with important trade allies such as China and Germany.

Such agreements ensure there is continued trade and sets quotas of operation where each country has a given level of exports and imports it has to provide (McTeer, 2013; Baumohl, 2012). Therefore, the bilateral agreements can help to lower the trade deficit….

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Economic macroeconomic schools of thought in the US today

Economic macroeconomic schools of thought in the US today
Economic macroeconomic schools of thought in the US today

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Economic macroeconomic schools of thought in the US today

Please read essay attached and answer the two questions below in 1000 words with 2 bibliographical resources. 

Cambridge economists: The art and science of economics at Cambridge  From the print edition | Christmas Specials Dec 24th 2016,

What are the major components of economic macroeconomic schools of thought in the US today? (Hint: Chicago School, Keynesian, Neo Keynesian, Neo Classical, Supply Side, Trickle Down, Libertarian, Austrian School, Other?) 

How do they differ from or compare to the Cambridge School?

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Major components of economic macroeconomic schools of thought in the US today

Chicago School

The Chicago school of macroeconomics is a sub-branch of the Neo-classical school of economic thought albeit with a few divergent views. The school of thought developed from intense discussions by Professors in the University of Chicago, whose ideas were mainly price based. The main identifying component of the Chicago style of macroeconomics is the preference for the monetarist theory as opposed to the Keynesian approach.

However, as with all other schools, the development of economic theory in the 20th century brought a mix of ideas from both the saltwater and freshwater schools (Ebeling, 2006). A case example for the Chicago school of macroeconomic thought is the adoption of concepts of rational expectations, sticky wages, and imperfect competition. Notable mentions from the Chicago school include Eugene Fama, Milton Friedman, and Lars Peter Hansen.

Keynesian economics

The Keynesian school of macroeconomic thought bases its theories on the works of John Maynard Keynes. The main proposition by Keynesian economists is the need for government intervention to manage the business cycle. The Keynesian school of thought is a major proponent of the aggregate demand approach of macroeconomic evaluation. The concepts of sticky wages and imperfect competition represent rigidities in the macroeconomic system for which the Keynesian economists attribute the failure to streamline the system of supply and demand through fiscal and monetary policy (Evans & Makepeace, 1979, pp. 40 – 43).

Neo Keynesian

The neo Keynesian school of macroeconomics is a post-war attempt at synthesizing the ideologies of John M. Keynes and the neo classical approach to macroeconomic theory. The fusion of market control, supply and demand, and rational choice theory came together to provide the foundations of the neo-Keynesian economics. The neo Keynesian approach began taking shape after monetarist economists cast doubts on the Keynesian theories.

The neo Keynesian approach then resulted from finding a middle ground between the Keynesian and Monetarist approaches to the analysis of the macroeconomic environment. The result of these studies was the development of the neo classical synthesis, which gave rise to the IS-LM model and the Philips curve (Arestis, 1992; Lavoie, 2014).

Neo-Classical

The neo classical economic school of thought is a collection of economists, whose ideas revolve around the exchange of goods through the assessment of outputs, and the distribution of factors through market supply and demand. The neoclassical model makes three key assumptions: rational preferences among consumers, maximization of utility and profits for consumers and producers respectively, and independent activities of consumers based on perfect information.

Varying scholars contest on a number of issues surrounding neo classical school of economics. First is the dominance of either marginalism or utility, second is whether the approach is a radical change from classical economics or simply a continuing development of ideas, and third, the numerous ideologies and differences between views and approaches aggregated into the classical approach (Weintraub, 1993; Hansen & Ohanian, 2016).

Economic macroeconomic schools of thought in the US today

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Okun’s Law of Data Analysis

Okun's Law
Okun’s Law

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Okun’s Law of Data Analysis

Data Exercise 1 Okun’s Law

This exercise is designed to assess your ability to manipulate and analyze data in accordance with Course Competency: Locate, analyze, and interpret macroeconomic data.

Instructions:

  • Put all of your work in one file;
  • Write your name in the header;
  • We need to see your work in Excel (i.e., formulas).  Do not copy and paste numbers from your original worksheet to a new worksheet.  When submitting, make sure that the cells in your worksheet show formulas.
  • After you finish the assignment, name your file LastnameDE1.xls (or .xlsx, depending on the version of Excel).  Note that you do not have to write the .xls suffix by yourself – Excel will do it automatically, and
  • Upload it to the Data Exercise Section of the Blackboard.

Background:

One of the most regular relationships in macroeconomic data is the relationship between the unemployment rate and the growth rate of real GDP.  Specifically, the relationship is between the percentage-point change in the unemployment rate from one year to the next and the growth rate of real GDP:

“Percentage Change in Real GDP = α – ß(“Percentage – point Change in Unemployment Rate”)

Okun’s Law

Assignment:

You are hired as a business consultant to a Senator.  She heard the association between the unemployment rate and economic growth, and asks you to estimate the relationship so that she could propose a policy to lower the unemployment rate. 

  1. Find the appropriate tables from the most recent Economic Report of the President (https://www.whitehouse.gov/sites/default/files/docs/2017_economic_report_of_president.pdf
  2. ) and graph the relationship of the two variables. 
  • To obtain data for this exercise, click “List of Statistical Tables” under the most recent Report, and download relevant tables.
  • You need two tables (real gross domestic product and civilian unemployment rate) for this exercise.  After downloading the two Excel files, combine them into one file.  To combine two files into one, use “Home-Format (Cells)-Move or Copy Sheet” and move one sheet to the other “book.”
  • You would need only two series (Gross Domestic Product and Unemployment Rate of All Civilian Workers).  You may want to delete all unnecessary columns and sheets to simplify your worksheet.
  • You only need annual data.  At the bottom of each table, most recent data are given quarterly (GDP) and monthly (unemployment rate).  You may want to delete unnecessary rows to simplify your worksheet.
  • In your graph, put the percentage-point change in unemployment rate on the horizontal axis and the GDP growth rate on the vertical axis.
  • Use “Scatter Plot” to plot the two series on a graph, taking the change in the unemployment rate on the horizontal (X) axis and the growth rate in real GDP on the vertical (Y) axis. 
  • Insert the linear trend line.  To insert the trend line, put your cursor on one marker on your scatter plot, right-click the mouse, and choose “Add Trend Line” from the menu.  When “Trend Line Option” menu appears, choose “Display Equation on Chart.”
  • Note that Excel gives you the relationship in the format. (insert your equation)
  • Given the relationship you estimated, how much should real GDP grow to reduce the unemployment rate by 2 percentage points?
  • For your reference, an example of the graph is provided below (parameter values in the equation are hidden).  If done correctly, your graph should look like the one below.
  • If it doesn’t, then re-do it. Be careful your data represents exactly what change is asked for!!

Okun’s Law

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New insights on Poverty Video

New insights on Poverty Video
New insights on Poverty Video

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New insights on Poverty Video

Order Instructions:

above is the website to the video. it’s short.

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Please answer the following questions after watching the New insights on Poverty Video:

What are the different normative bases and/or underlying health care in different countries?

Are traditional indicators (equity, access, efficiency, quality, & healthy lives) the best to compare health status of citizens in different countries?

What patterns do you see?

Comment on the private vs public sector roles in delivering health care to citizens in the countries?

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Irish GDP GROWTH using the Production Function

Irish GDP GROWTH using the Production Function
Irish GDP GROWTH using the Production Function

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Irish GDP GROWTH using the Production Function

Calculate Irish GDP GROWTH  Using the Production Function

Following is the data for Ireland for 2003-2004.  Assuming the Cobb-Douglas Production Function* of the form Y(GDP) = AKalphaL(1-alpha), calculate the Total Factor Productivity growth rate for 2004________.(The Per Cent Change from 2003).   Year GDP in 2000 prices (millions of Euro) K Gross Fixed Capital Stock (millions of Euro) L Total Hours Worked (millions) Share of Labor in GDP 2003 111,255 142,310 2,855 0.522 2004 116,729 149,178 2,903 0.526
To get full credit, you must show your calculation steps. (Use Logs) Y(GDP) = AKalphaL(1-alpha),  HINT          Y=A*K( ^alpha) * L^(1-alpha) 

HINT Step 1    A= Y/K*L^ (1-alpha) 

                        Log A= Log Y- alpha log K – (1- alpha) log L

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Economic Stability: Social Determinants of Health

Economic Stability: Social Determinants of Health
Economic Stability: Social Determinants of Health

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Economic Stability: Social Determinants of Health

Team Presentation

Week 7 Social Determinants of Health: Economic Stability

Using at least three academic and/or professional sources and APA 7th edition citation guidelines, each team will select one social determinant of health factor and discuss in a 10 minute voice over Powerpoint Presentation:

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How the factor impacts patients’ health and patients’ ability to act on care recommendations;

How addressing the factor can help reduce health disparities and improve health equity; and

Discuss performance measures that may be used to evaluate performance on the social determinants of health factor and screening tools that can be used to collect data on the social determinants of health of factor your team has chosen.

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Cost of Labor Essay Assignment

Cost of Labor
Cost of Labor

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Cost of Labor

The firm that uses a highly automated and robotics process has a fixed cost of labor, while the firm that makes use of human workers in the assembly line has a variable cost of labor.

In the case of a recession, there is lower demand and, therefore, lower production levels. The firm that uses robots has a fixed production cost and, therefore, their profits reduce with the slow economy. On the other hand, the firm that uses human workers can reduce their variable labor cost to ensure a constant profit margin. Therefore, in a recession, the firm with human workers will have higher profits.

In the case of a boom in the economy, the level of demand increases, and there is a higher level of production. In this scenario, the firm using human labor on the assembly line increases their costs in order to meet the demand. As such, their labor cost increases. Conversely, the firm using robots does not have to increase labor costs and therefore does not change labor costs to meet the increased demand. Therefore, in a boom, the company with an automated assembly line process will have higher profits.

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The beta of a stock refers to a measure of risk associated with the particular stock in lieu of an index stock in the market (Bodie, Kane, & Marcus, 2013). In the case of the two companies, the firm using an automated process will have a higher beta. The reason behind this is the increased efficiency which ensures it outperforms both the market and its competitors during a boom and outperforms their competitors during normal conditions.

Reference

Bodie, Z., Kane, A., & Marcus, A. J. (2013). Essentials of Investments. New York: McGraw-Hill/Irwin.

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