Posted: April 14th, 2022

ECO 202 Project Template

ECO 202 Project Template
Economic Summary Report

Table of Contents

1. Introduction
2. Fiscal Policies: Taxation
3. Fiscal Policies: Government Expenditure
4. Monetary Policies
5. Global Context
6. Conclusions
7. References

Introduction

For the benefit of the incoming administration, I submit this report to document, analyze, and interpret the macroeconomic policy decisions I made as the chief economic policy advisor of Econland. The purpose of this document is to further our national prosperity by deepening our understanding of the relationship between macroeconomic policies and their consequences for our citizens. The report includes a thorough accounting of the major fiscal and monetary policy decisions made over each of the seven years of my term, as well as an explanation of the underlying rationales for those decisions and the resulting impacts of those policies.

Table 1.1

The table above summarizes the macroeconomic climate of Econland over my term. The scenario I ran was the “Base Case”. During my seven years as chief economic policy advisor, I was able to keep a high approval rating at 81% and kept the economy growing and kept the government expenditure constant while inflation stayed average.

Fiscal Policy: Taxation

Table 2.1
I kept my interest rates the same at 2.5 and adjusted my income tax by 4% and corporate tax by 1%. This decreased inflation by .5%. Because the GDP does not encompass all areas of income and purchases it is hard to track the actual growth. often this leads to lower taxes meaning high inflation, because even though people are keeping more of their income, subsequently other areas must raise their prices to make up for the lower taxes. So common goods often see a price increase when taxes are lowered. Having found that happy middle ground where there is a good balance between interest rates and income tax rates took me a few tries

Fiscal Policy: Government Expenditure

Figure 3.1

The first year I kept everything the same just to see the outcome of the first-year report. I took the data and made minor adjustments with lowering all taxes and keeping everything else the way it was. The idea behind this was if people can keep more in their pockets, they would spend more. The economy did grow at a high pace over one year my government deficit was large. My GDP grew from 1.0 to 6.3 and unemployment fell from 5.6 to 4.1. This means that production went up, demand went up, and people who were looking for jobs found them and started working in this first year.

References

Mankiw, N. G. (2021). Principles of economics (9th ed.). Cengage Learning.

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Economic Summary Report ECO 202 Project Template

Contents Page

1. Introduction

2. Fiscal Policies: Income Taxation

3. Fiscal Policies: Public Expenditure

4. Monetary Policies

5. Global Context

6. Conclusions

7. References

Introduction

For the benefit of the incoming administration, I submit this report to document, analyze, and interpret the macroeconomic policy decisions I made as the chief economic policy advisor of Econland. The purpose of this document is to further our national prosperity by deepening our understanding of the relationship between macroeconomic policies and their consequences for our citizens. The report includes a thorough accounting of the major fiscal and monetary policy decisions made over each of the seven years of my term, as well as an explanation of the underlying rationales for those decisions

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