Reference no: EM133084180
Lately Monetary Policy seems to be grabbing significant economic headline news, so let's briefly continue with this topic and identify those individuals, either present and past members, responsible in formulating Monetary Policy. In other words, who are current or past members of the Federal Reserve Board, how is the Fed structured, and how does the Fed implement monetary policy?
Congress has just extended the National Debt ceiling and will re-visit the issue in December. Let's see where we are and where we're going with regards to the National Debt and the Federal Budget deficit/surplus. . Go to the Congressional Budget Office Web site, www.cbo.gov, and select "Data". Go to 'Historical Budget Data>>Feb 2021>>'Revenues, Outlays, Deficits, Surplus, Debt Held by Public since 1962' (should be an Excel spreadsheet--use table 1 and 1a). Find the historical data for the 'actual budget deficit or surplus (total)' and the 'Debt Held by the Public' (i.e., national debt).
-What are the current Budget Deficits and National Debt (2020) held by the public? Give the TOTAL amounts and the PERCENTAGE OF GDP figures---an Excel spreadsheet and use Table 1 and 1a).
-Going backward---How does the 2020 'Budget Deficit' and the 'National Debt' compare with the same data for any other year of your choosing? Was the 2020 fiscal policy more expansionary or less expansionary than it was during that year-- (an Excel spreadsheet and use Table 1 and 1a)?
-Going forward---What are the total Budget Deficits and the National Debt projections held by the public for any future forecasted fiscal year of your choosing? Give the TOTAL amounts and the PERCENTAGE OF GDP figures. (Go back to 10-year Budget Projections and click on July 2021>>then Baseline Projections of Federal Debt--an Excel spreadsheet and use Table 1)
-Under what economic conditions should the government run a deficit? a surplus? a balanced budget?
-How would the different economic paradigms as advocated by the Neo-Classical, Keynesian, and Political Economy economists view government deficits/surplus/balanced budgets and the national debt'?