Explain the short-term and long-term consequences of the following events. Use phase diagrams and the dynamic equations to illustrate your answer and try to justify your results through economic intuition. Households are subject to a fix income tax r that was supposed to be in act forever. However, they are suddenly informed that the tax will be cancelled within T periods from the day of announcement.

Explain the short-term and long-term consequences of the following events. Use phase diagrams and the dynamic equations to illustrate your answer and try to justify your results through economic intuition. Households are subject to a fix income tax r that was supposed to be in act forever. However, they are suddenly informed that the tax will be cancelled within T periods from the day of announcement.

ENGR.ECONOMIC ANALYSIS

14th Edition

ISBN:9780190931919

Author:NEWNAN

Publisher:NEWNAN

Chapter1: Making Economics Decisions

Section: Chapter Questions

Problem 1QTC

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