The graph below depicts an economy where a decline in aggregate demand has caused a recession. Assume the government decides to conduct fiscal policy by changing taxes to reduce the burden of this recession. Price Level 150 140 130 120 110 100 90 80 70 60 50 40 30 0 Fiscal Policy LRAS AS AD AD 80 160 240 320 400 480 560 640 720 800 Real GDP (billions of dollars)

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Fiscal Policy and Money Market

Fiscal policy is one of the important tools that is used by the government to control inflation or aggregate demand in the economy. Under this policy, there are two rules which are used by the government, one is the expenditure of the government and the other is the taxation or income of the government which it collects from the public.