ECON: CH 27

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Last updated 11:23 PM on 5/9/26

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1

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Recessionary gap

Actual GDP below potential GDP

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Inflationary gap

Actual GDP above potential GDP

3

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Expansionary fiscal policy

Government spending ↑ or taxes ↓

4

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Contractionary fiscal policy

Government spending ↓ or taxes ↑

5

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Expansionary monetary policy

Interest rates ↓ investment ↑ AD right

6

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Contractionary monetary policy

Interest rates ↑ investment ↓ AD left

7

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Stagflation

Inflation + unemployment + recession caused by SRAS left shift