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Key Terms:
fiscal policy (FP),
discretionary fiscal policy, expansionary FP,
contractionary FP, government spending multiplier,
lump-sum tax multiplier, "balanced budget"
multiplier, built-in stabilizers, tax
progressivity, cyclically-adjusted (full employment
or standardized) budget, cyclical deficit,
crowding-out effect, multiplier with crowding out,
monetary policy accommodation, supply-side FP,
recognition lag, administrative lag, operational
lag, political business cycle, pro-cyclical policy,
counter-cyclical policy, Laffer curve
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