Monetary Policy vs. Fiscal Policy Essay Example for Free

Monetary Policy vs. Fiscal Policy Essay People always struggled with an idea of prosperity and success, whether it was a personal goal or whether it was something major like wealth of a country. Nowadays, we are studying a science, which is really significant and valuable Economics. Economics is a tool for achieving those goals, knowledge that people can use and imply in real life, and at the present time probably undividable part of governments performances around the world. For us, students, there are two different matters we study Macroeconomics, the study of the performance of national economies and Microeconomics, which focuses on the behavior of individual households, firms, and markets. During the fall quarter of 2001, I was exposed to the basic ideas and uses of the Macroeconomics. Macroeconomics policies government actions to improve the performance of the economy are of particular concern to macroeconomists, as the quality of macroeconomic policymaking as a major determinant of a nations economic health. Monetary and Fiscal policies are two policies that we were concentrated on, and were the most significant part of the course for me. There is too much involved in these policies and they interact with each other consistently. I decided to write this paper, summarizing the basic functions of two policies, tried to explain what it is that makes them work, how effective these two policies can be, and how one relates to another. In looking at the effectiveness of Monetary and Fiscal policies, it must be understood how the two relate to each other within the government structure. The Federal Open Market Committee FOMC is the most important monetary policy-making body of the Federal Reserve System. It is responsible for the formulation of a policy designed to promote economic growth, full employment, stable prices, and a sustainable pattern of international trade and payments. The seven Board members constitute a majority of the 12-member Federal Open Market Committee, the group that makes the key decisions affecting the cost and availability of money and credit in the economy. The other five members of the FOMC are Reserve Bank presidents, one of who is  the president of the Federal Reserve Bank of New York. The Board sets reserve requirements and shares the responsibility with the Reserve Banks for discount rate policy. The FOMC is the policy arm of the Fed and the tasks of the Federal Reserve are to sup ervise banks, fixing maximum rates of interests. The U.S Treasury, though it aids in much of the monetary management, represents the fiscal sector, which is the U.S Congress. Fiscal policy covers, such areas as taxation and other revenue gathering and spending measures. Fiscal policies are those actions that are enacted by the Legislative Branch of the U.S government, the Congress. Their fiscal policies are enacted through the U.S Treasury. Therefore, the Treasury is the arm of fiscal policy and the Federal Reserve is the arm of monetary policy. For example, even if Congress has allocated some amount of money to take over failing banks and savings and loans, and it is not enough, than the Fed can pump capital into the system by buying bank stocks. So, this is example of how the Fed interacts and influences the ups and downs of the economy. In looking at the relationship between the Fed and The Treasury, essentially, the Fed was set up to provide the U.S Treasury with a more satisfactory fiscal agent. In acting as the fiscal agent for the U.S Treasury, or more specifically, as the primary banker for the federal government, the Fed acts as Financial advisor, depository and receiving agent, agent for issuing and retiring treasury securities, agent for other transactions involving purchases and sales of securities for Treasury account, agent for the government in purchasing and gold and foreign exchange, and lender to the Treasury. The Treasury influences monetary and credit conditions as well, through its revenue and expenditure policies, its debt management policies relative to the size and location of its money balance, and so on. As an instrument of monetary management, the Treasury keeps its money balance in cash in the vaults as Treasury deposits at the Federal Reserve, and Treasury deposits at commercial banks. Owing to the degree of Treasury operations, these policies have marked effect on monetary and credit conditions, especially over periods. Ordinarily, the Treasury does not use these powers for intentional and continuous monetary management; this is primarily the function of the Federal Reserve. However, it does try to use its powers in such a way as to avoid creating serious problems for the Federal Reserve, and on occasion, it uses them intentionally to supplement Federal Reserve policies. The following is an example of how this occurs. The Treasury can implement restrictive actions. For example, the Treasury increases it money balance $1 billion by taxing the public or selling securities to the public. When the Treasury cashes the checks, the public loses $1 billion of its deposits. If the Treasury holds these deposits at commercial banks, this is the extent of the effect; the reserve positions of the banks are unaffected. But if the Treasury uses the $1 billion to build up its cash in vault or its deposits at the Federal Reserve, member banks reserves will be reduced by $1 billion. Basically, if we find an increase in the Treasurys money balance, this tends to be restrictive unless the Treasury acquires the extra money by borrowing from the Federal Reserve. If it acquires the money balance by taxing the public or selling securities to it, the publics money supply is directly decreased. If it acquires money by selling securities to commercial banks, the publics money supply is not directly decrease, but the ability of the banks to create deposits for the public is reduced because they must use some their reserves to support the Treasury deposit. However, given the size of any increase in the Treasurys balance, the degree of restrictiveness depends on the form in which it is held. On the other hand, the Treasury can affect monetary policy, by easing restrictions as well. Sometimes the Treasury utilizes liberalizing actions in a positive way to ease credit to supplement Federal Reserve actions. More often, however, it uses them to avoid creating conditions that wo uld make the job of the Federal Reserve more difficult. Given, this information, we can see what the relationship is between the  Federal Reserve and the U.S Treasury. They often complement each other and balance each other out. However, the prime job of the Federal Reserve is to act as the federal government bank, as well as regulating monetary policy, credit regulations, and supervising function of member banks. The U.S Treasury is the element of the government, which collects money from the public, either through the sale of securities or through taxation. The U.S Treasury is that arm of the government, which provides the government with money it needs to operate, which of course is part of fiscal policy operations. The Fed is the bank that the Treasury uses for its banking needs, to be it in the most simplistic terms. *** We were all shocked by tragedy that happened on September 11, 2001. There was a tremendous impact on the entire world by that event. People were heavily affected emotionally same as financially. Many lives were taken by the coward act of those who responsible for such disaster. The US faced a number of consequences followed by many bumps on its way to the future. Unbelievable economic downturn made all sectors of the economy to suffer this impact and force them to make decisions, which they probably didnt thought of. Because Fiscal and Monetary Policy have a straight connection to the several actions taken by the government to stimulate weakened economy, I decided to cover what is going on right now within government structure and briefly explain what people should expect from policymakers, who are doing their best to respond to these obstacles, which we are facing right now, as quick as possible. Considering that todays U.S. economy is already in mild recession and many indicators show it might face the most severe economic downturn since 1970s of the last century, President Bush and his administration called for additional stimulus package for fiscal 2002. Policymakers in Washington are considering a number of actions that could stimulate the economy. Among them the options being considering are tax cuts that could spur consumption or investment, and additional federal spending that could directly increase economic activity. Republicans are the majorities in the House of  Representatives and Democrats, who control the Senate, have very different and opposite visions about ways to stimulate the U.S. economy. Republicans consider that economic growth is generated through investments by businesses, which encouraged by cuts in taxes and tax rates. Democrats support the proposal that stimulates consumer spending such as through tax rebates for low-income, extensions of unemployment insurance, and government spending to promote construction and other infrastructure. A several weeks ago, the House Ways and Means Committee have passed a $100 billion economic stimulus package main part of which 85% for permanent tax cuts, mostly for corporate tax cuts. The major components of this plan are: Elimination of the corporate alternative minimum taxes and refunds AMT credits. This is a most controversial point of the House Republicans proposal. The minimum tax was designed to make profitable companies to pay a basic amount even if they owe no corporate income tax because of some deductions. Democrats support the fairness of this tax cut but disagree with its retroactive method because although these refunds would effectively reduce the tax rate on corporate income but those compensations for the previous investment, not new investment. Permit 30% immediate expensing write-off for purchase of capital assets over the next three years. Reduce the maximum tax rate on long-term capital gain from 20% to 18%. Deductions of net losses from taxes paid up to five years earlier. Republicans argue that all these corporate tax cuts are necessary to encourage businesses to invest more into new capital because businesses would have more income or retained earnings. And as a result it would spur the economy. Democrats disagree. They tell that businesses would not  necessary to invest; some of any tax cuts will be saved or businesses can simply to pay down their debts or to spend them for dividends to their stockholders and maybe only small part would go into new investment. Permanent cut in the former 28% tax cut rate to 25% would be accelerated to 2002. Democrats argue that this tax cut would be more effective if it will be temporary rather than permanent tax cut because this acceleration significantly shorten government revenue in later years and in the long run the government cant afford these rates cuts. Moreover, most of the tax relief would benefit only the top one-quarter of all income tax filers, who are likely to save more and spend less from tax cuts than those who have lower incomes and tend to spend whatever extra income they have. That is why Democrats support the proposal to send additional tax rebates for low-income workers, because the more rebate is spend the more effective it is as a stimulus. Democrats want to freeze marginal tax reduction in previous 39.6 bracket to 38.6% rather to decline it. It would save roughly $100 billion between 2002 and 2011. Democrats have proposed a smaller package with far fewer and temporary tax cuts and significantly more new spending 75% of the stimulus plan. They support the ways that spur consumer spending that has kept the economy afloat such as through tax rebates for lower income workers, expansions of unemployment insurance and government spending for construction and other infrastructure. For instance, temporary changes in the unemployment insurance program or any additional benefits provided would likely be spent and go directly to output. Public capital investments involve direct government purchases of goods and services and therefore directly add demand into economy.

One Life To Give Essay example -- Legal Court Essays

One Life To Give On December 9, 1981, a white Philadelphia police officer was fatally shot. On July 3, 1982, Mumia Abu-Jamal, a black man, was convicted of his murder and sentenced to death. On May 22, 1996, he received a second trial and was again convicted of the same charge. He is sentenced to die on December 2. The hours grow short until this man, who has promoted through his writings and speeches an image of himself as falsely accused, is ushered into the record books as one more name dealt justice by the American people. But who constitutes the American people? Is it a judge in a courtroom, or the thousands of people who have protested Abu-Jamal's death as the death of an innocent, an intellectual, and above all, a black man in a white man's system? The validity of the conviction has been widely questioned in the press. Stuart Taylor Jr., who covered the case for Court TV, states that Abu-Jamal "received an unfair trial, tainted by . . . flagrantly biased judging and, in all probability, police fabrication of evidence and intimidation of witnesses." However, more interesting and more important than the legal aspects of the trials is the emotional aspect, the outpouring of support for Abu-Jamal. Bill Bickel, after having recently made an extensive survey of the opinions voiced about the case, found literally hundreds of websites protesting the death sentence and only one website supporting it-created by the police officer's family. It has been pure gravy for Mumia, a wealth of public indignation for, as the organization Refuse & Resist dubs him, "an unrepentant Black political prisoner who is the voice of the voiceless." This near canonization of the man goes beyond anything which can be attributed to charisma or ... ...it can potentially undermine the only means we have to attempt to effect equal justice. The protest signs of angry crowds call for "Justice for Mumia," and in effect justice for all black people. But how can we achieve this if the very means of justice are dismantled to save one man? Works Cited Bickel, Bill. "Mumia Abu-Jamal and the Murder of Daniel Faulkner: Using the Internet to Search for the Truth." 16 Nov. 1999 <<http://crime.about.com/culture/crime/library/weekly/aa070698.html>> Davis, Angela Y, June Jordan, and Alice Walker. "The Life of a Black Man." The Nation. 15 Nov. 1999 <<http//www.thenation.com/>> Refuse and Resist. Home page. 16 Nov. 1999. <<http://mojo.calyx.net/~refuse/mumia/index.html>> Taylor Jr., Stuart. "Jamal's Last Stand." Court TV Casefiles. 11 June 1996 <<www.courttv.com/casefiles/mumia/analysis.html>> One Life To Give Essay example -- Legal Court Essays One Life To Give On December 9, 1981, a white Philadelphia police officer was fatally shot. On July 3, 1982, Mumia Abu-Jamal, a black man, was convicted of his murder and sentenced to death. On May 22, 1996, he received a second trial and was again convicted of the same charge. He is sentenced to die on December 2. The hours grow short until this man, who has promoted through his writings and speeches an image of himself as falsely accused, is ushered into the record books as one more name dealt justice by the American people. But who constitutes the American people? Is it a judge in a courtroom, or the thousands of people who have protested Abu-Jamal's death as the death of an innocent, an intellectual, and above all, a black man in a white man's system? The validity of the conviction has been widely questioned in the press. Stuart Taylor Jr., who covered the case for Court TV, states that Abu-Jamal "received an unfair trial, tainted by . . . flagrantly biased judging and, in all probability, police fabrication of evidence and intimidation of witnesses." However, more interesting and more important than the legal aspects of the trials is the emotional aspect, the outpouring of support for Abu-Jamal. Bill Bickel, after having recently made an extensive survey of the opinions voiced about the case, found literally hundreds of websites protesting the death sentence and only one website supporting it-created by the police officer's family. It has been pure gravy for Mumia, a wealth of public indignation for, as the organization Refuse & Resist dubs him, "an unrepentant Black political prisoner who is the voice of the voiceless." This near canonization of the man goes beyond anything which can be attributed to charisma or ... ...it can potentially undermine the only means we have to attempt to effect equal justice. The protest signs of angry crowds call for "Justice for Mumia," and in effect justice for all black people. But how can we achieve this if the very means of justice are dismantled to save one man? Works Cited Bickel, Bill. "Mumia Abu-Jamal and the Murder of Daniel Faulkner: Using the Internet to Search for the Truth." 16 Nov. 1999 <<http://crime.about.com/culture/crime/library/weekly/aa070698.html>> Davis, Angela Y, June Jordan, and Alice Walker. "The Life of a Black Man." The Nation. 15 Nov. 1999 <<http//www.thenation.com/>> Refuse and Resist. Home page. 16 Nov. 1999. <<http://mojo.calyx.net/~refuse/mumia/index.html>> Taylor Jr., Stuart. "Jamal's Last Stand." Court TV Casefiles. 11 June 1996 <<www.courttv.com/casefiles/mumia/analysis.html>>

Equus Performance Commentary

On paper, Peter Shaffer's Equus is extraordinarily vivid piece of literature. Onstage, it is a visually engaging masterpiece, where the complexity of breathing life into characters and settings by the perfected interplay between actors and the stage is an enthralling and emotional experience for all those involved. Like all theatric successes, Equus has endured various convoluted productions of the magnificent original, sometimes succeeding, and sometimes failing, to poke and prod the audience into thinking-questioning- imagining. A handful of directors have fallen prey to the vicious desire present within all of us: to turn a play into real life; to make it relatable to surroundings we are so familiar with. Those who do- fail; fail to understand the concepts that Equus strives to imbibe in its readers. Equus is not a pretty fairy tale dressed in the tattered rags of disillusionment, Equus is macabre and bare, miserly in its pity for a naive audience that likes to think itself jaded. In Shaffer's words, â€Å"Upstage, forming a backdrop to the whole, are tiers of seats in the fashion of a dissecting theatre†¦ In these] sit the audience†. If one allows their imagination to roam as it will (and definitely as Shaffer wished it to be) the audience will form a rather imposing backdrop, hundreds of eyes that look down upon the tormented actors and silently, quietly, judge. Eyes are an important recurring motif in Equus: those of Equus, Alan's jealous God, that perpetually watch Alan are emulated by the h orse-actors and the audience that view the stage from above and the sides. Not only is the judging audience meant to be a sort of stand-in for God, but they also represent the masses; the forever judging, cruel, intransigent and sentient being that is society. The stage that the audience looks down is sparse, and movable. This allows the â€Å"square of wood set on a circle of wood† to be rotated, to mimic the various settings as needed: Alan's house, the stable, Dysart's office, and the field where Alan performs ecstatic and ritualistic worship. Shaffer describes the rail that surrounds the wooden square as â€Å"[resembling] a railed boxing ring†. This boxing ring has been interpreted in many different ways, one critic compares Alan and Dysart as competitors of a sort, â€Å"the boxing ring [fits in with] the intimate contest in which psychiatrist and patient are locked†. In a play whose protagonist strives for freedom, the boxing ring may also represent the inevitable battle against society and the â€Å"reality principle† that Alan's worship will lose, a â€Å"ritualized public combat†. The rails represent bondage, chains, turmoil, and signify to the audience the tension, conflict and the unsatisfactory conclusion to Equus. Simply seeing them onstage is enough to subliminally communicate to the viewers the angst and epic struggle between right and wrong within the play. The benches that seat the other actors in Equus: the horses, Alan's parents, the nurse, Dalton, Jill, are significant in the fact that the actors never leave them- unless they are called upon stage. They sit and watch the play along with the audience, and play the role of society in Alan's life. They too, judge Alan, they judge his worship, and they condemn it. The horse masks that are hung behind the stage once again provide the images of eyes, the eyes of God, that watch and mark Alan as one of their own. The actors that play the horses, when not in character, join the crowd that watch on in distaste as Alan passionately, ecstatically, communes with his God. Different directors have taken Alan's â€Å"God† to skyrocketing and plunging levels of meaning simply by dressing the horses differently. The initial production of Equus (directed by John Dexter) had the horses dressed in â€Å"tracksuits of chestnut velvet†, with â€Å"light strutted hooves, about four inches high†. The hooves (or â€Å"hoofs† as Dexter called them) have been a staple in all versions of Equus, but directors have taken liberties with the tracksuits and gloves of chestnut velvet that Shaffer prescribes. Some productions have well muscled, bare-chested men portraying the horses, with â€Å"strapping to suggest bridles†, whereas in others, the actors playing the horses were completely nude, adhering to Alan's notion that â€Å"The horse isn't dressed. It's the most naked thing you ever saw! † The nudity of the horses also creates an atmosphere of homoeroticism and homosexuality, which some critics have interpreted as the true source of conflict in Alan's life instead of religion. Peter Shaffer was deliberately trying to create imposing, menacing figures when he created the horses, not â€Å"the cozy familiarity of a domesticated animal†. The actors, he wrote, â€Å"must never crouch on all fours, or even bend forward† He insisted that all the motions of a horse must be created â€Å"mimetically†, through movements of various body parts. The actors who play the horses undergo vast amounts of training, and most commonly comprise of dancers, used to swaying movements and odd body contortions. Not only did Shaffer decide to distance his horses (who may even be called gods) from animals by having the actors playing them stand upright, but also by not giving them paper Mache horsey-jokey heads. The horse masks used in Equus are â€Å"tough masks made of alternating bands of silver wire and leather†. These huge, regal and god-like caricatures of horse heads enable the actors to toss and turn them with equine ease. Created by Dexter, they were deemed â€Å"risky† by Shaffer as they projected a double image: the horses head, and the clearly seen actor's head underneath it. Shaffer was eventually convinced by Dexter, who argued that Shaffer's Equus was about a double image and then horse masks would simply be a physical manifestation of it. As with the horses, directors have indulged themselves in taking liberties with the lighting of the play, although the instructions are not as rigorous for the lighting as it is for the horses. Some directors have used colored lighting to evoke a rich, captivating scene for Alan's memories, and bleak, white lighting for the scenes which take place in Dysart's office. Shaffer himself describes the lighting for Jill and Alan in the stables as â€Å"anti-erotic†, it is meant to be a dissection of a troubled mind, not an excitingly pornographic remembrance. The lighting is used to its best effect when Alan blinds the horses, the â€Å"cones† of light that surround the â€Å"archetypal† the horses out of a nightmare, creates an eerie, haunting image of light flashing on the flowing masks, an image truly out of a nightmare. Most interesting of all though, is the actual dissection of Alan and the tantalizingly concealed hints that clue the audience in too late: that Equus is a story told by Dysart. He is the only actor to ever address the audience, and the odd flashbacks and strange time lapses make sense†¦ f one were to consider them happening in Dysart's memory. The fact that we are seeing Alan through Dysart's eyes changes the way we view Alan. We grow to pity him, feel empathy for him, and even envy him. This is not because Alan is a genuinely compelling character (his story told from the viewpoint of Dysart's associates, perhaps, would cause the audience to turn against him), but because Dysart envies him and admire s him and views Alan positively, as something good, something worthy of sympathy. The story being told from Dysart's point of view also makes it seem more like a psychological detective story, complete with a crime, clues, and a whydunnit conclusion. Peter Shaffer's dramatic psychological thriller, Equus, is definitely the sum of all of its parts. A glorious mix of suspense, drama and pure controversy, Equus comes alive to the audience in a provokingly tangible way as a shimmering, stomping, tossing deity.

The Current State Of Our Post Secondary Education System

The current state of our post-secondary education system should not be judged simply by the growing debt accumulated by students and parents. Many of us are aware that the current outstanding debt of college loans is roughly a trillion dollars with growing delinquency rates. The issues with the post-secondary education system are often limited to single item discussions such as textbook prices or rising tuition costs. These issues when looked at unilaterally do not give insight into the entire picture and often cause topical tunnel vision. The problems of higher education are multifaceted and born from the linkage between accreditation boards, educational institutions, textbook publishers, and federal aid. When focusing on these connections we find not only parasitic relationships and borderline abuse but also a fundamentally flawed, antiquated approach to educating our future generations. The United States faces an educational epidemic. Our country has seen a massive decrease in reliance on manufacturing in the last three decades replaced by an ever increasing reliance on knowledge based services. Gone are the days when a high school diploma and a family member in a union meant stable incomes and traceable futures. Over the coming years a high school diploma will open only one-third of the job market doors as advanced education becomes more desirable and in many cases required. According to the American Community Survey in 2008, a high school degreeShow MoreRelatedThe Cost Of College Education1362 Words   |  6 PagesHow would you feel if money were no object when it comes to obtaining something you really want, and know it will be of great benefit to you in exchange? In fact, what if I told you that a post secondary education can be of no cost to you or your parents, meaning no high interest rates, or additional fees to pay back. All you need is the desire to better your circumstances. 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