Review the permanent income hypothesis and the life-cycle model of consumption. Explain how tax cuts or increases can af

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Review the permanent income hypothesis and the life-cycle model of consumption. Explain how tax cuts or increases can af

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Review the permanent income hypothesis and the life-cycle model
of consumption. Explain how tax
cuts or increases can affect consumption and aggregate demand.
Explain why cutting taxes without
changing current or future government expenditures might have
little effect on short-run output. What is
Ricardian equivalence?
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