Solved: Increase in personal and federal income taxes, Macroeconomics

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Increase in personal and federal income taxes

Question 1: Show how an increase in personal and federal income taxes ultimately affects the Bank of Canada's balance sheet.

Question 2: How are the Bank of Canada's transactions in the foreign exchange market from part (a) reflected in the balance of payments account?

Question 3: Would the impact of the tax cut be larger or smaller under a floating exchange rate regime? Use the AA-DD diagrammatic analysis to answer this question.

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Macroeconomics: Increase in personal and federal income taxes

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