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Copy file name to clipboardExpand all lines: lectures/tax_smooth.md
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@@ -656,15 +656,4 @@ plt.plot(ξ1_arr, cost_grad)
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plt.ylabel('derivative of cost')
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plt.xlabel(r'$\phi$')
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plt.show()
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```
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<!-- ## Wrapping up the consumption-smoothing model
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The consumption-smoothing model of Milton Friedman {cite}`Friedman1956` and Robert Hall {cite}`Hall1978`) is a cornerstone of modern macro that has important ramifications for the size of the Keynesian "fiscal policy multiplier" described briefly in
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QuantEcon lecture {doc}`geometric series <geom_series>`.
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In particular, it **lowers** the government expenditure multiplier relative to one implied by
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the original Keynesian consumption function presented in {doc}`geometric series <geom_series>`.
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Friedman's work opened the door to an enlightening literature on the aggregate consumption function and associated government expenditure multipliers that
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