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Question 11. Two-period production model: fiscal policy change Assume that the US government forgives tax payments this year to help the economic life of households. This policy requires issuing a large amount of debt and collecting more taxes tomorrow. Assume that many households are bounded by borrowing constraints. Make any assumptions if necessary to answer the following questions. . Explain how tax forgiveness affects the decisions of households, firms and governments. . Explain how the output and labor markets are directly affected. . Explain how changes in real interest rates indirectly affect the labor supply of households and out- put /labor markets. . Conclude the final effect of the fiscal policy on {C, N, I, Y, w, r}