Once the stock market had fallen a few hundred points, investors began to consider the macroeconomic effects of an honest-to-God crash.

Have you actually read any studies about the macroeconomic effects of decarbonization?

"The overall macroeconomic effect of the proposals in the president's budget is not obvious," the budget office said.

But they do not take into account the potential macroeconomic effect of tax changes, which means the effect on the nation's economy.

That is why conventional economic wisdom says that the macroeconomic effects of tax changes should not be taken into account in budget calculations.

Yet the cited studies have shown that the macroeconomic effects of such rigidities can be quite substantial.

But most analysts agree that the outlay itself will have little direct macroeconomic effect.

The shift also had a big macroeconomic effect, sending world oil prices tumbling and setting the stage for two decades of low energy costs.

"This is something that has potential macroeconomic effects, and it will become the big new controversy over the next six months," he said.

However, the macroeconomic effects will not only be at the consumer level.