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ACTION LAG: In the context of economic policies, a part of the implementation lag involving the time it takes for appropriate policies to be launched once they have been agreed to by policy makers. Another part of the implementation lag is the decision lag. For fiscal policy, this involves appropriating funds to government agencies (for government spending) or changing the tax code (for taxes) For monetary policy, this involves the buying and selling government securities in the open market. The action lag is usually shorter for monetary policy than fiscal policy.
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AGGREGATE MARKET An economic model relating the price level and real production that is used to analyze business cycles, gross production, unemployment, inflation, stabilization policies, and related macroeconomic phenomena. The aggregate market, inspired by the standard market model, but adapted to the macroeconomy, captures the interaction between aggregate demand (the buyers) and short-run and long-run aggregate supply (the sellers). Also known by the names AS-AD model or income-price model, the aggregate market is THE cornerstone model of macroeconomic analysis.
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"No man, for any considerable time, can wear one face to himself and another to the multitude without finally getting bewildered as to which may be true." -- Nathanial Hawthorne, Author
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My Sales Pitch On ADVERTISINGOur extended sojourn through the winding complexities of the economy has worn the soles from my jogging shoes. For the best bargain on a new pair, let's consult those annoying flyers stuffed into the Sunday newspaper. We're in luck. The Mega-Mart Discount Warehouse Super Center is having their monthly "once in a lifetime" sale on jogging shoes. Without this Mega-Mart Discount Warehouse Super Center advertising supplement, I might have unknowingly paid a higher price for my brand new Fleet Feet Footwear jogging shoes. Isn't advertising wonderful?
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BROWN PRAGMATOX
[What's This?]
Today, you are likely to spend a great deal of time wandering around the shopping mall trying to buy either several magazines on time travel or 500 feet of telephone cable. Be on the lookout for defective microphones.
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This isn't me! What am I?
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The average length of a "business lunch" is about 36 minutes.
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CME
Chicago Mercantile Exchange
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