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OFFICE OF MANAGEMENT AND BUDGET: An office within the Executive branch (specifically within the Office of the White House), that assists the President in various fiscal matters. Established in 1970, the Office of Management and Budget (OMB) is responsible for developing the President's annual budget request to Congress, managing the Executive Branch, and evaluating Federal government regulations. The OMB staff are appointed by the President, but unlike other appointments, they do not need Senate confirmation. The duty of preparing the fiscal budget, and what this means for fiscal policy, has made the director of the OMB one of the more influential economic positions in country, ranking just a notch below the Chairman of the Federal Reserve System's Board of Governors and the Chairman of the Council of Economic Advisors. The Congressional counterpart of the OMB is the Congressional Budget Office (CBO).
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SIGNALLING When confronted by asymmetric information, the use of small bits of information, or indicators, that suggest more comprehensive information. Signalling is used by those with more information to reduce the cost of informing those with less information. It is commonly used in markets with adverse selection. Methods of signalling include advertising, brand names, and warranties. A related method is screening.
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BEIGE MUNDORTLE
[What's This?]
Today, you are likely to spend a great deal of time flipping through the yellow pages seeking to buy either a how-to book on surfing the Internet or a computer that can play music and burn CDs. Be on the lookout for florescent light bulbs that hum folk songs from the sixties.
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This isn't me! What am I?
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Mark Twain said "I wonder how much it would take to buy soap buble if there was only one in the world."
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"Intense concentration hour after hour can bring out resources in people they didn't know they had. " -- Edwin Land, inventor, entrepreneur
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LIBOR
london Inter-Bank Offered Rate
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