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TIME DEPOSITS: Interest-paying bank accounts maintained by traditional commercial banks, credit unions, savings and loan associations, and mutual savings banks with a minimum time (at least seven days) before deposited funds can be withdrawn. Time deposits come in one of two varieties: (1) savings deposits and (2) certificates of deposit. The minimum time period prevents these accounts from functioning as demand deposits and being widely used as money. Time deposits, along with money market mutual funds, are added to M1 to derive M2.

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Lesson 13: Aggregate Demand | Unit 1: The Concept Page: 1 of 22

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In this lesson we take a look at the demand side of the aggregate market (AD/AS analysis)--aggregate demand.

A definition:

Aggregate Demand is the aggregate or total expenditure on final goods and services produced in the domestic economy, at a range of price levels, during a given time period (usually a year).

Three points:

  • Expenditures are made by all members of society.
  • Expenditures are made during the year.
  • Expenditures are on the production that people use to satisfy wants and needs.
Aggregate demand is only one side of the aggregate market--the expenditure side--the other side is aggregate supply--the producing side.
  • Expenditures come from the household, business, government, and foreign sectors.
  • Production comes from resources--labor, capital, land, and entrepreneurship.
  • The aggregate market is a model used to analyze the economy's total production and the price level.
  • This analysis, also called AD/AS, lets us understand macroeconomic events, like recessions, inflation, and unemployment.
  • The aggregate market can be used to evaluate the effects of government policies.

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IMPACT LAG

The time lag that occurs between the implementation of a government policy designed to correct an economic problem and the complete impact of the policy. The impact lag is based on the multiplier process and can last up to a year or two or even longer. This "outside lag" is one of four policy lags associated with monetary and fiscal policy. The other three "inside lags" are recognition lag, decision lag, and implementation lag. All four policy lags can reduce the effectiveness of business-cycle stabilization policies and can even destabilize the economy.

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