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KEYNESIAN AGGREGATE SUPPLY CURVE: A modification of the standard aggregate supply curve used in the aggregate market (or AD-AD) analysis to reflect the basic assumptions of Keynesian economics. The Keynesian aggregate supply curve contains either two or three segments. The strict Keynesian aggregate supply curve contains two segments, a vertical classical range and a horizontal Keynesian range, meeting a right angle and forming a reverse L-shape. An alternative version replaces the right angle intersection with a gradual transition between the two segments that is positively sloped and termed the intermediate range. The modern aggregate supply curve is largely based on this intermediate range.
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Lesson 17: Money | Unit 3: Monetary Aggregates
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Page: 14 of 25
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M3 is equal to M2 plus other near monies.- We have five trillion dollars of M3.
- M3 averaged over 270 million people in the U. S. is about $18,000 per person.
- Other near monies added to M3 are less liquid than the M2 near monies.
- M3 other near monies are essentially investments.
M3 other near monies: - Larger denomination certificates of deposit and longer-term repurchase agreements.
- M2 includes CDs less than $10,000.
- M3 includes CDs over $100,000.
- M3 includes repurchase agreements and Eurodollars of longer duration than the ones M2 includes.
- These longer term and bigger M3 other near monies are less liquid than the M2 near monies.
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INFLATION A persistent increase in the average price level in the economy. It is measured by the inflation rate, the annual percentage change in a price index such as the Consumer Price Index (CPI) or GDP price deflator. Inflation is the most common phenomenon associated with the price level. Two related phenomena are deflation, a decrease in the price level, and disinflation, a decrease in the inflation rate. Inflation is one of two key macroeconomic problems. The other is unemployment.
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BROWN PRAGMATOX
[What's This?]
Today, you are likely to spend a great deal of time at a going out of business sale looking to buy either a large, stuffed giraffe or a birthday greeting card for your aunt. Be on the lookout for strangers with large satchels of used undergarments.
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The earliest known use of paper currency was about 1270 in China during the rule of Kubla Khan.
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"We succeed in enterprises (that) demand the positive qualities we possess, but we excel in those (that) can also make use of our defects." -- Alexis de Tocqueville, Statesman
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PDV
Present Discounted Value
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