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OUTSIDE LAG: In the context of economic policies, the time between corrective government action responding to a shock to the economy and the resulting affect on the economy. This is one of two primary lags in the use of economic policies. The other is inside lag, the time between a shock to the economy and corrective government action responding to the shock. The length of the outside lag, also termed impact lag, is primarily based on the speed of the multiplier process and is essentially the same for both fiscal and monetary policy. The length of the inside and outside lags is one argument against the use of discretionary policies to stability business cycles.

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Lesson 20: Federal Reserve System | Unit 1: The Fed Page: 1 of 20

Topic: King Clarence <=PAGE BACK | PAGE NEXT=>

A key player in the medieval money game: Clarence the King. Clarence is the government regulator.

Because Fred practices fractional-reserve banking like modern banks, he has a problem:

  • Several knights redeem their gold receipts at the same time, but Fred does not have sufficient reserves.
  • King Clarence provides Fred with enough gold to satisfy the knights.
  • If Fred's banking operation ceases to exist, economic prosperity is also in jeopardy.
  • King Clarence decides to watch Fred to make sure that he keeps enough gold in reserve to avoid similar problems.
This is how King Clarence sort of 'discovers' the regulatory function of the modern banking system.

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INFERIOR GOOD

A good for which a change in income causes an opposite change in demand. That is, an increase in income causes a decrease in demand and a decrease in income causes an increase in demand. The income elasticity of demand for an inferior good is negative. An inferior good is one of two alternatives falling within the buyers' income demand determinant. The other is a normal good.

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