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.

     See also | implementation lag | decision lag | policy lags | inside lag | recognition lag | outside lag | stabilization policies | business cycle | fiscal policy | monetary policy | open market |

ACTION LAG, AmosWEB GLOSS*arama, http://www.AmosWEB.com, AmosWEB LLC, 2000-2024. [Accessed: October 21, 2024].

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A production time period in which all inputs are variable, including those under control of the firm and those beyond the control of the firm. During the very long run, not only are the labor, capital, land, and entrepreneurship inputs variable, but so too are key production inputs such as government rules, technology, and social customs. This is one of four production time periods used in the study of microeconomics. The other three are short run, long run, and very short run.

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