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May 24, 2016 

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FLEXIBLE PRICES: The proposition that prices adjust in the long run in response to market shortages or surpluses. This condition is most important for long-run macroeconomic activity and long-run aggregate market analysis. In particular, flexible prices are the key reason for the vertical slope of the long-run aggregate supply curve. This proposition is also central to original classical theory of macroeconomics and to modern variations, including rational expectations, new classical theory, and supply-side economics.

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INSIDE LAG: In the context of economic policies, the time between a shock to the economy and corrective government action responding to the shock. This is one of two primary lags in the use of economic policies. The other is outside lag, the time between the government action and the affect on the economy. The inside lag can be divided into the recognition lag and the implementation lag. The recognition lag is identifying the shock or need for action and the implementation is determining the appropriate policy response. Monetary policy tends to have a shorter outside lag than fiscal policy. The length of the inside and outside lags is one argument against the use of discretionary policies to stabilize business cycles.

     See also | economic policies | policy lags | outside lag | recognition lag | implementation lag | leading economic indicator | business cycle | monetary policy | fiscal policy |


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SIMPLE EXPENDITURES MULTIPLIER

A measure of the change in aggregate production caused by changes in an autonomous expenditure that shocks the macroeconomy, when consumption is the ONLY induced expenditure. The simple expenditures multiplier is the inverse of one minus the marginal propensity to consume, or more simply the inverse of the marginal propensity to save. A related multiplier is the simple tax multiplier, which measures the change in aggregate production caused by changes in taxes.

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