NATIONAL BANKS: Traditional banks that are chartered by the Comptroller of the Currency and are automatically members of the Federal Reserve System. The contrast to national banks are state banks, which are chartered by one of the fifty states. National banks tend to larger than state banks and whether justified or not tend to be slightly more prestigious. In the modern economy this distinction is less important than it was a few decades bank when state banks were subject to lesser state regulations than national banks.

     See also | banking | state banks | fractional-reserve banking | bank reserves | traditional banks | savings and loan associations | credit unions | mutual savings banks | thrift institutions |

NATIONAL BANKS, AmosWEB GLOSS*arama, http://www.AmosWEB.com, AmosWEB LLC, 2000-2018. [Accessed: April 23, 2018].

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The automatic process in which the aggregate market eliminates a recessionary gap created by a short-run equilibrium that is less than full employment through decreases in wages (and other resource prices). The self-correction mechanism is triggered by short-run resource market imbalances that are closed by long-run price flexibility. The self-correction process of the aggregate market also acts to close an inflationary gap with higher wages (and other resource prices).

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