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PAR VALUE: The stated, or face, value of a legal claim or financial asset. For debt securities, such as corporate bonds or U. S. Treasury securities, this is amount to be repaid at the time of maturity. For equity securities, that is, corporate stocks, this is the initial value set up at the time it is issued. Par value, also called face value, is not necessarily, and often is not, equal to the current market price of the asset. A $10,000 U.S. Treasury note, for example, has a par value of $10,000, but might have a current market price of $9,950. The difference between par value and current price contributes to the yield or return on such assets. An asset is selling at a discount if the current price is less than the par value and is selling at a premium if the current price is more than the par value.
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ASSUMPTIONS, KEYNESIAN ECONOMICS The macroeconomic study of Keynesian economics relies on three key assumptions--rigid prices, effective demand, and savings-investment determinants. First, rigid or inflexible prices prevent some markets from achieving equilibrium in the short run. Second, effective demand means that consumption expenditures are based on actual income, not full employment or equilibrium income. Lastly, important savings and investment determinants include income, expectations, and other influences beyond the interest rate. These three assumptions imply that the economy can achieve a short-run equilibrium at less than full-employment production.
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The Crystal Ball Of ECONOMIC FORECASTINGHow often has this happened to you? You've packed a tasty picnic lunch, donned your spiffy-looking swimwear, loaded up the beach blanket and umbrella, then headed for the artificial waves of the local Happy-Time Gala-World Fun-Land Water Park expecting bright sunshine and warm temperatures. However, upon reaching Happy-Time Gala-World Fun-Land Water Park you find that the economy has fallen into a deep recession, with high unemployment rates and sluggish production, and the owners of the Happy-Time Gala-World Fun-Land Water Park have been forced to turn off the artificial wave machine, dismantle the water slides, and drain the pool. (It's also raining and 50 degrees. We will, however, ignore those problems because this isn't A Pedestrian's Guide to Meteorology.)
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YELLOW CHIPPEROON
[What's This?]
Today, you are likely to spend a great deal of time flipping through the yellow pages seeking to buy either a battery-powered, rechargeable vacuum cleaner or a remote controlled World War I bi-plane. Be on the lookout for pencil sharpeners with an attitude.
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This isn't me! What am I?
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The standard "debt" notation I.O.U. does not mean "I owe you," but actually stands for "I owe unto..."
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"The work of the individual still remains the spark that moves mankind forward. " -- Igor Sikorsky, aeronautical engineer
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BIS
Bank for International Settlements
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