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LOCAL BONDS: Also called municipal bonds, these are medium or long-term financial instruments issued by municipalities to borrow the funds used to build schools, highways, parks and other public projects. An attractive feature of these financial instruments is that are exempt from federal income tax. Commercial banks, corporations, and others with large sums of funds to lend usually purchase these bonds.
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KEYNESIAN EQUILIBRIUM The state of macroeconomic equilibrium identified by the Keynesian model when the opposing forces of aggregate expenditures equal aggregate production achieve a balance with no inherent tendency for change. Once achieved, a Keynesian equilibrium persists unless or until it is disrupted by an outside force, especially changes in autonomous expenditures.
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John Maynard Keynes was born the same year Karl Marx died.
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"Be civil to all; sociable to many; familiar with few; friend to one; enemy to none. " -- Benjamin Franklin, statesman
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M1
currency and coins held by the nonbank public plus checkable deposits issued by traditional banks, savings and loan associations, credit unions, and mutual savings banks
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