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DISCRETIONARY FISCAL POLICY: Explicit changes in government purchases and/or taxes (fiscal policy) that are made with the expressed goal of stabilizing business cycles, reducing unemployment, and/or lowering inflation. While most fiscal policy studied in economics is discretionary, the contrast is with automatic stabilizers, changes in taxes and transfer payments the help stabilize business cycles without explicit government actions. Discretionary monetary policy is a similar type of policy.
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AUTONOMOUS GOVERNMENT PURCHASES Government purchases by the government sector that do not depend on income or production (especially national income or gross domestic product). That is, changes in income do not generate changes in government purchases. Autonomous government purchases are best thought of as government purchases that the government sector undertake independent of income. They are measured by the intercept term of the government purchases line. The alternative to autonomous government purchases is induced government purchases, which do depend on income.
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RED AGGRESSERINE
[What's This?]
Today, you are likely to spend a great deal of time flipping through the yellow pages seeking to buy either a dozen high trajectory optic orange golf balls or a large red and white striped beach towel. Be on the lookout for rusty deck screws.
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The first paper currency used in North America was pasteboard playing cards "temporarily" authorized as money by the colonial governor of French Canada, awaiting "real money" from France.
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"The purpose of learning is growth, and our minds, unlike our bodies, can continue growing as long as we live." -- Mortimer Adler
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CPI
Consumer Price Index
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