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RECOGNITION LAG: In the context of economic policies, the time between a shock to the economy and realization that the shock has occurred. This is one of several policy lags that limit the effectiveness of stabilization policies designed to correct business-cycle fluctuations. This is also one of two inside lags. The other is an implementation lag. Also termed identification lag, the recognition lag emerges due to the time needed to measure economic activity. While the lag is generally positive, it actually can be negative through accurate forecasting techniques. When negative policies can be undertaken to correct a problem before it occurs.
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Lesson 10: Gross Domestic Product | Unit 2: Looking Behind GDP
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Page: 8 of 25
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Slice B includes economic production that does NOT involve market transactions.- The market value of nonmarket economic production for some goods can be estimated and included in GDP.
- In-kind payments: This is nonmarketed production obtained by business owners or employees in lieu of money payment. Although no market transaction, GDP includes the estimated value of these transactions.
- Owner-occupied housing: The value of owner-occupied housing services are not measured by market transaction. GDP includes the estimate the value of these services.
At least part of slice B is included in GDP.
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AGGREGATE DEMAND DECREASE, LONG-RUN AGGREGATE MARKET A shock to the long-run aggregate market caused by a decrease in aggregate demand resulting in and illustrated by a leftward shift of the aggregate demand curve. A decrease in aggregate demand in the long-run aggregate market results in an increase in the price level but no change in real production. The level of real production resulting from the aggregate demand shock is full-employment real production.
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RED AGGRESSERINE
[What's This?]
Today, you are likely to spend a great deal of time flipping through mail order catalogs wanting to buy either a how-to book on wine tasting or a bookshelf that will fit in your closet. Be on the lookout for slow moving vehicles with darkened windows.
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Lombard Street is London's equivalent of New York's Wall Street.
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"Experience keeps a dear school, but fools will learn in no other. " -- Benjamin Franklin
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DCE
Domestic Credit Expansion
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