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NET EXPORTS DETERMINANTS: Ceteris paribus factors, other than aggregate income or production, that are held constant when the net exports line is constructed and which cause the net exports line to shift when they change. Some of the more important net exports determinants are global economic conditions, exchange rates, and trade barriers.
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Lesson 15: Aggregate Market | Unit 5: Policy Preview
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Page: 20 of 22
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It takes time to move the economy from short run equilibrium to long run equilibrium. Two options: - Wait for self-correcting mechanism --> A short-run imbalance in the labor market eventually triggers the steps that move the economy to full-employment production and long-run equilibrium.
- Take immediate steps --> Induced shifts in the AD, SRAS, LRAS curves that would, presumably reach full employment faster than the self-correcting mechanism.
The critical questions remains: - How much time is needed to adjust from the short run to the long run?
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BALANCE OF TRADE The difference between the value of goods and services exported out of a country and the value of goods and services imported into the country. The balance of trade is the official term for net exports that makes up the balance of payments. The balance of trade can be a "favorable" surplus (exports exceed imports) or an "unfavorable" deficit (imports exceed exports). The official balance of trade is separated into the balance of merchandise trade for tangible goods and the balance of services.
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YELLOW CHIPPEROON
[What's This?]
Today, you are likely to spend a great deal of time browsing through a long list of dot com websites hoping to buy either looseleaf notebook paper or a three-hole paper punch. Be on the lookout for neighborhood pets, especially belligerent parrots.
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This isn't me! What am I?
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Sixty percent of big-firm executives said the cover letter is as important or more important than the resume itself when you're looking for a new job
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"If anything terrifies me, I must try to conquer it. " -- Francis Charles Chichester, yachtsman, aviator
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BVAR
Bayesian VAR (Vector Autoregression)
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