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ACTION LAG: In the context of economic policies, a part of the implementation lag involving the time it takes for appropriate policies to be launched once they have been agreed to by policy makers. Another part of the implementation lag is the decision lag. For fiscal policy, this involves appropriating funds to government agencies (for government spending) or changing the tax code (for taxes) For monetary policy, this involves the buying and selling government securities in the open market. The action lag is usually shorter for monetary policy than fiscal policy.
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Lesson 19: Money Creation | Unit 2: Fred Returns
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Page: 5 of 23
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Let's do a review of our story of Fred the Goldsmith.- Fred the Goldsmith, has developed several modern banking functions.
- Gold, his raw material, is also the economy's medium of exchange, so he has found the SAFEKEEPING function.
- Requests to store extra gold owned by Bill the Knight and others is the DEPOSITORY function of modern banks.
- Requests to borrow gold by Elizabeth the Innkeeper, has led to the LENDING function of modern banks.
- The need to keep some of the gold deposited, but not all of it, has led to the modern banking function of backing deposits with reserves, FRACTIONAL-RESERVE banking.
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AGGREGATE DEMAND SHIFTS Changes in the aggregate demand determinants cause the aggregate demand curve to shift. The mechanism is comparable to that for market demand determinants and market demand. There are two alternatives--an increase in aggregate demand and a decrease in aggregate demand. An increase in spending by any of the four sectors--household, business, government, and foreign--shifts the aggregate demand curve to right. A decrease in spending by these four sectors shifts the aggregate demand curve to left.
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GRAY SKITTERY
[What's This?]
Today, you are likely to spend a great deal of time browsing through a long list of dot com websites seeking to buy either a cell phone case or a pair of designer sunglasses. Be on the lookout for attractive cable television service repair people.
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This isn't me! What am I?
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Helping spur the U.S. industrial revolution, Thomas Edison patented nearly 1300 inventions, 300 of which came out of his Menlo Park "invention factory" during a four-year period.
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"There is at least one point in the history of any company when you have to change dramatically to rise to the next level of performance. Miss that moment, and you start to decline. " -- Andy Grove, Intel Corp. chairman
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AASB
American Assocation of Small Business
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