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IMPLEMENTATION LAG: In the context of economic policies, the time between the realization that a shock to the economy has occurred and corrective government action responding to the shock. 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 a recognition lag. The implementation lag, which is often divided into decision and action lags, emerges due to the time it takes for government leaders to debate, discuss, and decide on the appropriate policy then get the appropriate government agencies to launch the policy. The implementation lag is usually shorter for monetary policy than fiscal policy.

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NATIONAL INCOME AND PRODUCT ACCOUNTS: The official government system of collecting, processing, and reporting assorted production and income measures used to track aggregate activity in the macroeconomy. This system of accounts, maintained by the Bureau of Economic Analysis in the Department of Commerce, is the source of official estimates of gross domestic product, net domestic product, national income, personal income, disposable income, gross national product, and related measures that are published quarterly and annually. The National Income and Product Accounts is only one of several sets of data processed and reported by the Bureau of Economic Analysis.

     See also | Bureau of Economic Analysis | gross domestic product | net domestic product | national income | personal income | disposable income | gross national product |


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INFLATIONARY GAP, KEYNESIAN MODEL

The difference between equilibrium aggregate production achieved in the Keynesian model and full-employment aggregate production that occurs when equilibrium aggregate production is greater than full-employment aggregate production. An inflationary gap, also termed an expansionary gap, is associated with a business-cycle expansion. The prescribed Keynesian remedy for an inflationary gap is contractionary fiscal policy. This is one of two alternative output gaps that can occur when equilibrium generates production that differs from full employment. The other is a recessionary gap.

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