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TAX MULTIPLIER: The ratio of the change in aggregate output (or gross domestic product) to an autonomous change in a taxes. The tax multiplier is equal to the expenditure multiplier times the marginal propensity to consume. This is based on the only a fraction of the change in disposable income resulting from the change in taxes will result in a change in consumption expenditures. The tax multiplier can be used to indicate the change in fiscal policy induced government taxes are needed to achieve a given level of aggregate output (presumably full-employment output).
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POLICY LAGS: A series of lags between the onset of an economic problem, such as business-cycle contraction, and the full impact of the policy designed to correct the problem, such as expansionary fiscal or monetary policy. Policy lags can take several years and are one of the key arguments against discretionary policies and for reliance on self correction and automatic stabilizers. Policy lags are often divided into inside lags, the time between the shock and the corrective policy, and outside lags, the time between the corrective policy and full impact on the economy. See also | economic policies | stabilization policies | inside lag | outside lag | recognition lag | implementation lag | self correction | discretionary policy | automatic stabilizers | business cycle | contraction |
Recommended Citation:POLICY LAGS, AmosWEB GLOSS*arama, http://www.AmosWEB.com, AmosWEB LLC, 2000-2023. [Accessed: December 8, 2023].
AmosWEB Encyclonomic WEB*pedia:Additional information on this term can be found at: WEB*pedia: policy lags
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CONSUMER ADVISORY COUNCIL A support committee of the Federal Reserve System that provides advice and input to the Federal Reserve Board of Governors on matters dealing with consumer credit. The Federal Advisory Council (FAC) is comprised of 30 members, representing a broad spectrum of consumer related interests. The CAC is one of three Federal Reserve Board advisory committees. The other two are Federal Advisory Council and Thrift Institutions Advisory Council.
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BLUE PLACIDOLA
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Today, you are likely to spend a great deal of time watching the shopping channel hoping to buy either a black duffle bag with velcro closures or any book written by Isaac Asimov. Be on the lookout for mail order catalogs with hidden messages.
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John Maynard Keynes was born the same year Karl Marx died.
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"If you don't know where you are going, any road will get you there." -- Lewis Carroll, writer
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NEDO
National Economic Development Office
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