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FEDERAL FUNDS MARKET: The market used by banks to borrow and lend bank reserves. In particular, a substantial part of the reserves held by banks are deposits with the Federal Reserve System. On many occasions some banks will have more deposits than they need to meet the Fed's reserve requirements, while other banks find themselves a little short. It's a simple matter then for one bank to lend some of these extra reserves to another--usually for no more than a few days. Working on instructions from the banks, the Fed electronically switches funds from one account to another and a federal funds market loan has been completed. The interest rate tacked on by the lending bank is termed the federal funds rate.
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CYCLICAL UNEMPLOYMENT Unemployment attributable to a general decline in macroeconomic activity, especially expenditures on gross domestic product, that occurs during a business-cycle contraction. When the economy dips into a contraction, or recession, aggregate demand declines, so less output is produced and fewer workers and other resources are employed. Hence unemployment of the cyclical variety increases. Cyclical unemployment is one of four unemployment sources. The other three are seasonal unemployment, frictional unemployment, and structural unemployment.
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PURPLE SMARPHIN
[What's This?]
Today, you are likely to spend a great deal of time at a garage sale hoping to buy either pink cotton balls or a genuine down-filled comforter. Be on the lookout for celebrities who speak directly to you through your television.
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The wealthy industrialist, Andrew Carnegie, was once removed from a London tram because he lacked the money needed for the fare.
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"The time to repair the roof is when the sun is shining." -- John F. Kennedy, 35th U. S. president
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EER
European Economic Review
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