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IDENTIFICATION LAG: In the context of economic policies, the time between a shock to the economy and realization that the shock has occurred. 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 an implementation lag. Also termed recognition lag, the identification lag emerges due to the time needed to measure economic activity. While the lag is generally positive, it actually can be negative through accurate forecasting techniques. When negative policies can be undertaken to correct a problem before it occurs.
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IMPACT LAG The time lag that occurs between the implementation of a government policy designed to correct an economic problem and the complete impact of the policy. The impact lag is based on the multiplier process and can last up to a year or two or even longer. This "outside lag" is one of four policy lags associated with monetary and fiscal policy. The other three "inside lags" are recognition lag, decision lag, and implementation lag. All four policy lags can reduce the effectiveness of business-cycle stabilization policies and can even destabilize the economy.
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GRAY SKITTERY
[What's This?]
Today, you are likely to spend a great deal of time looking for the new strip mall out on the highway looking to buy either hand lotion, a big bottle of hand lotion or a lighted magnifying glass. Be on the lookout for celebrities who speak directly to you through your television.
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One of the largest markets for gold in the United States is the manufacturing of class rings.
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"Leadership is the art of getting someone else to do something you want done because he wants to do it." -- Dwight Eisenhower, 34th US president
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ICCH
International Commodities Clearing House
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