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FEDERAL RESERVE DISTRICT BANK: One of 12 Federal Reserve Banks, each in charge of banking activity within its Federal Reserve District. The 12 Districts are centered in Boston, New York, Philadelphia, Cleveland, Richmond, Atlanta, Chicago, St. Louis, Mineapolis, Kansas City, Dallas, and San Francisco. Presidents from 5 of these 12 Banks serve on the powerful Federal Open Market Committee that conducts monetary policy.
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ABSTRACTION Simplifying the complexities of the real world by ignoring (hopefully) unimportant details while doing economic analysis. Abstraction is an essential feature of the scientific method. Hypothesis verification, model construction, and comparative static analysis are not possible without abstraction.
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GRAY SKITTERY
[What's This?]
Today, you are likely to spend a great deal of time wandering around the downtown area hoping to buy either a birthday gift for your uncle or a pair of red and purple designer socks. Be on the lookout for defective microphones.
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This isn't me! What am I?
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Mark Twain said "I wonder how much it would take to buy soap buble if there was only one in the world."
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"Trust yourself. You know more than you think you do. " -- Benjamin Spock, doctor
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SLLN
Strong Law of Large Numbers
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