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IMPACT LAG: In the context of economic policies, the time between corrective government action responding to a shock to the economy and the resulting affect on the economy. This is one of four lags in the use of economic policies. The others are recognition lag, decision lag, and action lag. The length of the impact lag, also termed outside lag, is primarily based on the speed of the multiplier process and is essentially the same for both fiscal and monetary policy. The length of the policy lags is one argument against the use of discretionary policies to stability business cycles.
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INDETERMINANT The directional change in a variable, resulting from the disruption of an equilibrium that is identified using comparative statics, is not known. This term is commonly used to indicate that the change in either price or quantity is unknown when the market experiences simultaneous shifts in both the demand and supply curves. For example, an increase in both demand and supply definitely cause an increase in the quantity exchanged. But whether the market price increases or decreases is indeterminant.
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PINK FADFLY
[What's This?]
Today, you are likely to spend a great deal of time at a garage sale seeking to buy either 500 feet of telephone cable or a package of 4 by 6 index cards, the ones with lines. Be on the lookout for attractive cable television service repair people.
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During the American Revolution, the price of corn rose 10,000 percent, the price of wheat 14,000 percent, the price of flour 15,000 percent, and the price of beef 33,000 percent.
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"There are only two ways to live your life. One is as though nothing is a miracle. The other is as though everything is a miracle." -- Albert Einstein
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IIPF
International Institute of Public Finance
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