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SHORT-RUN EQUILIBRIUM: The condition that exists for the aggregate market when the product and financial markets are in equilibrium, but the resource markets are not. This condition results in the short run because of worker misperceptions about real wages and/or rigid wages and prices. It is represented by the intersection of the AD (aggregate demand) curve and the SRAS (short-run aggregate supply) curve and can be greater than or less than full employment.
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BALANCED-BUDGET MULTIPLIER A measure of the change in aggregate production caused by equal changes in government purchases and taxes. The balanced-budget multiplier is equal to one, meaning that the multiplier effect of a change in taxes offsets all but the initial production triggered by the change in government purchases. This multiplier is the combination of the expenditures multiplier, which measures the change in aggregate production caused by changes in an autonomous aggregate expenditure, and the tax multiplier which measures the change in aggregate production caused by changes in taxes.
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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 greater danger for most of us is not that our aim is too high and we miss it, but that it is too low and we reach it." -- Michelangelo Buonarroti, Painter and Sculptor
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BVAR
Bayesian VAR (Vector Autoregression)
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