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MANAGED FLOAT: An exchange rate that (like a floating exchange rate) is free to move up and down, but is subject to government control (like a fixed exchange rate) if it moves beyond certain boundaries. With managed float, the government steps into the foreign exchange market and buys or and sells whatever currency is necessary keep the exchange rate within desired limits. The logic behind managed float is that an unrestricted movement of exchange rates is usually pretty healthy, but serious problems in the balance of payment and balance of trade result if it floats too far in either direction.
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INFERIOR GOOD A good for which a change in income causes an opposite change in demand. That is, an increase in income causes a decrease in demand and a decrease in income causes an increase in demand. The income elasticity of demand for an inferior good is negative. An inferior good is one of two alternatives falling within the buyers' income demand determinant. The other is a normal good.
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GRAY SKITTERY
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Today, you are likely to spend a great deal of time browsing about a thrift store looking to buy either storage boxes for your summer clothes or 500 feet of coaxial cable. Be on the lookout for neighborhood pets, especially belligerent parrots.
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In the Middle Ages, pepper was used for bartering, and it was often more valuable and stable in value than gold.
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"The shifts of fortune test the reliability of friends. " -- Marcus Tullius Cicero, Roman statesman
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Autoregressive Conditional Heteroskedasticity
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