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RECESSIONARY GAP, KEYNESIAN MODEL: The difference between equilibrium aggregate production achieved in the Keynesian model and full-employment aggregate production that occurs when equilibrium aggregate production is less than full-employment aggregate production. A recessionary gap, also termed a contractionary gap, is associated with a business-cycle contraction. The prescribed Keynesian remedy for a recessionary gap is expansionary fiscal policy. This is one of two alternative output gaps that can occur when equilibrium generates production that differs from full employment. The other is an inflationary gap.
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BALANCE OF TRADE The difference between the value of goods and services exported out of a country and the value of goods and services imported into the country. The balance of trade is the official term for net exports that makes up the balance of payments. The balance of trade can be a "favorable" surplus (exports exceed imports) or an "unfavorable" deficit (imports exceed exports). The official balance of trade is separated into the balance of merchandise trade for tangible goods and the balance of services.
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PINK FADFLY
[What's This?]
Today, you are likely to spend a great deal of time calling an endless list of 800 numbers looking to buy either a handcrafted bird house or a weathervane with a chicken on top. Be on the lookout for letters from the Internal Revenue Service.
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The earliest known use of paper currency was about 1270 in China during the rule of Kubla Khan.
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"No task is a long one but the task on which one dare not start: It becomes a nightmare. " -- Charles Baudelaire, poet-critic
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TSP
Time Series Econometrics (software)
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