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RECOGNITION LAG: In the context of economic policies, the time between a shock to the economy and realization that the shock has occurred. This is one of several policy lags that limit the effectiveness of stabilization policies designed to correct business-cycle fluctuations. This is also one of two inside lags. The other is an implementation lag. Also termed identification lag, the recognition lag emerges due to the time needed to measure economic activity. While the lag is generally positive, it actually can be negative through accurate forecasting techniques. When negative policies can be undertaken to correct a problem before it occurs.
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UNEMPLOYMENT COMPENSATION A joint federal-state government system, created by the Social Security Act (1935), that provides income benefits to unemployed workers. Funding is obtained by taxes on employers. The system is mandated by the federal government, but operated by each state. While, the amount and duration of benefits differ from state to state, recipients generally receive about 50 to 70 percent of weekly wages for 26 to 39 weeks.
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ORANGE REBELOON
[What's This?]
Today, you are likely to spend a great deal of time searching for a specialty store looking to buy either a coffee cup commemorating yesterday or a replacement remote control for your television. Be on the lookout for letters from the Internal Revenue Service.
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The first U.S. fire insurance company was established by Benjamin Franklin in 1752 in Philadelphia.
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"After climbing a great hill, one finds many more hills to climb. " -- Nelson Mandela, president of South Africa
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QJE
Quarterly Journal of Economics
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