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OFFICE OF MANAGEMENT AND BUDGET: An office within the Executive branch (specifically within the Office of the White House), that assists the President in various fiscal matters. Established in 1970, the Office of Management and Budget (OMB) is responsible for developing the President's annual budget request to Congress, managing the Executive Branch, and evaluating Federal government regulations. The OMB staff are appointed by the President, but unlike other appointments, they do not need Senate confirmation. The duty of preparing the fiscal budget, and what this means for fiscal policy, has made the director of the OMB one of the more influential economic positions in country, ranking just a notch below the Chairman of the Federal Reserve System's Board of Governors and the Chairman of the Council of Economic Advisors. The Congressional counterpart of the OMB is the Congressional Budget Office (CBO).
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FOREIGN EXCHANGE MARKET A market that trades the currencies of different countries. The foreign exchange market is actually a series of different markets, each exchanging the currency of one nation for that of another nation. A foreign exchange market sets the price of one currency in terms of the other; a price termed the foreign exchange rate, or simply exchange rate. The impact of government exchange rate policies, including fixed exchange rates, flexible exchange rates, and managed flexible exchange rates, can be illustrated using the foreign exchange market.
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ORANGE REBELOON
[What's This?]
Today, you are likely to spend a great deal of time at a flea market seeking to buy either a how-to book on fixing your computer, with illustrations or several magazines on computer software. Be on the lookout for empty parking spaces that appear to be near the entrance to a store.
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This isn't me! What am I?
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Post WWI induced hyperinflation in German in the early 1900s raised prices by 726 million times from 1918 to 1923.
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"It is not because things are difficult that we do not dare; it is because we do not dare that they are difficult. " -- Seneca, statesman, dramatist, philosopher
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RBC
Real Business Cycle
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