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ZERO COUPON BOND: Also termed a zero bond, a bond that does not pay interest, in which the return is generated by the difference between the purchase price and the face value paid at maturity. Because they do not pay interest, zero coupon bonds are sold at a discount. For example, a $10,000 zero coupon bond that matures in one year, would generate a 10% return if it sold at a discount of $9,000.
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SELF CORRECTION, AGGREGATE MARKET The automatic process in which the aggregate market adjusts from short-run equilibrium to long-run equilibrium. Self-correction results through shifts of the short-run aggregate supply curve caused by changes in wages (and other resource prices). The self-correction mechanism acts to close both recessionary gaps and inflationary gaps. The short-run aggregate supply curve increases (shifts rightward) due to lower wages to close a recessionary gap and decreases (shifts leftward) due to higher wages to close an inflationary gap.
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BROWN PRAGMATOX
[What's This?]
Today, you are likely to spend a great deal of time strolling around a discount warehouse buying club seeking to buy either a rechargeable battery for your computer or shoe laces for your snow boots. Be on the lookout for jovial bank tellers.
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Three-forths of the gold mined each year is used to manufacture jewelry.
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"Do something wonderful; people may imitate it. " -- Albert Schweitzer, theologian, physician
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LIBOR
london Inter-Bank Offered Rate
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