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The time between when the
need for a policy action is perceived by policy administrators (the
president and his advisers, Congress, the Federal Reserve) and when the
action is taken.
The interest rate banks pay
when they borrow excess reserves from one another.
The in crease in government
tax receipts which occurs
automatically with growth in output and real income over time and with inflation.
The increase in the federal surplus
which occurs if tax receipts, which grow automatically with growth in real
income and inflation, grow over time relative to federal spending.
The tying of tax, transfer
payment, and government purchase programs to the unemployment rate, so that
built-in fiscal policy effects will be stronger and lend greater automatic
stability to the economy.
The period between the
enacting of policies (open-market
purchases, tax rates changes, and the like) and the impact of the actions
on unemployment and inflation rates.
An extension of the price
and wage control concept which places ceilings on profits and other types
of income.
A form of negotiating
voluntary price and wage controls in which government officials try to
persuade firms and unions to keep price and wage increases within certain
limits.
A system of price and wage
controls in which violations of government-imposed ceilings are unlawful.
The short-term and
intermediate-term targets (bank reserves, money supply, short-term interest
rates, and the like) to which monetary policies are addressed.
A version of mandatory price
and wage controls which permits no increases in prices or wages.
A form of voluntary price
and wage controls in which the government issues guidelines as to maximum
price and wage increases and urges that they be followed. Sometimes they
are combined with nonvoluntary systems, as when threats to withhold
government contracts are used to secure compliance.
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