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Definition
| Originally, a relationship between the unemployment rate and the rate of change of money wages. Now often drawn as a relationship between GDP and the rate of change of money wages |
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Term
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Definition
| The period of time between perceiving some problem and reaching a decision on what to do about it |
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Term
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Definition
| The time that it takes to put policies in place after a decision has been made |
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Term
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Definition
| Elements of the tax-and-transfer system that reduce the responsiveness of real GDP to changes in autonomous expenditure |
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Term
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Definition
| The use of macroeconomic policy to stabilize the economy such that large deviations from potential output do not persist for extended periods of time |
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Term
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Definition
| The attempt to maintain output at its potential level by means of frequent changes in fiscal or monetary policy |
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