Swings in economic activity encompassing expansionary and recessionary periods and, on average, occurring over four-year periods. 

Economic indicators that change direction at roughly the same time as the general economy. 

The government spends more than it receives. 

Discount rate 

Government spending and taxing practices designed to promote or inhibit various economic activities. 

A measure of output from United States factories and related consumption in the United States. It does not include products made by U.S. companies in foreign markets. 

Economic indicators that usually change direction after business conditions have turned around. 

Economic indicators that change direction in advance of general business conditions. 

An economic analyst who believes monetary policy tools, and not fiscal policy, can best provide a stable environment of sustained economic growth. 

Direct control of interest rates or the money supply undertaken by the Federal Reserve to achieve economic objectives. Used in some cases to augment or offset the use of fiscal policy. 

The Federal Reserve's action of buying or selling government securities to expand or contract the amount of money in the economy. 

The point in an economic cycle at which expansion ends and a recession begins. 

Percentages of bank deposit balances stipulated by the Federal Reserve as unavailable for lending. By increasing or reducing reserve requirements, the Fed can contract or expand the money supply. 

Government revenues exceed expenditures. 

The point in an economic cycle at which recession ends and expansion begins.