Term
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Definition
| Payments that represent the interest owed on a current stock of debt |
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Term
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Definition
| Any shortfall of current revenue below current expenditure |
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Term
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Definition
| The outstanding stock of financial liabilities for the government, equal to the accumulation of past budget deficits |
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Term
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Definition
| Any excess of current revenue over current expenditure |
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Term
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Definition
| The difference between the government's overall budget deficit and its debt-service payments |
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Term
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Definition
| A relationship that plots, for a given fiscal policy, the government's budget deficit as a function of the level of real GDP |
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Term
| Cyclically Adjusted Deficit (CAD) |
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Definition
| An estimate of what the government budget deficit would be if real GDP were equal to Y*; sometimes called a structural deficit |
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Term
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Definition
| The offsetting reduction in private expenditure caused by the rise in interest rates that follows an expansionary fiscal policy |
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