Vocabulary Terms

Long-Run Consequences of Stabilization Policies

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Terms

Aggregate consumption function

A model of the relationship between aggregate consumer spending and aggregate disposable income

Aggregate production function

Classical model of the price level

Contractionary monetary policy

Convergence hypothesis

Cost-push inflation

Cyclically adjusted budget balance

Debt inflation

Debt-GDP ratio

Demand-pull inflation

Depreciation

Diminishing returns to physical capital

Discretionary monetary policy

Economic growth

Expansionary monetary policy

Fiscal year

Government debt

Growth accounting

Human capital

Implicit liabilities

Inflation targeting

Inflation tax

Infrastructure

Keynesian economics

Labor productivity

Liquidity trap

Long-run Phillips curve

Macroeconomic policy activism

Monetarism

Monetary neutrality

Monetary policy rule

Natural rate hypothesis

New classical macroeconomics

New Keynesian economics

Nonaccelerating inflation rate of unemployment (NAIRU)

Physical capital

Political business cycle

Public debt

Quantity Theory of Money

Rational expectations

Real business cycle theory

Research and development (R&D)

Rule of 70

Short-run Phillips curve

Sustainable

Target federal funds rate

Taylor rule for monetary policy

Technology

Total factor productivity

Velocity of money

Zero bound