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National Debt
Total accumulated amount of money that the federal government has borrowed to cover the outstanding balance of expenses incurred over time
Fiscal Year
Runs from october 1 to september 30 and are labeled by the calendar year in which they end.
Debt-GDP ratio
The government’s debt expresses as a percentage of its GDP
Implicit Liabilities
Spending promises made by governments that are effectively a debt despite the fact that they are not included in the usual debt statistics
Budget balance
The difference between the government’s tax revenue and its spending, both on goods and services and on government transfers, in a given year
Debt
Accumulation of budget deficits
Cyclically adjusted budget balance
Estimate of what the the budget balance would be if real GDP were exactly equal to potential output
Target Federal funds rate
A desired level for the federal funds rate
Expansionary monetary policy
Monetary policy that shifts the AD curve to the right
Contractionary monetary policy
Monetary policy that shifts the AD curve to the left
Taylor rule
A rule setting the federal funds rate that takes into account both the inflation rate and the output gap.
Inflation targeting
Announcing the inflation rate that needs to be achieved by the Fed and set ting olucy in an attempt to hit that target.
Monetary neutrality