Economics Unit 5

Annually balanced budget

Budget deficit

Budget surplus

Classical model/view

Cost-push inflation

Crowding out effect

Cyclically balanced budget

Debt deflation

Demand-pull inflation

Discretionary monetary policy

Functional finance

Inflation tax

Infrastructure

Keynesian economics

Laffer Curve

Liquidity trap

Long-Run Phillips curve

Macroeconomic policy activism

Monetarism

Monetary neutrality

Monetary policy rule

Natural rate hypothesis

Nonaccelerating inflation rate of

unemployment (NAIRU)

Political business cycle

Public Debt

Quantity Theory of Monetary Policy

Rational expectations

Real business cycle theory

Short-Run Phillips curve

Supply side economics

Velocity of money

Zero bound

Aggregate production function

Convergence hypothesis

Depreciation

Diminishing returns to physical capital

Economic growth

Growth accounting

Human capital

Labor productivity

Physical capital

Research and development (R&D)

Rule of 70

Sustainable

Technology

Total factor productivity