Economic policy Economic policy In macroeconomics automatic stabilisers work as a tool to dampen fluctuations in real GDP without any explicit policy action by the government. ...more on Wikipedia about "Automatic stabiliser"
A budget deficit occurs when an entity (often a government) spends more money than it takes in. The opposite is a budget surplus. ...more on Wikipedia about "Deficit"
Demand Management is the art or science of controlling economic demand to avoid a recession. ...more on Wikipedia about "Demand management"
Dollarization occurs when the inhabitants of a country use foreign currency in parallel to or instead of the domestic currency. ...more on Wikipedia about "Dollarization"
In game theory and economics, dynamic inconsistency, or time inconsistency is a situation in a dynamic game, where a player's best plan for some future period will not be optimal when that future period arrives; The plan is inconsistent over time. A dynamically inconsistent game is subgame imperfect. ...more on Wikipedia about "Dynamic inconsistency"
Economic Policy refers to the actions that governments take in the economic field. It covers the systems for setting interest rates and government deficit as well as the labour market, national ownership, and many other areas of government. ...more on Wikipedia about "Economic policy"
Fiscal Policy is the economic term which describes the actions of a government in setting the level of public expenditure and how that expenditure is funded. ...more on Wikipedia about "Fiscal policy"
Historically, the United States government has tended to spend more than it takes in, with national debt that was close to $1 billion at the beginning of the 20th century. The budget for most of the 20th century followed a pattern of deficits during wartime and economic crises, and surpluses during periods of peacetime economic expansion. This pattern broke from fiscal years 1970 to 1997; although the country was nominally at peace during most of this time, the federal budget deficit accelerated, topping out (in absolute terms) at $290 billion for 1992. In 1998 - 2001, however, gross revenues exceeded expenditures. Subsequently the budget has returned to a deficit basis; the estimated U.S. deficit for fiscal year 2005 was $319 billion. ...more on Wikipedia about "Fiscal Policy in the United States"
The Golden Rule is a fiscal rule adopted by Chancellor of the Exchequer, Gordon Brown for HM Treasury in the UK to provide a guideline for the operation of fiscal policy. The Golden Rule states that over the economic cycle, the Government will borrow only to invest and not to fund current spending. ...more on Wikipedia about "Golden Rule (fiscal policy)"
In economics, incomes policies are wage and price controls used to fight inflation. ...more on Wikipedia about "Incomes policy"
According to the Lucas Critique, prediction based on historical data would be invalid if some policy change alters the relationship between relevant variables (such as private agents' rational expectations of inflation). If the policy change alters the relationship between the variables, then the historical relationship between the variables would differ in the future relationship. ...more on Wikipedia about "Lucas critique"
Monetary policy is the process of managing money supply to achieve specific goals—such as constraining inflation, achieving full employment or economic growth. Monetary policy can involve changing certain interest rates, either directly or indirectly through open market operations, and setting reserve requirements. ...more on Wikipedia about "Monetary policy"
A stabilisation policy is a package or set of measures introduced to stabilise a financial system or economy. ...more on Wikipedia about "Stabilisation policy"
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