Bureau of Economic Analysis (BEA)
Definition: Includes production by all Federal, state, and local government agencies except for government enterprises.
Related Term(s): Business sector, Households and institutions sector
Galloping inflation
Gasohol
Gasoline excise tax
GDI
Related Term(s): Gross domestic income (GDI)
GDP
Related Term(s): Gross domestic product (GDP)
GDP gap
GDP in constant dollars
Definition: A summary measure of the prices of all of the goods and services that make up gross domestic product. The change in the GDP price index is used as a measure of inflation in the overall economy. See also gross domestic product and inflation.
Related Term(s): Gross domestic product (GDP), Inflation
Federal Reserve Bank of Cleveland
Definition: A type of analysis which “looks at an economic system as a whole and observes the simultaneous determination of all prices and quantities of all goods and services in the economic system.” –Taken from The MIT Dictionary of Modern Economics, edited by David W. Pierce, Cambridge, Mass.: MIT Press, 1983.
Definition: One type of federal funds whose receipt account is credited with federal revenues and offsetting receipts not earmarked by law for a specific purpose and whose expenditure account records amounts provided in appropriation acts or other laws for the general support of the federal government. See also expenditure account, federal funds, and receipt account; compare with trust funds.
Related Term(s): Expenditure account, Federal funds, Receipt account, Trust funds
Bureau of Economic Analysis (BEA)
Definition: Includes production by all Federal, state, and local government agencies except for government enterprises.
Related Term(s): Business sector, Households and institutions sector
Related Term(s): Partnership
Federal Reserve Bank of Cleveland
Definition: A theoretical model used by economists to help understand the functioning of markets. These models consist of five major assumptions 1) Long-term profit maximization by firms. 2) Long-term utility (preference) maximization by households. 3) Rational expectations by firms and households. 4) An explicit description of fiscal and monetary policy. 5) General market clearing (supply = demand) across all markets.
Related Term(s): Regions , geographic
Definition: The Gini ratio (or index of income concentration) is a statistical measure of income equality ranging from 0 to 1. A measure of 1 indicates perfect inequality; i.e., one person has all the income and rest have none. A measure of 0 indicates perfect equality; i.e., all people have equal shares of income. The Census Bureau used grouped data to compute all Gini ratios. For a more detailed discussion, see Current Population Reports, Series P-60, No. 123.
Federal Reserve Bank of Cleveland
Definition: Ginnie Mae (the Government National Mortgage Association) is responsible for creating a secondary mortgage market for special mortgage loan programs created by the federal government, such as the Federal Housing Administration and Veterans Administration loan programs.
Related Term(s): Gross national product (GNP)
Federal Reserve Bank of Cleveland
Definition: A variant form of the gold standard under which a country pegged the value of its currency to the value of the currency of a ”major” country, e.g. sterling or dollars, which was itself on a gold standard. The international monetary regime in force between 1958 and 1970 is frequently described as a ”gold exchange standard” system because of the wide use of the dollar, itself pegged to gold, as a reserve currency and as an accepted medium of exchange internationally.
Federal Reserve Bank of Minneapolis
Definition: A variant form of the gold standard under which a country pegged the value of its currency to the value of the currency of a “major” country, e.g. sterling or dollars, which was itself on a gold standard. The international monetary regime in force between 1958 and 1970 is frequently described as a “gold exchange standard” system because of the wide use of the dollar, itself pegged to gold, as a reserve currency and as an accepted medium of exchange internationally.
Federal Reserve Bank of San Francisco
Definition: A variant form of the gold standard under which a country pegged the value of its currency to the value of the currency of a ‘major’ country, e.g. sterling or dollars, which was itself on a gold standard. The international monetary regime in force between 1958 and 1970 is frequently described as a gold exchange standard system because of the wide use of the dollar, itself pegged to gold, as a reserve currency and as an accepted medium of exchange internationally.
Economics: Principles & Practices
Definition: Monetary standard under which a country’s currency is equivalent to, and can be exchanged for, a specified amount of gold
Federal Reserve Bank of Cleveland
Definition: A monetary system in which currencies are defined in terms of a given weight of gold or some other commodity. The value of the commodity-based money fluctuates with the value of the commodity and the amount of currency issued against it. Unlike fiat currency, which is valued because of the confidence that people have for it, commodity-based money is valued because people know it is backed by the value of the commodity. See also fiat money.
Related Term(s): Fiat currency
Bureau of Economic Analysis (BEA)
Definition: Expenditures consisting of compensation of general government employees, consumption of fixed capital (CFC), and intermediate purchases of goods and services less sales to other sectors and own-account production of structures and software. It excludes current transactions of government enterprises, interest paid or received by government, and subsidies.
Related Term(s): Government consumption expenditures and gross investment
Bureau of Economic Analysis (BEA)
Definition: The value of services produced by government, measured as the purchases made by government on inputs of labor, intermediate goods and services, and investment expenditures. It is the sum of government consumption expenditures and government gross investment.
Definition: The law that requires federal agencies to create a framework and develop the information that will lead to more effective planning, budgeting, program evaluation, and fiscal accountability for federal programs. The law’s intent is to hold agencies accountable for achieving program results and to improve budget formulation and Congressional decision making. In furtherance of those objectives, agencies must submit plans that clearly state performance goals and indicators for each program as well as reports that evaluate the program’s actual performance. (For more information, see the Office of Management and Budget’s Web site at www.whitehouse.gov/omb/mgmt-gpra/index.html.)
Definition: Financial institutions established and chartered by the federal government, as privately owned and operated entities, to facilitate the flow of funds to selected lending markets, such as those for residential mortgages and agricultural credit. Although they are classified as private entities for purposes of the federal budget (and thus their transactions are not included in the budget totals), GSEs retain a relationship with the federal government that confers certain advantages on them that would not be available to similar private entities that were not federally sponsored. Major examples of GSEs are Fannie Mae and the Federal Home Loan Bank System.
Federal Reserve Bank of Cleveland
Definition: Repayment terms calling for gradual increases in the payments on a closed-end obligation. A graduated payment loan usually involves negative amortization.
Federal Reserve Bank of Cleveland
Definition: Nonbank activities, some of which would normally not be permissible for bank holding companies and foreign banks in the United States, but which were acquired or engaged in before a particular date. Such activities may be continued under the ”grandfather” clauses of the Bank Holding Company Act and the International Banking Act.
Federal Reserve Bank of Minneapolis
Definition: Nonbank activities, some of which would normally not be permissible for bank holding companies and foreign banks in the United States, but which were acquired or engaged in before a particular date. Such activities may be continued under the “grandfather” clauses of the Bank Holding Company Act and the International Banking Act.
Federal Reserve Bank of San Francisco
Definition: Nonbank activities, some of which would normally not be permissible for bank holding companies and foreign banks in the United States, but which were acquired or engaged in before a particular date. Such activities may be continued under the ‘grandfather’ clauses of the Bank Holding Company and International Banking Acts.
Federal Reserve Bank of Cleveland
Definition: This dictum states that bad money will always drive good money out of circulation–in effect, it argues that monies with the worst inflation rates will circulate. If there are two currencies that can be accepted as payment, people will attempt to spend the one that is more costly to hang onto. The currency with the higher inflation rate would be costlier to hold because it would be worth less and less over time. This mechanism only functions, however, when the values of different currencies are tied to each other via fixed exchange rates. With flexible rates, the prices of the currencies (exchange rates) will adjust so that the lower confidence money will fall in value.
Bureau of Economic Analysis (BEA)
Definition: The costs incurred and the incomes earned in the production of gross domestic product (GDP). In theory, GDI should equal GDP, but in practice they differ because their components are estimated using largely independent and less-than-perfect source data. The difference between the two is termed the statistical discrepancy.
Bureau of Economic Analysis (BEA)
Definition: The market value of goods and services produced by labor and property in the United States, regardless of nationality; GDP replaced gross national product (GNP) as the primary measure of U.S. production in 1991.
Economics: Principles & Practices
Definition: Dollar value of all final goods, services, and structures produced within a country’s national borders during a one-year period
Office of Management and Budget
Definition: GDP is the standard measure of the size of the economy. It is the total production of goods and services within the United States.
Definition: The total market value of goods and services produced domestically during a given period. The components of GDP are consumption (both household and government), gross investment (both private and government), and net exports. (BEA) See also consumption, gross investment, and net exports.
Federal Reserve Bank of Cleveland
Definition: Total value of goods and services produced in the economy. It is used as an indicator of the volume of the nation’s output.
Federal Reserve Bank of Minneapolis
Definition: Total value of goods and services produced by labor and property located in the United States during a specific period. In 1991, GDP became the U.S. government’s primary measure of economic activity in the nation, replacing gross national product (GNP), which is the total value of goods and services produced by labor and property supplied by U.S. residents (but not necessarily located within the country).
Bureau of Economic Analysis (BEA)
Definition: Measures the prices paid for goods and services produced by the U.S. economy and is derived from the prices of personal consumption expenditures (PCE), gross private domestic investment, net exports of goods and services, and government consumption expenditures and gross investment. It differs from the gross domestic purchases price index in that it ignores price changes in imports of goods and services and includes price changes in exports of goods and services.
Bureau of Economic Analysis (BEA)
Definition: A set of accounts that present the contribution of each private industry and government to the Nation’s gross domestic product (GDP). An industry’s contribution is measured by its value added, which is equal to its gross output minus its intermediate purchases from domestic industries or from foreign sources. The GDP-by-industry accounts are consistent with the annual input-output (I-O) accounts.
Bureau of Economic Analysis (BEA)
Definition: The market value of goods and services purchased by U.S. residents, regardless of where those goods and services were produced. It is gross domestic product (GDP) minus net exports of goods and services. Equivalently, it is the sum of personal consumption expenditures (PCE), gross private domestic investment, and government consumption expenditures and gross investment.
Bureau of Economic Analysis (BEA)
Definition: Measures the prices paid for goods and services purchased by U.S. residents. This index is derived from the prices of personal consumption expenditures (PCE), gross private domestic investment, and government consumption expenditures and gross investment. It differs from the gross domestic product (GDP) price index in that it excludes price changes in exports of goods and services and includes price changes in imports of goods and services.
Bureau of Economic Analysis (BEA)
Definition: The market value of goods and services produced by labor and property supplied by U.S. residents, regardless of where they are located. It was used as the primary measure of U.S. production prior to 1991, when it was replaced by gross domestic product (GDP).
Economics: Principles & Practices
Definition: Total dollar value of all final goods, services, and structures produced in one year with labor and property supplied by a country’s residents, regardless of where the production takes place; largest measure of a nation’s income
Definition: The total market value of goods and services produced during a given period by labor and capital supplied by residents of a country, regardless of where the labor and capital are located. GNP differs from GDP primarily by including the capital income that residents earn from investments abroad and excluding the capital income that nonresidents earn from domestic investment.
Bureau of Economic Analysis (BEA)
Definition: Value derived as a residual for most industries after subtracting total intermediate inputs, compensation of employees, and taxes on production and imports less subsidies from total industry output. Gross operating surplus includes consumption of fixed capital (CFC), proprietors’ income, corporate profits, and business current transfer payments (net). Prior to 2003, it was referred to as other value added or property-type income.
Bureau of Economic Analysis (BEA)
Definition: Private fixed investment and change in private inventories. It is measured without a deduction for consumption of fixed capital (CFC), includes replacements and additions to the capital stock, and excludes investment by U.S. residents in other countries.
Related Term(s): Gross domestic investment, Gross investment
Definition: As of 1983, group quarters were defined in the current population survey as noninstitutional living arrangements for groups not living in conventional housing units or groups living in housing units containing ten or more unrelated people or nine or more people unrelated to the person in charge. (Prior to 1983, group quarters included housing units containing five or more people unrelated to the person in charge.) Examples of people in group quarters include a person residing in a rooming house, in staff quarters at a hospital, or in a halfway house. Beginning in 1972, inmates of institutions have not been included in the Current Population Survey.