Inside lag
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In economics, an inside lag (an inside recognition and decision lag) is the amount of time it takes for a government or a central bank to respond to a shock in the economy. It is the delay in implementation of a monetary policy.[1] Its converse is outside lag (the amount of time before an action by a government or a central bank affects an economy). Inside lag comprises recognition lag, the time taken to recognize the shock, and decision lag (or implementation lag), the time taken to decide a response.[2]
[edit] References
- ^ Sullivan, Arthur; Steven M. Sheffrin (2003). Economics: Principles in action. Upper Saddle River, New Jersey 07458: Pearson Prentice Hall. pp. 432. ISBN 0-13-063085-3. http://www.pearsonschool.com/index.cfm?locator=PSZ3R9&PMDbSiteId=2781&PMDbSolutionId=6724&PMDbCategoryId=&PMDbProgramId=12881&level=4.
- ^ "INSIDE LAG". AmosWEB GLOSS*arama. AmosWEB LLC. http://www.amosweb.com/cgi-bin/awb_nav.pl?s=gls&c=dsp&k=inside+lag. Retrieved 2006-12-30.
[edit] Further reading
- Patric H. Hendershott (October 1966). "The Inside Lag in Monetary Policy: A Comment". The Journal of Political Economy 74 (5): 519–523. doi:10.1086/259205. JSTOR 1829599.
- William R. Bryan (September 1967). "Bank Adjustments to Monetary Policy: Alternative Estimates of the Lag". The American Economic Review 57 (4): 855–864. JSTOR 1815374.
- W Schneider (1968). The inside lag in the monetary policy of the United States, 1952-1965. New York University.
- Mark H. Willes (December 1967). "The Inside Lags of Monetary Policy: 1952-1960". The Journal of Finance (American Finance Association) 22 (4): 591–593. doi:10.2307/2326003. http://jstor.org/stable/2326003.
- James E. Alt and John T. Woolley (November 1982). "Reaction Functions, Optimization, and Politics: Modelling the Political Economy of Macroeconomic Policy". American Journal of Political Science (Midwest Political Science Association) 26 (4): 709–740. doi:10.2307/2110969. http://jstor.org/stable/2110969.
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