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1. Of, relating to, or belonging to a nation. 2. A person who is a citizen or long-term resident of a nation.
Industry:Economy
A nonprofit, nonpartisan organization based in Cambridge, MA, that assembles economic data and sponsors economic research. Its Business Cycle Dating Committee also is traditionally responsible for identifying the beginnings and ends of recessions.
Industry:Economy
Although this term looks like it should mean the amount that a country owes to foreigners, in practice it is used instead to refer to the amount that a nation's government owes to anybody, including its own citizens. Thus it is the total of a national government's outstanding government bonds.
Industry:Economy
A country with whom another country's trade is likely to be large, because of low transport or other trade costs between them. Term introduced by Wonnacott and Lutz (1989) and used extensively by Frankel (1997).
Industry:Economy
A financial asset with many of the properties of money, but not all. Savings deposits and foreign currency deposits, for example, are very liquid but cannot be used directly for transactions.
Industry:Economy
A procedure to determine whether a trade restriction intended to serve some purpose is necessary for that purpose.
Industry:Economy
A harmful externality; that is, a harmful effect of one economic agent's actions on another. Considered a distortion because the first agent has inadequate incentive to curtail the action. Examples are pollution from factories (a production externality) and smoke from cigarettes (a consumption externality).
Industry:Economy
A decline in size over time, said of an economy's GDP in recession or of the size of a declining firm or industry. Seems like a euphemism, except that no obvious alternative term suggests itself. Shrinkage?
Industry:Economy
A structure of technology for a general equilibrium model due to Jones and Kierzkowski (1986). With an arbitrary but equal number of goods and factors, each factor produces two (different) goods, each good uses two (different) factors, in a way that yields more unambiguous results than one normally finds in high-dimension trade models without specific factors.
Industry:Economy
