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classical dichotomy

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  • Classical dichotomy — In macroeconomics, the classical dichotomy refers to an idea attributed to classical and pre Keynesian economics that real and nominal variables can be analyzed separately. To be precise, an economy exhibits the classical dichotomy if real… …   Wikipedia

  • Dichotomy — An example of a dichotomy is the partition of a scene into figure and ground – the letters are foreground or figure; the rest is the background. A dichotomy is any splitting of a whole into exactly two non overlapping parts, meaning it is a… …   Wikipedia

  • Classical albedo features on Mars — Mars, as seen through a small telescope, showing the patterns of colour known as albedo features. The classical albedo features of Mars are the light and dark features that can be seen on the planet Mars through an Earth based telescope. Before… …   Wikipedia

  • Institutional dichotomy — Institutional dichotomy, according to John Wolfenden (responsible for the Wolfenden Report), in his essay The Gap mdash; The Bridge , states that the dichotomization of intellectual disciplines by educational institutions, specifically collegiate …   Wikipedia

  • Neutrality of money — is the idea that a change in the stock of money affects only nominal variables in the economy such as prices, wages and exchange rates, with no effect on real (inflation adjusted) variables, like employment, real GDP, and real consumption.[1]… …   Wikipedia

  • Velocity of money — Chart showing the log of US M2[1][2] money velocity (green), calculated by dividing nominal GDP by M2 stock, M1 plus time deposits. M2 velocity is not stable and correlates with the Employment Population ratio (blue), an indicator of economic… …   Wikipedia

  • Price level — A price level is a hypothetical measure of overall prices for some set of goods and services, in a given region during a given interval, normalized relative to some base set. Typically, a price level is approximated with a price index .… …   Wikipedia

  • Stagflation — is an economic situation in which inflation and economic stagnation occur simultaneously and remain unchecked for a period of time. cite book last = Blanchard first = Olivier title = Macroeconomics edition = 2nd ed. pages = p. G8 publisher =… …   Wikipedia

  • New Keynesian economics — Not to be confused with Neo Keynesian economics. Economics …   Wikipedia

  • Monetary economics — Economics …   Wikipedia

  • Real versus nominal value (economics) — Economics …   Wikipedia

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