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According to Baumol and Blinder, the real-world multiplier will be smaller than 1/(1 − MPC) because the 1/(1 − MPC) measure is based on
Good Faith
Conducting oneself with honesty and sincerity without intending to defraud or deceive others.
Preprinted Promissory Note
A standardized, fill-in-the-blank form that evidences a promise to pay a specified amount of money to a named party under agreed terms.
Payable
Refers to amounts of money that a business or individual owes to another party and is required to pay, typically within a specified period.
Forge
To create a fake version of something, such as a document or signature, with the intent to deceive.
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