What Is the Political Business Cycle and How Does It

question 60

Essay

What is the political business cycle and how does it relate to whether the central bank should have discretion or use a rule?

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Definitions:

Trimester

One of the three roughly three-month periods into which pregnancy is divided.

Polygenic Inheritance

Pattern of inheritance in which multiple genes at different sites on chromosomes affect a complex trait.

Recessive Inheritance

Pattern of inheritance in which a child receives identical recessive alleles, resulting in expression of a nondominant trait.

Dominant Inheritance

Pattern of inheritance in which, when a child receives different alleles, only the dominant one is expressed.