192 definitions by Abu Yahya

(ECONOMICS) a financial institution that issues the national currency and administers monetary policy.

For the USA, the central bank is the Federal Reserve System.

In a few cases, the central bank is private, and otherwise similar to a regular commercial bank. In other cases, it is directly controlled by the head of government. In most cases, however, it is a government agency that is shielded from direct control.


European Union--European Central Bank (ECB).
Japan--Bank of Japan

China--People's Bank of China
United Kingdom--Bank of England

See also the International Monetary Fund and the Bank for International Settlements.
In the USA, as well as many other countries, the Treasury acts as the government's underwriter but the central bank controls the money supply using treasury securities and other forms of hot money. The central bank is usually responsible for managing the currency reserves, including foreign currency reserves, of its government. It also enforces banking laws and operates check clearing.

The BIS acts as a bank to most of the world's central banks.
by Abu Yahya May 05, 2010
Breathless and/or mendacious "Globalization" pieces from neoliberal commentators. A lot of pop economics insists that increased trade in services, intellectual property, and equities will solve every significant problem.
The American Enterprise Institute (AEI) is always good for a large steaming helping of globollocks.
by Abu Yahya August 03, 2008
a graph correlating inflation against unemployment rates. Using a horizontal axis to represent unemployment, and a vertical axis to represent inflation, A.W. Phillips found the rate of inflation and unemployment in Great Britain for every year between 1861 and 1957. When he had plotted the 97 dots on the chart, he had a rather neat hyperbola convex to the origin of the graph.

In other words, if the rate of unemployment was low, the rate of inflation was high, and vice versa. At the time, economists concluded that this was a logical outcome of both being influenced by the rate of interest: if interest rates were low, then unemployment would be low and prices would rise, but if interest rates were high then there would be lots of unemployment and workers would not have much money to spend... so prices would go down.

Unfortunately, when economists tried to design policy around this concept they disrupted the smooth relationship. In the years since the 1960's, there has not been a straightforward relationship, and Keynesian economics has had to be drastically revised to a post-Phillips Curve regime.

There is some correlation between inflation and unemployment, but the correlation is much more complicated than originally thought. It is quite possible to have high unemployment and high inflation (i.e., a high "misery index").
The Phillips Curve implies a trade-off between unemployment and inflation. Unfortunately, this trade-off may sometimes represent more of a Faustian bargain.
by Abu Yahya February 14, 2009
A person who refines political views to accommodate the prevailing winds; particularly, one who contrives self-serving excuses for political views now generally recognized to have been stupid.
In journalism, the current handwringer-in-chief is the New Yorker writer George Packer, whose book *The Assassins' Gate* has met with high praise from ... a subset of pundits I call trimmers... trimmers criticize ... the foolish president, but avoid unequivocal denunciations of this foolish war.

--John R, MacArthur, "Pro-War Liberals Frozen in the Headlights"
by Abu Yahya January 23, 2009
Less developed country; refers to countries such as Mexico or Egypt, where there is a semi-functional state and plans to stimulate industry, but very limited industrial development (relative to the total labor force).
The World Bank and the IMF are both intensely controversial entities among LDCs.
by abu yahya July 10, 2008
(US GOVERNMENT) Federal Open Market Committee; a committee whose members include the 7 governors of the Federal Reserve Board plus five presidents of the Federal Reverse Banks (there are 12 district banks). The FOMC is responsible for open market operations of the Federal Reserve System.
The FOMC manages purchases and sales of Treasury securities.
by Abu Yahya June 16, 2010
(LOGIC) a logical fallacy in which a person defends against an allegation by accusing an adversary of doing the same thing. It's a classic douchebag move because it implies that the speaker has a RIGHT to be a douchebag, by virtue of the fact that someone ELSE is being a douchebag.

From Latin, for "you, too."

Suppose A is accused of terrorism. He reacts by accusing B, his enemy, of terrorism. Now, it's possible (but unlikely) that A actually chose this argument knowing he was totally innocent. More likely he wants to claim that his terrorism is PROVOKED. In effect, he's saying, "I have to do this, or I'm entitled to do this, because B did it first."

First, as logic it's a red herring. But what makes it douchebaggery rather than just another wartime propaganda tactic, is that it's MORALLY irrelevant as well as LOGICALLY irrelevant. The victims of terrorism almost never have any material control over either perpetrator ever.
ANNA: Abu Yahya, I don't know if your definition of "tu quoque fallacy" belongs in the Urban Dictionary. This isn't Wikipedia, you know.

ABU YAHYA: The reason I did is that I see all the time people using the rationale that, because somebody else did something bad to me, therefore I get to do something similar to anybody. It's sort of like sloppy revenge.

ANNA: Like men punishing random women because their girlfriends allegedly did something shitty to them?

ABU YAHYA: Actually, that's a perfect example of a tu quoque!
by Abu Yahya June 02, 2010

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