GDP data alluding to the start of a recession in January 2015 was published and analyzed by the Fed in July 2015. The Fed held meetings to formulate a monetary policy to deal with the recession, and then it enacted the chosen policy in September 2015. It was December 2015 before the policy actually began to affect the economy. The three-month period from September 2015 to December 2015 exemplifies a(n)

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The three-month period from September 2015 to December 2015, during which the policy enacted by the Fed began to affect the economy, exemplifies an impact lag. This is the time it takes for a policy to have its intended effects on the economy after its implementation.

GDP Data Alluding to the Start of a Recession in January