fine-tuning

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fine-tuning

a short-run interventionist approach to the economy that uses monetary and fiscal measures to control fluctuations in the level of AGGREGATE DEMAND, with the aim of minimizing deviations from MACROECONOMIC POLICY objectives. The application of fine-tuning, however, is beset with problems of accurately FORECASTING fluctuations in economic activity and in gauging the magnitude and timing of counter-cyclical measures. See DEMAND MANAGEMENT, MONETARY POLICY, FISCAL POLICY.