It would be safe to assume that all of the language about a prospective "conditions-based" transition process in 2011 came from the Pentagon; that has been their language consistently in the Iraq case.
As a result, researchers believe that participants in prospective conditions can make numerous time estimates, while those in retrospective conditions can make only one.
"And in times of actual or prospective stressed conditions we stand ready to provide cheap, plentiful money through more frequent auctions".
This deficit could not be explained by impairments in basic attention, detection, inhibition or multiple instruction processing, and there was also no deficit in event-based prospective memory conditions.
"In their judgment, current and prospective economic conditions — including elevated unemployment and inflation at or below the committee's objective — could warrant the initiation of additional securities purchases before long," said the minutes, which do not describe who holds this view.
According to the meeting minutes, "a number of members" of the 10-person committee "indicated that current and prospective economic conditions could well warrant additional policy accommodation, but they believed that any additional actions would be more effective if accompanied by enhanced communication".
It corresponds to the exogenous (not triggered by current or prospective macroeconomic conditions) legislated tax changes excluding also those changes adopted during the financial crisis (2008 2013).
These exogenous measures, to the extent that they are orthogonal to current or prospective macroeconomic conditions, are valid to estimate the effect of tax changes on GDP.
In order to estimate the impact of legislated tax changes on GDP, it is necessary to purge the tax series from tax changes that respond to current or prospective macroeconomic conditions.
To do so, we follow the eightfold classification developed by Cloyne (2013), who distinguishes between four types of "endogenous" tax shocks (motivated by current or prospective macroeconomic conditions) and four types of "exogenous" shocks (whose motivation is not to offset macro developments), see Sect.
