| AD = aggregate demand |
a = actual or realized |
| AS = aggregate supply |
b = marginal propensity to consume out of income |
| BOP = balance of payments |
c = marginal propensity to invest out of income |
| BOT = balance of trade |
d = slope of investment function |
| C = nominal consumption |
e = expected or expectations |
| D = demand |
f/e = foreign exchange rate |
| E = nominal aggregate expenditure |
g = marginal propensity to consume out of wealth |
| G = nominal government expenditure on goods and services |
h = marginal propensity to import out of income |
| GDP = Gross Domestic Product |
i = interest rate |
| GNI = Gross National Income |
in = nominal or market interest rate |
| GNP = Gross National Product |
ir = real interest rate |
| H = nominal imports |
k = slope of money demand function for transactions |
| I = nominal investment |
l = slope of money demand function for speculation |
| K = capital |
n = number of observations |
| L = labor |
p = inflation/deflation rate; individual market price |
| Lc = civilian employment |
q = growth rate; individual market quantity |
| Le = employed labor |
r = rent |
| Lm = military employment |
t = tax rate; time period |
| LT = total labor force |
u = unemployment rate |
| Ms = money supply |
un = natural unemployment rate |
| Md = money demand |
w = wage rate |
| N = population; number of labor units |
z = impact of uncertainty on investment and money demand decisions |
| P = price level |
 = technological coefficient |
| Q = real output |
 = scalar coefficient |
| Qn = natural real output |
 = change |
| R = net government transfer payments; land and other natural resources |
 = profits |
| Rb = borrowed reserves |
 = sum |
| Re = excess reserves |
µ = uncertainty |
| Rnb = non-borrowed reserves |
 = identity |
| Rnf = net free reserves |
|
| Rr = required reserves |
|
| RT = total bank reserves |
|
| S = supply; saving |
|
| T = nominal tax collections |
|
| TA = total assets |
|
| TL = total liabilities |
|
| U = unemployed labor |
|
| V = velocity of money supply for all transactions |
|
| Vy = income velocity of money supply |
|
| Wf = financial wealth |
|
| Wr = real wealth |
|
| Wn = net wealth; net worth |
|
| WT = total wealth; total assets |
|
| X = nominal exports |
|
| Y = nominal income |
|
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