GLOSSARY Terms related to the Federal Reserve, banking and economics   A | B | C | D | E | F | G | H | I | J | K | L | M | N | O | P | Q | R | S | T | U | V | W | X | Y | Z |   general obligation bond A type of municipal bond backed by the full faith and credit of the governmental unit that issues it.   gold exchange standard   gold standard A monetary system in which currencies are defined in terms of a given weight of gold.   government securities Securities issued by the U.S. Treasury or federal agencies.   graduated payment Repayment terms calling for gradual increases in the payments on a closed-end obligation. A graduated payment loan usually involves negative amortization.   grandfathered activities Nonbank activities, some of which would normally not be permissible for bank holding companies and foreign banks in the United States, but which were acquired or engaged in before a particular date. Such activities may be continued under the "grandfather" clauses of the Bank Holding Company Act and the International Banking Act.   gross domestic product (GDP) Total value of goods and services produced by labor and property located in the United States during a specific period. In 1991, GDP became the U.S. government's primary measure of economic activity in the nation, replacing gross national product (GNP), which is the total value of goods and services produced by labor and property supplied by U.S. residents (but not necessarily located within the country).