Adjective modifier

• very: In the very long-run, monetary policy is held to have no effect on the supply side of the economy.

Modifies a noun

• equilibrium: For that to happen, the real exchange rate must first rise above its notional long-run equilibrium level.

• trend: Growth overall in the year to the first quarter was running at around 3 % a year, still somewhat above long-run trend.

• average: Thus, long-run average growth may occur in cycles.

• growth: Thus, long-run average growth may occur in cycles.

• relationship: Some evidence is found for the existence of two long-run relationships.

• share: Would you expect brand X ever to achieve, or come close to, its long-run market share or not?