Ebook Macroeconomics (5E): Part 2
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Ebook Macroeconomics (5E): Part 2
© TSI Graphicsloadsiide.cqợgrth: Man Business Cycle Theory: The Economy in the Short Runveer JOEpiJcb EFF01425.€2€4_Ch0?:?g 257.27.12917*09 at 100%l Ị Ebook Macroeconomics (5E): Part 2ỊI Ijllll Ijllljlll. III.Ill ỊIWed. Feb 15, 2002 10.07®TSI Graphicssiide.cwrth: Man c H A p T E R_1 NINEIntroduction to Economic FluctuationsThe modem world regards business cycles much as the ancient Egyptians regarded the overflowing of the Nile. 'I hr phenomenon murs al intervals, il is of great Ebook Macroeconomics (5E): Part 2importance to everyone. and natural causes of it are not in sight.—John Hales (.lark, Lmficoiiornn: fluctuations present. a recurring problem tor econEbook Macroeconomics (5E): Part 2
omists ami policy makers. This problem is illustrated in Eigure 9-1. which shows growth in real CDP for the U.S. economy. As you can see. although the© TSI Graphicsloadsiide.cqợgrth: Man Business Cycle Theory: The Economy in the Short Runveer JOEpiJcb EFF01425.€2€4_Ch0?:?g 257.27.12917*09 at 100%l Ị Ebook Macroeconomics (5E): Part 2 and rising unemployment are frequent- In the recession of 1990, tor instance, real (il )P fell 2.2 |HTi:cnl. fnirn its peak to its trough,and the unemployment rate rose to 7.7 percent. I hiring reccs sions. not only are more people unemployed, but those who are employed have shorter workweeks, as m Ebook Macroeconomics (5E): Part 2ore workers have to accept, part lime jobs and fewer workers have the opportunity to work overtime. When recessions end and the eixmomy enters a IxximEbook Macroeconomics (5E): Part 2
, these effects work in reverse: incomes rise, uneniploy merit falls, anil workweeks expand.Economists call these short-run fluctuations in output and© TSI Graphicsloadsiide.cqợgrth: Man Business Cycle Theory: The Economy in the Short Runveer JOEpiJcb EFF01425.€2€4_Ch0?:?g 257.27.12917*09 at 100%l Ị Ebook Macroeconomics (5E): Part 2rregular as they are common. Sometimes they are close together, such as the recessions of 19X0 anil 19X2. Sometimes they are far apart, such as the recessions of 19X2 and 19911.In Parts II and 111 of this book, we developed theories to explain how the economy behaves in the long run. Those theories Ebook Macroeconomics (5E): Part 2were based on the classical dichotomy the premise that real variables, such as output and employment, arc not affected by what happens to nominal variEbook Macroeconomics (5E): Part 2
ables, such as the money supply and the price level. Although classical theories are useful for explaining long-run trends, including the economic gro© TSI Graphicsloadsiide.cqợgrth: Man Business Cycle Theory: The Economy in the Short Runveer JOEpiJcb EFF01425.€2€4_Ch0?:?g 257.27.12917*09 at 100%l Ị Ebook Macroeconomics (5E): Part 2l theories cannot explain year-to-year fluctuations in output and employment.Here, in Part IV, we sec how economists explain these short-run fluctuations. This chapter begins our analysis by discussing the key differences between the long run and the short run and by introducing the model of aggrega Ebook Macroeconomics (5E): Part 2te supplyo238 IDwr JOE|iA:Job EFF01425 i«264_ChO9.?g 259 1271 JWep8 at 100%l ỊI Ijllll lllll, IIIJIIII III IIWed. Feb 15, 2002 10.07©TSI GraphicsdslidEbook Macroeconomics (5E): Part 2
e.cqflftrth: Man CHAP It ft 0 Introduction to Economic Fluctuations I 239YearReal GDP Growth in the United Stales Growth in rr.il GDP averages .ibuul © TSI Graphicsloadsiide.cqợgrth: Man Business Cycle Theory: The Economy in the Short Runveer JOEpiJcb EFF01425.€2€4_Ch0?:?g 257.27.12917*09 at 100%l Ị Ebook Macroeconomics (5E): Part 2duction of goods and services IS declining, represented here by negative growth in real CDP.U.S 0*11.r IlifeEbook Macroeconomics (5E): Part 2
t several chapters shows how monclary and fiscal policies influence the business cycle. We will see that these policies can potentially stabilize the © TSI Graphicsloadsiide.cqợgrth: Man Business Cycle Theory: The Economy in the Short Runveer JOEpiJcb EFF01425.€2€4_Ch0?:?g 257.27.12917*09 at 100%l Ị Ebook Macroeconomics (5E): Part 2del of short-run economic fluctuations, let s step back and ask a fundamental question: Why do economists need different models for different time horizons? Why can't we stop the course here and be content with the classical models devclopesl in Chapters 3 through 8? The answer. IS this book has con Ebook Macroeconomics (5E): Part 2sistently reminded its reader, is that classical macroeconomic theory applies to the long run but not to the short run. But why is this so?I III IIlliEbook Macroeconomics (5E): Part 2
lllll .III llllll Illi IỊIIKẠđ. Feb 11* 2002 10107f1w JOe|Gọi ngay
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