Ebook Macroeconomics (6th edition): Part 2
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Ebook Macroeconomics (6th edition): Part 2
PART 3Business Cycles and Macroeconomic PolicyBusiness CyclesSiner the Industrial Revolution, the I'll >ru in lies ol the United States and many other Ebook Macroeconomics (6th edition): Part 2r countries have grown tremendously. That growth has transformed economies and greatly unproved living standards. Yet even in prosperous countries, economic expansion has been periodically interrupted by episodes of declining production and income and rising unemployment. Sometimes fortunately, not Ebook Macroeconomics (6th edition): Part 2very often—these episodes have been severe and prolonged. But whether brief or more extended, declines in economic activity have been followed almostEbook Macroeconomics (6th edition): Part 2
invariably by a resumption of economic growth.This repeated sequence of economic expansion giving way to temporary decline followed by recovery, is knPART 3Business Cycles and Macroeconomic PolicyBusiness CyclesSiner the Industrial Revolution, the I'll >ru in lies ol the United States and many other Ebook Macroeconomics (6th edition): Part 2l economic activity—are felt throughout the economy. When die economy is growing strongly, prosperity is shared by most of the nation's industries and their workers and owners of capital. When the economy weakens, many sectors of the economy experience declining sales and production, and workers are Ebook Macroeconomics (6th edition): Part 2 laid off or forced to work only part-time. Because the effects of business cycles are so widespread, and because economic do-wnturns can cause greatEbook Macroeconomics (6th edition): Part 2
hardship, economists have tried to find the causes of these episodes and to deter mine what, if anything, can be done to counteract them. Till' two baPART 3Business Cycles and Macroeconomic PolicyBusiness CyclesSiner the Industrial Revolution, the I'll >ru in lies ol the United States and many other Ebook Macroeconomics (6th edition): Part 2s bookThe answers to these two questions remain highly controversial. Much of this controversy involves the proponents of the classical and Keynesian approaches to macroeconomics, introduced in Chapter I. In brief, classical economists view business cycles as generally representing the economy's bes Ebook Macroeconomics (6th edition): Part 2t response to disturbances in production or spending. Thus classical economists do not SCO much, if any. need for government action to counteract thesEbook Macroeconomics (6th edition): Part 2
e I kuillations, in contrast, Kry ncMiin economists argue that, because wages and prices adjust slowly, disturbances in production or spending may driPART 3Business Cycles and Macroeconomic PolicyBusiness CyclesSiner the Industrial Revolution, the I'll >ru in lies ol the United States and many other Ebook Macroeconomics (6th edition): Part 2d intervene lo smooth business cycle fluctuations.We explore the debate between dassirals and Keynesians, and the implications I it that debate for economic ana lysis and macroeconomic policy, in Chapters 9-11. In this chapter we provide essential background for that discussion by presenting the bas Ebook Macroeconomics (6th edition): Part 2ic features of the business cycle We begin with a definition and a brief history of2828.1 Wl'at l$ a Business Cycle? 283the business cycle IB the UnitEbook Macroeconomics (6th edition): Part 2
ed States. We then turn to a more detailed discussion of business cycle characteristics, or "business cycle facts.'' We conclude the chapter with a brPART 3Business Cycles and Macroeconomic PolicyBusiness CyclesSiner the Industrial Revolution, the I'll >ru in lies ol the United States and many other Ebook Macroeconomics (6th edition): Part 2 overall economic activity since they began ill industrialize. Economists have measured anil studied these I luetuations for more than a century. Marx and Engels referred to "commercial crises," an early term for business cycles, in their Communist Manifesto in L84S. In the United Stales, the Nation Ebook Macroeconomics (6th edition): Part 2al Bureau of Economic Research (NBER), a private nonprofit organization of economists founded in 1920, pioneered business cycle research. The N’BFR deEbook Macroeconomics (6th edition): Part 2
veloped and continues to update the business cycle chronology, a detailed history of business cycles in the United States and other countries. The N BPART 3Business Cycles and Macroeconomic PolicyBusiness CyclesSiner the Industrial Revolution, the I'll >ru in lies ol the United States and many other Ebook Macroeconomics (6th edition): Part 2Reserve chairman irurn 1970 until 1978) anil Wesley Mitchell (a principal founder of the NBER j. This work was among the first to document and analyze the empirical facts about business cycles. Il begins with the following definition:Busiress cycles are a type of fluctuation found in the aggregate e Ebook Macroeconomics (6th edition): Part 2conomic activity of nations that organize their work mainly in business enterprises. A cycle consists of expansions occurring al alxiul I he same limeEbook Macroeconomics (6th edition): Part 2
'll many economic .Klivilies, followed by similarly general ’'ecessior.s, cor tract i Ol’S, and revivals which merge into the expansion phase of the PART 3Business Cycles and Macroeconomic PolicyBusiness CyclesSiner the Industrial Revolution, the I'll >ru in lies ol the United States and many other Ebook Macroeconomics (6th edition): Part 2 1 2Five points in this definition should be clarified and emphasized.1.4g^?r'gilh? tWtmamii' aciii'iiu. Business cycles are defined hroadk as fluctuations of "aggregate economic activity" rather than as fluctuations in a single, specific economic variable such as real GDP. .Although real GDP may be Ebook Macroeconomics (6th edition): Part 2 the single variable •dial must closely measures aggregate economic activity, Burns and Mitchell also thought it important to look at other indicatorsEbook Macroeconomics (6th edition): Part 2
111 activity, such as employment and financial market variables.2Expansions ữ>id contractions. Figure 8.1—a diagram of a typical business cycle helpsPART 3Business Cycles and Macroeconomic PolicyBusiness CyclesSiner the Industrial Revolution, the I'll >ru in lies ol the United States and many other Ebook Macroeconomics (6th edition): Part 2activity, as determined by the factors we considered in Chapter 6. The solid curve show's the rises and falls of actual economic activity. The period of lime during which aggregate economic activity is falling is a contraction or recession. If the recession is particularly severe, it becomes a depre Ebook Macroeconomics (6th edition): Part 2ssion. After reaching the low point Ilf thp contraction, the trough (T), aggregate economic activity begins to increase. The period of time during whiEbook Macroeconomics (6th edition): Part 2
ch aggiegate economic activity grows is an expansion or a boom. After reaching the high point of the expansion, the peak (j•■).. aggregate vcnnomic acPART 3Business Cycles and Macroeconomic PolicyBusiness CyclesSiner the Industrial Revolution, the I'll >ru in lies ol the United States and many other Ebook Macroeconomics (6th edition): Part 2cle.‘Bums an J Mikhel. jvfcwsh.'iJ,? Bíiséíiís CựiÍỂS. New Viuk: Nalm.tal B.irt-du ci EiMiioiiik Rc-sea.-di. 1946.p. I.284 Chapter 8 Business Cyclesfigure 8.1A business cycle The solid curve graphs the behavior of aggregate economic activity over n tvpica, business cycle. The dashed line shows tóe e Ebook Macroeconomics (6th edition): Part 2conomy's nonr.nl growth path. During a contractton aggregate economic arlivity falls until it reaches a trough,I he I rough is followed by an expansioEbook Macroeconomics (6th edition): Part 2
n during which economic activity in r I eases until it reaches a peak. I’. A complete cycle is measured from peak to peak or I rough Ip lrEbook Macroeconomics (6th edition): Part 2
usiness Cycle Dating Committee determine that date. The committee meets only when its members believe that a turning point may have occurred. By examiPART 3Business Cycles and Macroeconomic PolicyBusiness CyclesSiner the Industrial Revolution, the I'll >ru in lies ol the United States and many other Ebook Macroeconomics (6th edition): Part 2ommittee's announcements usually come well altera peak ttr trough occurs, so their judgments are more useful fl ir historical analysis of business cycles than as a guide to current policy making.3Cớtnoveỉỉìenl. Business cycles do not occur in just a few sectors or in just a few economic variables. I Ebook Macroeconomics (6th edition): Part 2nstead, expansions or contractions "occur al about lhe same time in many economic activities." Thus, although some industries are mure sensitive to thEbook Macroeconomics (6th edition): Part 2
e business cycle than others, output anil employment in most industries lend lo fall in recessions and rise in expansions. Many other economic variablPART 3Business Cycles and Macroeconomic PolicyBusiness CyclesSiner the Industrial Revolution, the I'll >ru in lies ol the United States and many other Ebook Macroeconomics (6th edition): Part 2 business cycle.•‘A convenlmnal definition used by the media—that j. recession .IBS nwur.'Kl whan lhe.'e are two u::iMs.u-.nv quarters of relative real GDP growth—isn't widely accep.ed by economists. He .-easer. that economists tend net to like this definition is that real GDP is only one of many po Ebook Macroeconomics (6th edition): Part 2sszb c zndicazors ot economic activity.8.2 ĩ -« American Business Cycle: The Histories. Rerccd 285The tendency of many economic variables to move togeEbook Macroeconomics (6th edition): Part 2
ther in a predictable way over the business cycle is called comovement.4Recurrent ÙIÍỈ wni pci ilitlic. Till' business cyclo isn't periodic, in that iGọi ngay
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