Ebook Macroeconomics: Part 2
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Ebook Macroeconomics: Part 2
Find mw.downloadslide.comBusiness CyclesLEARNING OBJECTIVESAfter studying this chapter, you should be able to:8.1Explain the difference between the sh Ebook Macroeconomics: Part 2hort run and the long run in macroeconomics (pages 272-277)Understand what happens during a business cycle (pages 278-289)Explain how economists think about business cycles (pages 290-293)ClA Derive the formula for the expenditure multiplier (page 301)FORD RIDES THE BUSINESS CYCLE ROLLERCOASTERThe g Ebook Macroeconomics: Part 2raph on the next page shows sales of Ford cars and trucks in the United States from the early 1960s through 2010.A firm’s sales can be affected by manEbook Macroeconomics: Part 2
y factors, such as the prices it charges relative to its competitors, how innovative its products seem to consumers, and the effectiveness of its adveFind mw.downloadslide.comBusiness CyclesLEARNING OBJECTIVESAfter studying this chapter, you should be able to:8.1Explain the difference between the sh Ebook Macroeconomics: Part 2the business cycle. The ups and downs in Ford’s sales shown in the graph mirror the business cycle. For instance, the twomost severe business cycle recessions since World War II occurred during 1981-1982 and 2007-2009. During each period. Ford’s sales declined by more than 40%. Although rising gasol Ebook Macroeconomics: Part 2ine prices also hurt Ford’s sales during these periods, the largest effect was from the business cycle.The causes and consequences of the business cycEbook Macroeconomics: Part 2
le were not always a significant part of the study of economics. Modern macroeconomics began during the 1930s, as economists and policymakers struggleFind mw.downloadslide.comBusiness CyclesLEARNING OBJECTIVESAfter studying this chapter, you should be able to:8.1Explain the difference between the sh Ebook Macroeconomics: Part 2ageKey Issue and QuestionAt the end of Chapter 1. we noted key issues and questions that serve as a framework for the book. Here are the key issue and question for this chapterIssue: Economies around the world experience a business cycle.Question: Why does the business cycle occur’Answered on page 2 Ebook Macroeconomics: Part 293271Find more at www.downloadslide.com272 CHAPTER 8 • Business Cycles1510.51963 1968 1873 1978 1983 1988 1993 1998 2003 2008Note: Shaded areas represEbook Macroeconomics: Part 2
ent recessions.Ford’s sales declined by almost two-thirds. Ford was hardly alone. During the same two years. General Motors’ sales fell by nearly one-Find mw.downloadslide.comBusiness CyclesLEARNING OBJECTIVESAfter studying this chapter, you should be able to:8.1Explain the difference between the sh Ebook Macroeconomics: Part 2clined by 27%, real investment spending declined by an astonishing 81 %, and the s&p 500 stock price index declined by 85%—thelargest decline in U.S. history. Unemployment soared from less than 3% in 1929 to more than 20% in 1933, and it remained above 11% as late as 1939.As economists studied the e Ebook Macroeconomics: Part 2vents of the Great Depression, they came to understand more clearly that although in the long run real GDP experiences an upward trend, in the short rEbook Macroeconomics: Part 2
un real GDP fluctuates around this trend. These short-run fluctuations in real GDP consisting of alternating periods of expansion and recession are whFind mw.downloadslide.comBusiness CyclesLEARNING OBJECTIVESAfter studying this chapter, you should be able to:8.1Explain the difference between the sh Ebook Macroeconomics: Part 2ineteenth century. The business cycle is not uniform: Periods of expansion are not all the same length, nor are periods of recession, but every period of expansion in U.S. history has been followed by a period of recession, and every period of recession has been followed by a period of expansion.Eco Ebook Macroeconomics: Part 2nomists have developed short-run macro-economic models to analyze the business cycle. British economist John Maynard Keynes developed a particularly iEbook Macroeconomics: Part 2
nfluential model in 1936 in direct response to the Great Depression. In this chapter, we begin our discussion of the macroeconomic short run.AN INSIDEFind mw.downloadslide.comBusiness CyclesLEARNING OBJECTIVESAfter studying this chapter, you should be able to:8.1Explain the difference between the sh Ebook Macroeconomics: Part 2tor Company. Annual Report, various years U.S. Bureau of Economic Analysis; David R. Weir. “A Century of U2>.Unemployment. 1890-1990,” in Roger I.. Ransom, Richard Sutch, and Susan B. Carter (eds.). Research in Economic History, Vol. 14, Westport, CT: JAI Press. 1992,Table D3, pp. 341-343; and Rober Ebook Macroeconomics: Part 2t J. Shiller, Irrational Exuberance, Princeton. NJ: Princeton University Press. 2005,asupdated at www.econ.yale.edu/~shiller/data.htm.In Chapters 4 anEbook Macroeconomics: Part 2
d 5, we developed a model of long-run economic growth. As we have seen, the analysis of long-run economic growth is a key part of modern macroeconomicFind mw.downloadslide.comBusiness CyclesLEARNING OBJECTIVESAfter studying this chapter, you should be able to:8.1Explain the difference between the sh Ebook Macroeconomics: Part 2ng the ways in which the short run differs from the long run in macroeconomics.Find mw.downloadslide.comBusiness CyclesLEARNING OBJECTIVESAfter studying this chapter, you should be able to:8.1Explain the difference between the shGọi ngay
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