ECON 2400 Lecture Notes - Lecture 29: Scatter Plot, Procyclical And Countercyclical, Time Series

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Key terms for quiz chapter 3: boom. A series of positive deviations from trend in real gdp, culminating in a peak: recession. A series of negative deviations from trend in real gdp, culminating in a trough: persistent. Describes an economic time series that tends to stay above (below) trend when it has been above (below) trend during the recent past: comovement. How aggregate economic variables move together over the business cycle: time series. Sequential measurements of an economic variable over time: positive correlation. Relationship between two economic time series when a straight line fit to a scatter plot of the two variables has a positive slope: negative correlation. Relationship between two economic time series when a straight line fit to a scatter plot of the two variables has a negative slope: scatter plot. A plot of two variables, x and y, with x measured on the horizontal axis and y measured on the vertical axis: procyclical.

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