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Lecture 29

ECON 2400 Lecture 29: Lesson 29
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Department
Economics
Course
ECON 2400
Professor
prof Antone
Semester
Fall

Description
Lesson 29 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 Describes an economic variable that tends to be above (below) trend when real GDP is above (below) trend. Countercyclical Describes an economic variable that tends to be below (above) trend when real GDP is above (below) trend. Acyclical Describes an economic variable that is neither procyclical nor countercyclical. Correlation coefficient A measure of the degree of correlation between two variables. Perfectly positively correlated Describes two variables that have a correlation coefficient of 1. Perfectly negatively correlated Describes two variables that have a correlation coefficient of 1. Leading variable An economic variable that helps to predict future real GDP.
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