L11 Econ 1021 Chapter Notes - Chapter 10: Arthur Melvin Okun, Congressional Budget Office, Capital Formation

51 views5 pages

Document Summary

Industrial production (output of factories and mines: total sales in manufacturing, wholesale and retail trade, non-farm employment (number of people at work outside agriculture, real after-tax income received by households, excluding transfers like social. Security: recessions history, aug. 1929 - march 1933: 43 month economic collapse called the great. Given that gdp and gdi were growing strongly by 4th quarter of 2009, june 2009 was chosen as the end of the last recession: expansions history, expansions have been longer than recessions. Strong expansions occurred during: 1933-37, 1961-69, 106 months, 1982-90, 96 months, 1991-2001, 10 years, 120 months with exceptionally strong growth during 1995- Gdp recessionary period: the output gap = y y* (negative if recessionary, positive if expansionary, reasons for short-term output fluctuation, two reasons, changes in potential output (us expansion of 1990s, japanese recession of the. However in the short-run many firms adjust output to meet demand and adjust prices much later.

Get access

Grade+20% off
$8 USD/m$10 USD/m
Billed $96 USD annually
Grade+
Homework Help
Study Guides
Textbook Solutions
Class Notes
Textbook Notes
Booster Class
40 Verified Answers
Class+
$8 USD/m
Billed $96 USD annually
Class+
Homework Help
Study Guides
Textbook Solutions
Class Notes
Textbook Notes
Booster Class
30 Verified Answers

Related Documents

Related Questions