KW_Macro_Ch_17_End_of_Chapter_Problems - chapter 17 The Making of Modern > Macroeconomics PROBLEMS 1 Since the crash of its stock market in 1989 the

KW_Macro_Ch_17_End_of_Chapter_Problems - chapter 17 The...

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>> The Making of Modern Macroeconomics chapter 17 1. Since the crash of its stock market in 1989, the Japanese economy has seen little econom- ic growth and some deflation. The accompanying table from the Organization for Economic Cooperation and Development (OECD) shows some key macroeconomic data for Japan for 1991 (a “normal” year) and 1995–2003. How did Japan’s policy makers try to promote growth in the economy during this time? How does this fit in with the Keynesian and clas- sical models of the macroeconomy? P R O B L E M S
2. The National Bureau of Economic Research (NBER) maintains the official chronology of past U.S. business cycles. Go to its website at to answer the following questions. a. How many business cycles have occurred since the end of World War II in1945? b. What was the average duration of a business cycle when measured from the end of one expansion (its peak) to the end of the next? That is, what was the average duration of a business cycle in the period from1945 to the present?

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