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>>The Making of ModernMacroeconomicschapter171.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 EconomicCooperation and Development (OECD) shows some key macroeconomic data for Japan for1991 (a “normal” year) and 1995–2003. How did Japan’s policy makers try to promotegrowth 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 ofpast 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 oneexpansion (its peak) to the end of the next? That is, what was the average duration of abusiness cycle in the period from1945 to the present?