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Lecture 24-Crises.pdf

Lecture 24-Crises.pdf - 30-Jan-18 MACROECONOMICS LECTURE 24...

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30-Jan-18 1 MACROECONOMICS LECTURE 24 CRISES CONTENTS OF THE LECTURE 1. The periods of the US macroeconomy since 1920s 2. The 2007-8 financial crisis events 3. The developments that led to the financial crisis 4. What have we learned from the crises? CONTENTS OF THE LECTURE 1. The periods of the US macroeconomy since 1920s 2. The 2007-8 financial crisis events 3. The developments that led to the financial crisis 4. What have we learned from the crises?
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30-Jan-18 2 1. THE PERIODS OF THE US MACROECONOMY SINCE 1920S 4 Since the end of the First World War, the US macroeconomic performance can be classified into 3 epochs and 6 periods: Epoch 1: 1921-1941 (the 1920s and the Great Recession): It includes the 1920s period and the Great Depression period. Epoch 2: 1948-1979 (the Golden Age of Capitalism and its demise): It includes the Golden Age period and the Stagflation period. Epoch 3: 1979-2013 (from Stagflation to the Financial Crisis): It includes the 1980s and the Great Moderation period as well as the Financial Crisis period. Each Epoch includes a period of prosperity that is followed by a crisis period. 1. THE PERIODS OF THE US MACROECONOMY SINCE 1920S 5 Unemployment increased rapidly during the Great Depression. It was very low during the Golden Age. Productivity growth was very high during the Golden Age. Inequality was high during the 1920s, it was reduced during the Great Depression and the Golden Age and started increasing again after the Stagflation period. Unemployment, productivity growth and inequality in the US, 1914- 2013 Source: The CORE Project (2016) 1. THE PERIODS OF THE US MACROECONOMY SINCE 1920S 6 The 6 periods of the US macroeconomy and their main features Epoch 1 Epoch 2 Epoch 3 Period of prosperity Period of crisis Period of prosperity Period of prosperity Period of crisis Period of crisis
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