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08-gdp - National Income Accounting Lecture 8-PREVIEW Dr...

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macroS2010 Lec8-page 1 http://www.arts.cornell.edu/econ/wissink/econ102jpw/ National Income Accounting Lecture 8-PREVIEW Dr. Jennifer P. Wissink ©2009 John M. Abowd and Jennifer P. Wissink, all rights reserved. February 17, 2010
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Macroeconomic Data Output Growth a FIGURE 5.2 U.S. Aggregate Output (Real GDP), 1900–2007 The periods of the Great Depression and World Wars I and II show the largest fluctuations in aggregate output.
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The U.S Economy Since 1970 - Output a FIGURE 5.4 Aggregate Output (Real GDP), 1970 I–2007 IV Aggregate output in the United States since 1970 has risen overall, but there have been four recessionary periods: 1974 I–1975 IV, 1980 II–1983 I, 1990 III–1991 I, and 2001 I–2001 III.
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macroS2010 Lec8-page 4 http://www.arts.cornell.edu/econ/wissink/econ102jpw/ More Recently
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The U.S Economy Since 1970 - Unemployment a FIGURE 5.5 Unemployment Rate, 1970 I–2007 IV The U.S. unemployment rate since 1970 shows wide variations. The four recessionary reference periods show increases in the unemployment rate.
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macroS2010 Lec8-page 6 http://www.arts.cornell.edu/econ/wissink/econ102jpw/ More Recently
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The U.S Economy Since 1970 - Inflation a FIGURE 5.6 Inflation Rate (Percentage Change in the GDP Deflator, Four-Quarter Average), 1970 I–2007 IV Since 1970, inflation has been high in two periods: 1973 IV–1975 IV and 1979 I–1981 IV. Inflation between 1983 and 1992 was moderate. Since 1992, it has been fairly low.
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macroS2010 Lec8-page 8 http://www.arts.cornell.edu/econ/wissink/econ102jpw/ More Recently
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macroS2010 Lec8-page 9 http://www.arts.cornell.edu/econ/wissink/econ102jpw/ Government Policy Options Main policies that the government considers to influence the economy: Fiscal policy : government policies concerning taxes and spending. Monetary policy : tools used by the Federal Reserve to control the quantity of money in the economy. Growth or supply-side policies : government policies that focus on stimulating aggregate supply instead of aggregate demand; includes both fiscal and monetary as well as other policies (e.g., regulatory, industrial, antitrust...) Short term vs. Long term Counter-the-cycle vs. growth
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