TO-Eco2013-Chap12 - ! Identify the causes of output gaps !...

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Chapter 12 Objectives ! Define recession, expansion, depression, expansion, boom, peak, and trough ! Identify the periods and characteristics of historically important recessions and expansions ! Explain unemployment and inflation patterns during recessions and expansions ! Define potential output, output gap, recessionary gap, and expansionary gap
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Unformatted text preview: ! Identify the causes of output gaps ! Define the natural rate of unemployment and its relationship to cyclical unemployment ! Define Okun's Law ! Calculate the effect of cyclical unemployment on the output gap ! Explain how price changes eliminate output gaps in the long run...
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This note was uploaded on 10/03/2011 for the course ECO 2013 taught by Professor Barbaramoore during the Summer '08 term at University of Central Florida.

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