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Lecture05 - Announcements Readings this week House ch 2-5...

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Announcements Readings this week •House, ch 2-5 •Mankiw, ch 17 •Shapiro and Slemrod, “Did the 2008 Tax Rebates Stimulate Spending?” •NBER press release on recession Problem sets •PS #3 due next Tuesday in lecture End of recession declared National Bureau of Economic Research Business cycle dating committee Looks at multiple indicators – GDP/GDI – Income – Employment Trough in June 2009 Longest recession since Great Depression – Peak to trough: 18 months Robert Hall, Chair, NBER Business Cycle Dating Committee, contemplating the data
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End of recession declared June 2009 trough Recession technically over But recovery far from complete – Output/employment below trend – Unemployment high – Unemployment not falling
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Back to consumption model Multiperiod budget constraint Permanent income model Loanable funds model
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