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Lecture Essentials of economics (3/e): Chapter 11 - Brue, McConnell, Flynn

Chapter 11 - Business cycles, unemployment, and inflation. This chapter previews the business cycle, unemployment, and inflation. It is an important chapter as it sets the stage for the analytical presentation in later chapters. | Chapter 11 Business Cycles, Unemployment, and Inflation McGraw-Hill/Irwin Copyright © 2014 by The McGraw-Hill Companies, Inc. All rights reserved This chapter previews the business cycle, unemployment, and inflation. It is an important chapter as it sets the stage for the analytical presentation in later chapters. The Business Cycle Alternating increases and decreases in economic activity over time Phases of the business cycle Peak Recession Trough Expansion 11- Business cycles are alternating increases and decreases in economic activity over time. Each business cycle consists of four phases. A peak is when business activity reaches a temporary maximum with full employment and near-capacity output. A recession is a decline in total output, income, employment, and trade lasting six months or more; this is sometimes referred to as an economic contraction. The trough is the bottom of the recession period and the expansion is when output and employment are recovering and expanding toward the full-employment level. The Business Cycle Level of real output Time Peak Peak Peak Recession Recession Expansion Expansion Trough Trough Growth Trend LO1 11- This figure shows the business cycle. Economists distinguish four phases of the business cycle; the duration and strength of each phase may vary. Additionally, individual cycles vary in duration and intensity. You can see that the long-run trend is economic growth. The Business Cycle U.S. Recessions since 1950 Period Duration, Months Depth (Decline in Real Output) 1953–54 10 -2.6% 1957–58 8 -3.7 1960–61 10 -1.1 1969–70 11 -0.2 1973–75 16 -3.2 1980 6 -2.2 1981–82 16 -2.9 1990–91 8 -1.4 2001 8 -0.4 2007–09 18 -3.7 Source: National Bureau of Economic Research, www.nber.org, and Minneapolis Federal Reserve Bank, www.minneapolisfed.org. Output data are in 2000 dollars. LO1 11- The NBER is a nonprofit economic research organization. Within the NBER is the Business Cycle Dating Committee, whose job it is . | Chapter 11 Business Cycles, Unemployment, and Inflation McGraw-Hill/Irwin Copyright © 2014 by The McGraw-Hill Companies, Inc. All rights reserved This chapter previews the business cycle, unemployment, and inflation. It is an important chapter as it sets the stage for the analytical presentation in later chapters. The Business Cycle Alternating increases and decreases in economic activity over time Phases of the business cycle Peak Recession Trough Expansion 11- Business cycles are alternating increases and decreases in economic activity over time. Each business cycle consists of four phases. A peak is when business activity reaches a temporary maximum with full employment and near-capacity output. A recession is a decline in total output, income, employment, and trade lasting six months or more; this is sometimes referred to as an economic contraction. The trough is the bottom of the recession period and the expansion is when output and employment are recovering and .