tailieunhanh - Ebook Macroeconomics (5E): Part 2
(BQ) Part 2 book "Macroeconomics" has contents: Introduction to economic fluctuations, aggregate demand I, aggregate demand II, aggregate demand in the open economy, aggregate supply, stabilization policy, goverment debt, consumption. | Find more at part IV Business Cycle Theory: The Economy in the Short Run User JOEWA:Job EFF01425:6264_ch09:Pg 237:27129#/eps at 100% *27129* Wed, Feb 13, 2002 10:07 AM Find more at C H A P T E R 9 N I N E Introduction to Economic Fluctuations The modern world regards business cycles much as the ancient Egyptians regarded the overflowing of the phenomenon recurs at intervals, it is of great importance to everyone, and natural causes of it are not in sight. — John Bates Clark, 1898 Economic fluctuations present a recurring problem for economists and policymakers. This problem is illustrated in Figure 9-1, which shows growth in real GDP for the . economy. As you can see, although the economy experiences long-run growth that averages about percent per year, this growth is not at all steady. Recessions—periods of falling incomes and rising unemployment—are frequent. In the recession of 1990, for instance, real GDP fell percent from its peak to its trough, and the unemployment rate rose to percent. During recessions, not only are more people unemployed, but those who are employed have shorter workweeks, as more workers have to accept part-time jobs and fewer workers have the opportunity to work overtime. When recessions end and the economy enters a boom, these effects work in reverse: incomes rise, unemployment falls, and workweeks expand. Economists call these short-run fluctuations in output and employment the business cycle. Although this term suggests that economic fluctuations are regular and predictable, they are not. Recessions are as irregular as they are common. Sometimes they are close together, such as the recessions of 1980 and 1982. Sometimes they are far apart, such as the recessions of 1982 and 1990. In Parts II and III of this book, we developed theories to explain how the economy behaves in the long run. Those theories were based on the classical dichotomy—the premise that real .
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