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chapter 12 econ

QuestionAnswer
economic fluctuations or business cycles short run changes in the growth of gdp
recession episodes of negative economic growth lasting at least two quarters in real GDP
expansion period of positive growth. periods between recessions. begin at end of one recession and continue until start of next recession
economic fluctuation 3 key properties co movement of many macroeconomic variables, limited predictability of fluctuations, and persistence in the rate of economic growth.
co movement many aggregate macroeconomic variables grow or contract together during booms and busts, exhibiting a pattern of positive or negative co movement.
limited predicatbility recessions and expansion do not follow a repetitive, easily predictable pattern. makes forecasting expansion and recession time impossible
persistence Economic growth is persistent, not random. When an economy is growing, it will keep growing the following quarter. when contracting, it keeps contracting the following quarter.
forecasting the business cycle published monthly by Conference board,. Aims to forecast changes in the economic activity 6-9 months in the future. used in planning business and government, not perfect.
labor demand shifts left at start of recession due to fall in output prices, decrease in output demand, decrease in labor productivity, a rise in other input prices
3 diff schools of thought of the sources of economic fluctuations real business cycle theory, keynesian theory, financial and monetary theory
real business cycle theory emphasizes changes in productivity and technology. both growth and business cycles are caused by supply shocks. tech advances & productivity enhancing innovation cause expansion. input price increase, like oil, cause recessions.
keynesian theory focuses on changes in expectations of the future.
financial and monetary theory whose main proponent is milton friedman, looks at changes in prices and interest rates
multipliers can amplify the effects of any economic shock, regardless of its source
Created by: user-1742075
 

 



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