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Title: Gummerson Principles of Macro Notes
Description: Notes from when I took Principles of Macroeconomics with Alan Gummerson at FIU. I easily aced the class Chapter Numbers refer too Paul Krugman's Macro textbook. Blue lines refer too what the professor said, black to powerpoint slides.
Description: Notes from when I took Principles of Macroeconomics with Alan Gummerson at FIU. I easily aced the class Chapter Numbers refer too Paul Krugman's Macro textbook. Blue lines refer too what the professor said, black to powerpoint slides.
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8/30/13
Macroeconomics Notes Ch
...
2
Fending off Depression
In 2008, the world economy experienced a severe financial crisis that was all too reminiscent of the
early days of The Great Depression
...
Why?
At least part of the answer is that policy makers responded very differently
During the Great Depression it was widely argued that the slump should simply be allowed to run
its course
Unfortunately thee purging lasted a decade and did not end because the recession fixed itself, but
because the war caused the government to spend
In the early 1930’s some countries monetary authorities actually raised interest rates in the face of
the slump, while governments cut spending and raised taxes-actions that deepened the recession
In the aftermath of the 2008 crisis, by contrast, interest rates were slashed, and a number of
countriees, including the US, used temporary increases in spending and reduction in taxes to sustain
spending
...
Then
Obama input the TARP funds (buying toxic mortgage assests) and the Stimulus AARA or
something
As bad as we are today we are not as bad as the European economy which tried to attack the
European deficits, so now spain has a 25% Unemployment rate
Business cycle is the short run alteration between economic downturns and economic upturns
Recessions are periods of economic downturns when output and employment are falling
...
1%
In the US the task is decided by an independent panel of experts at the National Bureau of
Economic Research (NBER)
...
2001 was the Y2K recession, caused by the fall of investment in hardware and software
...
This is also called the
...
com stocks
The Big Lebowski
Title: Gummerson Principles of Macro Notes
Description: Notes from when I took Principles of Macroeconomics with Alan Gummerson at FIU. I easily aced the class Chapter Numbers refer too Paul Krugman's Macro textbook. Blue lines refer too what the professor said, black to powerpoint slides.
Description: Notes from when I took Principles of Macroeconomics with Alan Gummerson at FIU. I easily aced the class Chapter Numbers refer too Paul Krugman's Macro textbook. Blue lines refer too what the professor said, black to powerpoint slides.