Term
| What was one of the first organizations to investigate the business cycle? |
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Definition
| The National Bureau of Economic Research |
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Term
| Who officially determines whether the economy is in a recession or expansion? |
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Definition
| The National Bureau of Economic Research |
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Term
| The tendency of many different economic variables to have regular and predictable patterns over the business cycle is called what? |
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Definition
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Term
| The tendency for declines in economic activity to be followed by further declines, and for growth in economic activity to be followed by more growth is called what? |
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Definition
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Term
| The idea that the business cycleis recurrent means what? |
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Definition
| The standard pattern of contraction-trough-expansion-peak occurs again and again in industrial economies |
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Term
| Inflationary expectations are best measured how? |
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Definition
| regular bond interest rate - TIPS interest rate |
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Term
| How long ago have the "ups" and "downs" of economic activity been observed? |
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Definition
| They existed as far back as 235AD with the invasion of the Roman Empire |
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Term
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Definition
| Macroeconomic variables that tend to move in the same direction over time. |
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Term
| What terms are used to describe the timing of cyclical changes in economic variables? |
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Definition
| leading, coincident, and lagging |
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Term
| What terms are used to describe the way a variable moves in terms of direction when economic activity is rising or falling? |
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Definition
| procyclical and countercyclical |
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Term
Procyclical or countercyclical?
Unemployment |
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Definition
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Term
Procyclical or countercyclical?
Consumption expenditure |
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Definition
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Term
Procyclical or countercyclical?
Inflation |
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Definition
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Term
Procyclical or countercyclical?
Nominal Interest Rates |
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Definition
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Term
During the Great Depression, real GDP declined by how much?
During the 1973-1975 recession, real GDP declined by how much? |
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Definition
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Term
During the Great Depression, the unemployment rate reached what percent?
During the 1973-1975 recession, the unemployment rate reached what percent ? |
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Definition
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Term
| Great Depression Statistics |
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Definition
Real GDP fell 39%
Real consumption fell 29%
Unemployment rate went from 3.2% to 25%
50% of banks went bankrupt
Amount of bank deposits fell 50% |
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