Cover
title | : | Recessions and Depressions : Understanding Business Cycles |
author | : | Knoop, Todd A. |
publisher | : | Greenwood Publishing Group |
isbn10 | asin | : | 0275981622 |
print isbn13 | : | 9780275981624 |
ebook isbn13 | : | 9780313052118 |
language | : | English |
subject | Business cycles, Economic forecasting, Business cycles--United States--History, Business cycles--History--20th century. |
publication date | : | 2004 |
lcc | : | HB3711.K63 2004eb |
ddc | : | 338.5/42 |
subject | : | Business cycles, Economic forecasting, Business cycles--United States--History, Business cycles--History--20th century. |
Page i
Recessions and Depressions
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Recessions and Depressions
Understanding Business Cycles
Todd A.Knoop
Page iv
Library of Congress Cataloging-in-Publication Data
Knoop, Todd A.
Recessions and depressions: understanding business cycles/Todd A.Knoop.
p. cm.
Includes bibliographical references and index.
ISBN 0275981622 (alk. paper)
1. Business cycles. 2. Economic forecasting. 3. Business cyclesUnited
StatesHistory. 4. Business cyclesHistory20th century. I. Title
HB3711.K63 2004
338.5'42dc22 2004049569
British Library Cataloguing in Publication Data is available.
Copyright 2004 by Todd A.Knoop
All rights reserved. No portion of this book may be
reproduced, by any process or technique, without the
express written consent of the publisher.
Library of Congress Catalog Card Number: 2004049569
ISBN: 0-275-98162-2
First published in 2004
Praeger Publishers, 88 Post Road West, Westport, CT 06881
An imprint of Greenwood Publishing Group, Inc.
www.praeger.com
Printed in the United States of America
The paper used in this book complies with the
Permanent Paper Standard issued by the National
Information Standards Organization (Z39.481984).
10 9 8 7 6 5 4 3 2 1
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To my loving and supportive family: Deb, Edie, and Daphne
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In the middle of the last century, a great dispute arose among astronomers respecting one of the planets. Some, in their folly, commenced a war of words, and wrote hot books against each other; others, in their wisdom, improved their telescopes and soon settled the question forever. Education should imitate the latter.
Horace Mann, Lectures on Education (1855)
Page vii
Contents
Illustrations | ix |
Preface | xiii |
Part I:The Facts of Business Cycles | |
| Why Study Business Cycles? | |
| Describing Business Cycles | |
Part II:The Macroeconomic Theory of Business Cycles and Forecasting | |
| Early Business Cycle Theories | |
| Keynes and Keynesian Theory | |
| The Monetarist Model | |
| The Rational Expectations Model | |
| Real Business Cycle Models | |
| New Keynesian Models | |
| Macroeconomic Forecasting | |
Part III:Business Cycles in the United States | |
| The Great Depression | |
| Postwar Business Cycles in the United States | |
| A New Economy in the United States? | |
Part IV:Modern International Recessions and Depressions | |
| The East Asian Crisis | |
| Argentina and the Role of the International Monetary Fund | |
| The Great Recession in Japan | |
| Conclusions: What We Do and Do Not Know about Business Cycles | |
Page viii
Appendix: A Brief Comparison of Major Business Cycle Theories | |
Glossary | |
Bibliography | |
Index | |
Page ix
Illustrations
Figures
2.1 | Real GDP Growth, Recessions Noted (chained 1996 dollars) | |
2.2 | Average Duration of Expansions and Recessions | |
2.3 | Monthly Percentage Increases and Decreases in Industrial Production during Business Cycles | |
3.1 | Supply and Demand in the Cobweb Theory after a Temporary Fall in Supply | |
3.2 | Effects of a Tax on Labor Income on the Labor Market and Aggregate Demand and Supply | |
3.3 | Effects of a Tax on Savings (or Investment) on the Labor Market and Aggregate Demand and Supply | |
4.1 | A Decrease in the Price Level in Keyness Labor Market | |
4.2 | A Decrease in Aggregate Demand in Keyness Model | |
4.3 | Unemployment and Inflation Rates in the United States during the 1960s | |
4.4 | The Keynesian Phillips Curve. | |
4.5 | The Price Level, Nominal Wage, and Real Wage during the Great Depression | |
4.6 | Output Growth and Inflation, 19201940 and 19701990 | |
5.1 | The Effects of an Increase in the Money Supply in the Monetarist Model | |
5.2 | The Effects of Targeting an Output Level above the Natural Rate | |
5.3 | The Unemployment Rate and the Natural Rate of Unemployment | |
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5.4 | The Phillips Curve Tradeoff Changes as the Expected Price Level Increases | |
5.5 | Yearly Money Growth and Recessions | |
5.6 | Currency-to-Deposit and Excess Reserve-to-Deposit Ratios |
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