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Macroeconomics Lecture Slide

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Macroneconomics Lecture slide for college class by Professor. Textbook was written by Mishkin.
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  CHAPTER 8 BUSINESS CYCLES: AN INTRODUCTION Intermediate Macroeconomics, Fall 2014 Professor Todd Keister  What is the “business cycle”?  There are clean patterns in aggregate activity  changes in GDP over time are not purely random  many businesses experience “good” or “bad” conditions at the same time  Definition of the business cycle:  fluctuations in aggregate economic activity …  … in which many economic activities expand and contract together …  … in a recurring fashion  “output gap” trend (think of Solow, Romer)   In the U.S., business cycles are dated by the National Bureau of Economic Research (NBER)  private, non-profit group  Use multiple criteria  including judgment (no strict rules)  Turning points are dated after the fact  i.e., announce that recession ended 6 months ago

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