September 10
Judging Downturns II
The discussion of how severe the recession is that strated on September 9 continues.
Textbook References:
Chapter 23 “Measuring a Nation’s Income”
Pages 614-623 “Identifying Unemployment”
Pages 740-742 “Three Key Facts About Economic Fluctuations”
September 9
Judging Downturns
The current recession is not nearly as bad as the Great Depression.
Textbook References:
Chapter 23 “Measuring a Nation’s Income”
Pages 614-623 “Identifying Unemployment”
Pages 740-742 “Three Key Facts About Economic Fluctuations”
May 29
Keeping Things in Perspective
A chart shows that the current crisis is no worse than many other downturns and nowhere near as bad as the Great Depression.
Textbook References:
Pages 518-519 “Real GDP Over Recent History”
Feb. 12
Who Bears the Burden of Downturns?
Jonathan Parker and Annette Vissing-Jorgensen argue that the consumption of high-consumption households fluctuates more than that of low-consumption households.
Textbook References:
Chapter 20 “Income Inequality and Poverty”
Page 515 “The Components of U.S. GDP”
Pages 740-742 “Three Key Facts about Economic Fluctuations”
Jan. 7
Varian on Stimulus
There is a link to an editorial by Hal Varian that suggests the fiscal stimulus should be transfers to state governments and subsidies for private investment.
Textbook References:
Pages 248-249 “State and Local Government”
Pages 512-515 “The Components of GDP”
Pages 787-793 “How Fiscal Policy Influences Aggregate Demand”
Pages 793-796 “Using Policy to Stabilize the Economy”