AP_Krugman_Textbook
Depression. Figure 34.7 shows the interest rate on short-term U.S. government debt from 1920 to January 2010. As you can see, st ...
module 34 Inflation and Unemployment: The Phillips Curve 341 Section 6 Inflation, Unemployment, and Stabilization Policies Bank ...
342 section 6 Inflation, Unemployment, and Stabilization Policies Consider the accompanying diagram. a. What is the nominal in ...
What you will learn in this Module: Why classical macroeconomics wasn’t adequate for the problems posed by the Great Depression ...
344 section 6 Inflation, Unemployment, and Stabilization Policies The Business Cycle Classical economists were, of course, also ...
effects of shifts in aggregate demand on aggregate output, rather than the long -run de- termination of the aggregate price leve ...
Keynes’s ideas have penetrated deeply into the public consciousness, to the extent that many people who have never heard of Keyn ...
non - Keynesian economists who urged him to balance the budget and raise interest rates, even though the economy was still depre ...
348 section 6 Inflation, Unemployment, and Stabilization Policies Monetary policy, in contrast, does not involve such choices: w ...
economy also apply to discretionary monetary policy. Friedman’s solution was to put monetary policy on “autopilot.” The central ...
Traditional monetarists are hard to find among today’s macroeconomists. As we’ll see later, however, the concern that originally ...
macroeconomic analysis, and it convinced the great majority of economists that the natural rate hypothesis was correct. In contr ...
Rational Expectations In the 1970s, a concept known as rational expectationshad a powerful impact on macro- economics.Rational e ...
module 35 History and Alternative Views of Macroeconomics 353 Section 6 Inflation, Unemployment, and Stabilization Policies grow ...
354 section 6 Inflation, Unemployment, and Stabilization Policies Tackle the Test: Multiple-Choice Questions Which of the follo ...
What you will learn in this Module: The elements of the modern macroeconomic consensus The main remaining disputes module 36 T ...
changes in the money supply affect only aggregate prices, not aggregate output, has few supporters today. The view once held by ...
that tax cuts and spending increases are at least somewhat effective in increasing aggre- gate demand. Many, but not all, macroe ...
should it be given discretion to manage the economy as it sees fit? Should the central bank consider the management of asset pri ...
The alternative view warns that after a bubble bursts—after overvalued asset prices fall to earth—it may be difficult for moneta ...
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