2. Figure 2 discusses business cycles. While peaks and troughs of economic activity are a normal part

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2. Figure 2 discusses business cycles. While peaks and troughs of economic activity are a normal part of the business cycle, recessions are not. They represent a failure of economic policy. Go to www.econlib.org

/library/Enc/Recessions.html and review the material reported on recessions.

a. What is the formal definition of a recession?

b. What are the problems with the definition?

c. What are the three Ds used by the National Bureau of Economic Research (NBER) to define a recession?

d. Review Chart 1. What trend is apparent about the length of recessions?

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The Economics Of Money Banking And Financial Markets

ISBN: 9780321122353

7th Edition

Authors: Frederic S. Mishkin

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Question Posted: Jul 26, 2024 10:00 AM

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2. Figure 2 discusses business cycles. While peaks and troughs of economic activity are a normal part

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The Economics Of Money Banking And Financial Markets

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