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Consider the following four recessions. Use the data below (average annual rates) to identify them as either Aggregate Demand (AD) or Aggregate Supply (AS) episodes.

Consider the following four recessions. Use the data below (average annual rates) to identify them as either Aggregate Demand (AD) or Aggregate Supply (AS) episodes. Real Inflation Country/ Year Output Growth Rate AD AS Belgium 2007-08 2. 18 3. 1% Belgium 2009 - 2 . 3 -0 . 1 Japan 2007-08 0 . 3 0 . 7 Japan 2009 -5. 4 -1 . 4 Ukraine 2010-12 2.0 5 .9 Ukraine 2013-15 -5.4 20.2 1 1 Venezuela 2011-13 3. 7 30.3 Venezuela 2014-16 -8. 7 141 . 0

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