Professional Documents
Culture Documents
Twelfth Edition (1 of 2)
PART IV
CONCEPTS AND
PROBLEMS IN
MACROECONOMICS
Copyright
Copyright©2017
2017Pearson
PearsonEducation,
Education,Inc.
Inc. 20-1
Copyright
Chapter 20
Introduction to
Macroeconomics
• Unemployment
The periods of the Great Depression and World Wars I and II show the largest fluctuations
in aggregate output.
2. What economics textbook is featured Source: From The Grapes of Wrath by John Steinbeck, copyright
in The Great Gatsby? 1939, renewed © 1967 by John Steinbeck. Used by permission of
Viking Penguin, a division of Penguin Group (USA) Inc. and Penguin
Hint: Go to
Group (UK) Ltd.
fairmodel.com.yale.edu/rayfair/pdf/2
000c.pdf.
Aggregate output in the United States since 1970 has risen overall, but there have been five
recessionary periods: 1974 I–1975 I, 1980 II–1982 IV, 1990 III–1991 I, 2001 I–2001 III, and
2008 I2009 II.
• The five recessionary reference periods show increases in the unemployment rate.
• Since 1970, inflation has been high in two periods: 1973 IV–1975 IV and 1979 I–1981 IV.