Survey
* Your assessment is very important for improving the workof artificial intelligence, which forms the content of this project
* Your assessment is very important for improving the workof artificial intelligence, which forms the content of this project
Figure 14.1: The evolution of real GDP in some Western countries Source: See Table 14.2. ©The McGraw-Hill Companies, 2005 Slide 1/1 Figure 14.1: The evolution of real GDP in some Western countries Source: See Table 14.2. ©The McGraw-Hill Companies, 2005 Slide 1/2 Figure 14.1: The evolution of real GDP in some Western countries Source: See Table 14.2. ©The McGraw-Hill Companies, 2005 Slide 1/3 Figure 14.2: Unemployment and political extremism in Germany, 1924–1933 Sources: Unemployment rate from B.R. Mitchell, International Historical Statistics, Europe 1750–1988, Macmillan, New York, 1993. Nazi vote share from Richard F. Hamilton, Who Voted for Hitler?, Princeton University Press, 1982. ©The McGraw-Hill Companies, 2005 Slide 1/4 Table 14.1: US business cycle expansions and contractions ©The McGraw-Hill Companies, 2005 Slide 1/5 Table 14.1: US business cycle expansions and contractions 1. The duration of the full business cycle is measured from trough to trough. 2. December 1854 to December 1914. 3. March 1919 to June 1938. 4. October 1945 to November 2001. ©The McGraw-Hill Companies, 2005 Source: National Bureau of Economic Research. Slide 1/6 Figure 14.3: Real GDP and its underlying trend Source: See Table 14.2. ©The McGraw-Hill Companies, 2005 Slide 1/7 Figure 14.3: Real GDP and its underlying trend Source: See Table 14.2. ©The McGraw-Hill Companies, 2005 Slide 1/8 Figure 14.3: Real GDP and its underlying trend Source: See Table 14.2. ©The McGraw-Hill Companies, 2005 Slide 1/9 Figure 14.4a: Cycles in real GDP in the United Kingdom, United States and Denmark Source: Own calculations, based on the sources underlying Table 14.2. Source: Own calculations, based on the sources underlying Table 14.2. ©The McGraw-Hill Companies, 2005 Slide 1/10 Figure 14.4a: Cycles in real GDP in the United Kingdom, United States and Denmark Source: Own calculations, based on the sources underlying Table 14.2. ©The McGraw-Hill Companies, 2005 Slide 1/11 Figure 14.4a: Cycles in real GDP in the United Kingdom, United States and Denmark Source: Own calculations, based on the sources underlying Table 14.2. ©The McGraw-Hill Companies, 2005 Slide 1/12 Figure 14.4b: Cycles in real GDP in Finland, Belgium and the Netherlands Source: Own calculations, based on the sources underlying Table 14.2. ©The McGraw-Hill Companies, 2005 Slide 1/13 Figure 14.4b: Cycles in real GDP in Finland, Belgium and the Netherlands Source: Own calculations, based on the sources underlying Table 14.2. ©The McGraw-Hill Companies, 2005 Slide 1/14 Figure 14.4b: Cycles in real GDP in Finland, Belgium and the Netherlands Source: Own calculations, based on the sources underlying Table 14.2. ©The McGraw-Hill Companies, 2005 Slide 1/15 Table 14.2a: Macroeconomic volatility in the United Kingdom and the United States 1 Standard deviation relative to standard deviation of GDP. 2 Includes both private and public investment. Note: Based on quarterly data from 1956Q1 to 2003Q4. 24 end-point observations excluded. ©The McGraw-Hill Companies, 2005 Sources: UK Office for National Statistics, Ecowin and Datastream. Slide 1/16 Table 14.2a: Macroeconomic volatility in the United Kingdom and the United States 1 Standard deviation relative to standard deviation of GDP. Note: Based on quarterly data from 1947Q1 to 2003Q4. 24 end-point observations excluded. Sources: Bureau of Economic Analysis, Bureau of Labor Statistics, Federal Reserve Bank of St. Louis. ©The McGraw-Hill Companies, 2005 Slide 1/17 Table 14.2b: Macroeconomic volatility in Denmark and Finland 1 Standard deviation relative to standard deviation of GDP. Note: Based on quarterly data from 1971Q1 to 2003Q2. 24 end-point observations excluded. ©The McGraw-Hill Companies, 2005 Sources: Danmarks Nationalbank and Ecowin. Slide 1/18 Table 14.2b: Macroeconomic volatility in Denmark and Finland Sources: Statistics Finland and Bank of Finland. ©The McGraw-Hill Companies, 2005 Slide 1/19 Table 14.2c: Macroeconomic volatility in Belgium and the Netherlands 1 Standard deviation relative to standard deviation of GDP. Note: Based on quarterly data from 1980Q1 to 2003Q4. 24 end-point observations excluded. ©The McGraw-Hill Companies, 2005 Sources: Statistics Netherlands, De Nederlandse Bank and Ecowin. Slide 1/20 Table 14.2c: Macroeconomic volatility in Belgium and the Netherlands 1 Standard deviation relative to standard deviation of GDP. Note: Based on quarterly data from 1980Q1 to 2003Q4. 24 end-point observations excluded. ©The McGraw-Hill Companies, 2005 Sources: Belgostat, Banque Nationale de Belgique and Ecowin. Slide 1/21 Table 14.3a: Macroeconomic correlations, leads and lags in the United Kingdom and the United States Note: Based on quarterly data from 1947Q1 to 2003Q4. 24 end-point observations excluded ©The McGraw-Hill Companies, 2005 . Sources: See Table 14.2. Slide 1/22 Table 14.3a: Macroeconomic correlations, leads and lags in the United Kingdom and the United States Note: Based on quarterly data from 1947Q1 to 2003Q4. 24 end-point observations excluded. ©The McGraw-Hill Companies, 2005 Sources: See Table 14.2 . Slide 1/23 Table 14.3b: Macroeconomic correlations, leads and lags in Denmark and Finland Note: Based on quarterly data from 1971Q1 to 2003Q2. 24 end-point observations excluded. ©The McGraw-Hill Companies, 2005 Sources: See Table 14.2. Slide 1/24 Table 14.3b: Macroeconomic correlations, leads and lags in Denmark and Finland Note: Based on quarterly data from 1974Q1 to 2003Q1. 24 end-point observations excluded ©The McGraw-Hill Companies, 2005 . Sources: See Table 14.2 . Slide 1/25 Table 14.4c: Macroeconomic persistence in Belgium and the Netherlands Note: Based on quarterly data from 1980Q1 to 2003Q4. 24 end-point observations excluded. ©The McGraw-Hill Companies, 2005 Sources: See Table 14.2. Slide 1/26 Table 14.4c: Macroeconomic persistence in Belgium and the Netherlands Note: Based on quarterly data from 1980Q1 to 2003Q4. 24 end-point observations excluded. ©The McGraw-Hill Companies, 2005 Sources: See Table 14.2. Slide 1/27 Figure 14.5: The US output gap and its components estimated by the production function method Source: OECD, Economic Outlook Database. ©The McGraw-Hill Companies, 2005 Slide 1/28 Figure 14.5: The US output gap and its components estimated by the production function method Source: OECD, Economic Outlook Database. ©The McGraw-Hill Companies, 2005 Slide 1/29 Figure 14.6: Alternative measures of the US output gap: the simple HP filter versus the production function method Source: OECD, Economic Outlook Database. ©The McGraw-Hill Companies, 2005 Slide 1/30 Figure 14.7: The US output gap estimated by the HP filter: the importance of the choice of λ Source: OECD, Economic Outlook Database. ©The McGraw-Hill Companies, 2005 Slide 1/31 Figure 14.8: Aggregate supply and aggregate demand ©The McGraw-Hill Companies, 2005 Slide 1/32