Economic Fluctuations I FIRST STEPS What are recessions? What causes them? Why do they end? A role for government? This morning’s headlines First key idea of the theory of economic fluctuations Recessions and “booms” are departures of real GDP from potential GDP
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Note that the AE line shifts up and down if G or I or Xchange (question: what is the effect of the Asian financial crisis on AE in the United States?)