Business cycles: phases, indicators, measures, economic evolution, outlooks

Read the two articles below and do some of your own research on current macro-economic conditions and the business cycle. Use the CyberLibrary or Internet search engines. National economic data are available from the U.S. Department of Commerce, Bureau of Economic Analysis www.bea.gov .

Yellen, Janet L. (2009). The Outlook for 2009: Economic Turmoil and Policy Responses, President’s Speech: Presentation to the Financial Women’s Association. Federal Reserve Bank of San Francisco. Accessed February 16, 2011. This is an interesting recent historical article that still holds true in today’s economy.
1. The US is currently recovering from its worst recession in over 25 years. Most economists consider the rapid rise in housing prices (the bubble) and the subsequent collapse in that market to be the primary cause of the recession. Explain what housing market circumstances were responsible for the collapse of that market.

2. Economists classify macro-economic indicators as leading, lagging, or coincident. Define each classification and give two examples of each, relating them to the recession that began in 2007 and the recovery that is now under way.

3. All major economic indicators show the United States is recovering from the recession but that the process is not as strong as previous recoveries have been. If you were the President what would you do right now to help the economy recover so that the unemployment rate decreases faster than it has over the past two years?

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