Recessions, Expansions, and the Debate over How to Manage Them
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Flashcards about recessions, expansions, and how to manage them.
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7 Terms
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Recessions
Short-term economic downturns typically characterized by declines in real GDP growth and increases in the unemployment rate.
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Macroeconomic policy
Governmental acts that influence the macroeconomy
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Fiscal policy
Comprises the use of the government's budget tools to influence the macroeconomy
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Monetary policy
Involves adjusting the money supply to influence the macroeconomy
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Classical Economics
Adjustment toward long-run equilibrium will happen naturally; Prices are flexible.
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Keynesian Economics
Adjustment will be long and occur unpredictably with many delays; prices are sticky
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Supply shock
An unexpected, exogenous event that abruptly shifts SRAS
Note 
Flashcards (28)