A Historical Review of Financial Crisis in the United States

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>An american Macroeconomist Fudan University Professor Harvard University Professor Chairman of the Central bank Professor mankiw

An American Macroeconomist Fudan University Professor Harvard University Professor Chairman of the Central Bank

Price a series of Level shock caused Aggregate Supply AD to decline moved the economy down Aggregate along an Demand upward-sloping 0 Quantity of Output AS curve unemployment and deflation Analyze

* i f Price Level a series of shock caused Aggregate Supply Level AD to decline *moved the economy down l Aggregate Demand along an upward-sloping Demand Quantity of Output 0 AS curve. *unemployment and deflation *

Stick wage Stick Price Levet High Unemploy ment *Classical Economics Theory

Sticky wage Sticky Price Level High Unemploy ment *

Recession Period wage Price level unemployment *Classical Economics Theory

• wage • Price level • unemployment *

Recession Period *Classical Economics Theory

*

Table 2 Decomposition of the Change in GNP in the United States in Recessions Fraction of the Chunge in GNP Accounted or by Percentage ntenlory Fixed Net Governmen Yea Change in GNP Consumption InvestmentInvestment Exports Purchase 1904 -0.76 0.66 0.01 1908 0.56 0.35 0.05 0.10 1914 79 0.12 0.23 0.63 0.09 0.08 1917 2.4 0.66 0.74 0.74 0.26 1.40 1920 L. -292 1.71 0.68 1.44 4.88 l921 2.56 0.51 0.43 0.5 l930 -9.3 0.46 0.24 0.38 0.10 1931 -6.2 0.38 0.03 0.62 0.06 0.09 1932 15.8 0.50 0.20 0.26 0.01 0. 1933 0.66 0.04 0.19 0.09 -5.5 0.22 0.94 0.38 Sources and Notes: The data on real GNP and its components are from Kendrick(1961, Table A-Ila Pp 293-295). The table shows the decomposition of the change in GNP for all years between 1900 and 1942 in which Gnp declined. The rows may not sum to one because of rounding