An analysis of the impact of the September 11th terrorist attack on the U.S. economy.
Written in 2006; 1,300 words; 11 sources; APA; $ 43.95
Paper Summary:
This paper studies how the terror attacks on September 11th affected the U.S. economy and the response of its fiscal policy. The author examines several contributing factors: (1) U.S. monetary policy; (2) fiscal policy; (3) supply side theory/policy; (4) inflation; (5) unemployment and (6) business cycles. In each of these areas, the paper demonstrates how monetary and fiscal policy worked together to provide ample and rapid stimulus during the economic downturn. The paper also contends that the impact of 9/11 on overall aggregate demand was mitigated somewhat by the increase in government spending aimed at bolstering homeland security and fighting the wars in Afghanistan and Iraq.
Introduction
Monetary Policy
Fiscal Policy
Supply Side Theory/Policy
Inflation
Unemployment
Business Cycle
From the Paper:
"After 9/11, the Fed injected liquidity into the Federal Reserve System as a stabilizing measure. As evidence, one need only look at the statistics released by the Fed at or around 9/11. Every Thursday, The Fed releases a spread sheet to the public that describes factors affecting balance reserves. On September 5, 2001, the face amount of marketable U.S. government and federal agency securities held in custody by the Federal Reserve Banks for foreign official and international accounts was $719,895 million, a change of $ +3,191 million for the week. On September 12, 2001, the face amount of marketable U.S. government and federal agency securities held in custody by the Federal Reserve Banks for foreign official and international accounts was $ 721,991 million, a change of $ +2,096 million for the week. On September 19, 2001, the face amount of marketable U.S. government and federal agency securities held in custody by the Federal Reserve Banks for foreign official and international accounts was $727,796 million, a change of $ +5,913 million for the week. As demonstrated, the Fed injected an additional $7,901 million in securities into the system to cope with the looming threat of recession caused by 9/11."
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