Macroeconomics: Historical Perspective

Paper Summary:

This paper examines some of the major economic occurrences between 1960 and 2000. It briefly examines the oil shocks of the 1970s and the Savings and Loan crisis and the extremely high inflation and unemployment rates during the early 1980s. Finally, the paper analyzes the Phillips curve as a method of gaining further insight into economic data (as opposed to simply relying on broad spectrum data such as the gross domestic product (GDP)).

Table of Contents:
Abstract
Macroeconomics: Historical Perspective
Overview
Fiscal Policy
Inflation & Recession
Conclusion

From the Paper:

"The Phillips curve takes on greater importance because according to the Phillips curve, inflation in the long-term is determined strictly by a corresponding growth in the supply of money (Yang, 1992). In the Phillip's curve inflation (I) is factored against unemployment (U) to produce an inverse relationship where price (P) and output (O) are inter-related. Thus, a more accurate economic model can be constructed that accounts for more than simply GDP rates which, according to the data, if taken independently, show nothing but a strong performing economy since 1960."

Sample of Sources Used:

• Carlson, J. A. (2002). Output Effects of Disinflation with Staggered Price Setting. Southern Economic Journal, 68(4), 947+.
• Fuhrer, J. C. (1995). The Phillips Curve Is Alive and Well. 41+.
• Krane, S. (2003). An Evaluation of Real GDP Forecasts: 1996-2001. Economic Perspectives, 27(1), 2+.
• Mcmillin, W. D. (2001). The Effects of Monetary Policy Shocks: Comparing Contemporaneous versus Long-Run Identifying Restrictions. Southern Economic Journal, 67(3), 618.
• Monetary Policy, Financial Liberalization and Asset Price Inflation. (1993). 81+.

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