文档介绍：RECESSIONS AND
DEPRESSIONS
Understanding Business Cycles
Second Edition
Todd A. Knoop
Professor of
Economics and Business
Cornell College
PRAEGER
An Imprint of ABC-CLIO, LLC
RECESSIONS AND
DEPRESSIONS
Copyright 2010 by Todd A. Knoop
All rights reserved. No part of this publication may be reproduced, stored in a
retrieval system, or transmitted, in any form or by any means, electronic,
mechanical, photocopying, recording, or otherwise, except for the inclusion of
brief quotations in a review, without prior permission in writing from the
publisher.
Library of Congress Cataloging-in-Publication Data
Knoop, Todd A.
Recessions and depressions : understanding business cycles /
Todd A. Knoop. — 2nd ed.
p. cm.
Includes bibliographical references and index.
ISBN 978–0–313–38163–8 (hard copy : alk. paper) — ISBN 978–0–313–38164–5
(ebook)
1. Business cycles. 2. Economic forecasting. 3. Business cycles—United States—
History. 4. Business cycles—History—20th century. I. Title.
2010
’42—dc22 2009036152
1413121110 12345
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An Imprint of ABC-CLIO, LLC
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To my family with all my love:
Deb, Edie, and Daphne.
In the middle of the last century, a great dispute arose among astron-
omers respecting one of the s. Some, in their folly, commenced
a war of words, and wrote hot books against each other; others, in
their wisdom, improved their telescopes and soon settled the ques-
tion forever. Education should mitigate the latter.
Horace Mann, Lectures on Education (1855)
Contents
List of Figures ix
List of Tables xi
Preface xiii
Part I: The Facts of Business Cycles 1
1 Why Study Business Cycles? 3
2 Describing Business Cycles 11
Part II: The Macroeconom