Fluctuations in the Level of Employment and the Role of the Government
We have now developed a simple macro-model of the economy. What we have sought to explain are the cyclical fluctuations depicted by the broken line in the following diagram. The upward trend of the unbroken line represents secular growth (see Chapters 19 and 20).
KeywordsMonetacy Policy Trade Cycle National Income Full Employment Cyclical Fluctuation
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