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Part of the Advanced Studies in Theoretical and Applied Econometrics book series (ASTA, volume 10)


“The data which we will release to the press tomorrow show that unemployment rose by three-tenths of a percent last month.” This cryptic sentence in a report from the Labor Department to the White House is the first notice that a downturn may be occurring in the economy. How long will it take for the government to decide to take action to stem the rise in unemployment? Then how long will it take for the economy to respond to the government’s initiative so that unemployment declines again?


Interest Rate Monetary Policy Fiscal Policy Federal Reserve Money Supply 
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© Martinus Nijhoff Publishers, Dordrecht 1988

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