Business Cycles since World War II
- Why these steep and sudden rises in the unemployment rate?
- Not due to any sudden outbreak of laziness.
- Federal Reserve exists to manage--and try to prevent--such episodes.
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.J. Bradford DeLong, Professor of Economics at U.C Berkeley, a Research Associate of the NBER, a Visiting Scholar at the Federal Reserve Bank of San Francisco, and Chair of Berkeley's Political Economy major.
It's the summer. No regular office hours. Emailing delong@econ.berkeley.edu for an appointment also produces good results.
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To be added...
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We have these steep and sudden rises in unemployment because of intervention by the Fed.
One man, even with a Board of Governors, cannot manage complex economic systems....(if you think you can, you would have loved living under Stalin).
Posted by: fred allison | July 22, 2008 at 11:50 AM