1. Lectures in Macroeconomics- Charles W. Upton A First Look at Business Cycles

2. Peaks and Troughs Peak Trough These periods are caused Business Cycles What Causes Them? And What Can (or Should) Be Done About Them?

3. A First Look at Business Cycles Counter-Cyclical and Pro-Cyclical Indicators

4. A First Look at Business Cycles The Labor Market S SR S LR D H* w*

5. A First Look at Business Cycles A Temporary Demand Decrease D’ S SR S LR D H’H* w* w’

6. A First Look at Business Cycles A Temporary Demand Decrease D’ S SR S LR D H’H* w* w’ Wages Down Hours of Work Down

7. A First Look at Business Cycles A Temporary Demand Decrease D’ S SR S LR D H’H* w* w’ Wages Down Hours of Work Down GDP = AK  L (1-  ) Down

8. A First Look at Business Cycles A Temporary Demand Decrease D’ S SR S LR D H’H* w* w’ Wages Down Hours of Work Down GDP = AK  L (1-  ) Down Obviously a temporary demand increase will have the opposite effect

9. A First Look at Business Cycles Counter-Cyclical and Pro-Cyclical Indicators

10. A First Look at Business Cycles Counter-Cyclical and Pro-Cyclical Indicators The model seems to fit the facts

11. A First Look at Business Cycles A Productivity Increase S SR S LR D H* w*

12. A First Look at Business Cycles A Productivity Increase D’ S SR S LR D H* H’ w* w’

13. A First Look at Business Cycles A Productivity Increase D’ S SR S LR D H* H’ w* w’ Wages Up Hours of Work Up GDP = AK  L (1-  ) Up

14. A First Look at Business Cycles A Productivity Increase D’ S SR S LR D H* H’ w* w’

15. A First Look at Business Cycles Counter-Cyclical and Pro-Cyclical Indicators Now Patience

16. A First Look at Business Cycles Getting Going S SR S LR D w H

17. A First Look at Business Cycles Patience S SR S LR D w H

18. A First Look at Business Cycles Stimulation S SR S LR D w H D`

19. A First Look at Business Cycles Stimulation S SR S LR D w H D` While there is something to this graph, life is not that simple

20. A First Look at Business Cycles Stimulation S SR S LR D w H D` While there is something to this graph, life is not that simple The course is not over

21. A First Look at Business Cycles End ©2004 Charles W. Upton. All rights reserved