(billion 1987 dollars)
(1987=100)
(billion 1987 dollars)
Rate (percent)
| YEAR | Real GDP
(billion 1987 dollars) |
GDP Deflator
(1987=100) |
Potential Real GDP
(billion 1987 dollars) |
Unemployment
Rate (percent) |
| Episode 1: Negative Demand Shock | ||||
| 1929 | 821.8 | 12.5 | 885.9 | 3.2 |
| 1933 | 587.1 | 9.5 | 24.9 | |
| 1937 | 811.4 | 11.2 | 14.3 | |
|
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| Episode 2: Positive Demand Shock (episode used in class as example) | ||||
| 1949 | 1305.5 | 19.9 | 1603.9 | 5.9 |
| 1953 | 1685.5 | 22.0 | 2.8 | |
| 1954 | 1673.8 | 22.2 | 5.4 | |
|
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| Episode 3: Positive Demand Shock | ||||
| 1965 | 2470.5 | 28.4 | 2738.7 | 4.4 |
| 1969 | 2873.0 | 33.4 | 3.4 | |
| 1970 | 2873.9 | 35.2 | 4.8 | |
|
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| Episode 4: Negative Supply Shock | ||||
| 1979 | 3796.8 | 65.5 | 4026.7 | 5.8 |
| 1982 | 3760.3 | 83.8 | 9.5 | |
| 1984 | 4148.5 | 91.0 | 7.4 | |
|
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| Sources: All but the data for potential Real GDP are from James Gwartney and R. L. Stroup, Introduction to Economics: The Wealth and Poverty of Nations, (Harcourt Brace) 1994, Appendix B. Data for potential Real GDP are based on data from Robert Gordon, Macroeconomics, 1990, Appendix A. (Gordon's 1982 base year GDP deflator has been adjusted to 1987.) | ||||