Chapter

Shocks and Responses in Major Fluctuations

Christopher Dow

in Major Recessions

Published in print October 2000 | ISBN: 9780199241231
Published online November 2003 | e-ISBN: 9780191596179 | DOI: http://dx.doi.org/10.1093/0199241236.003.0005
 Shocks and Responses in Major Fluctuations

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This chapter discusses how the economy behaves in the course of major fluctuations. The detailed case studies of individual major recessions in Part II of the book suggest extensions to the standard account of the economic response to shocks. These are expounded in Sect. 5.1, which thus completes the theoretical introduction to the case studies provided in Part I. Section 5.2 is primarily empirical and tests statistical indicators of some main types of shock, and Sect. 5.3 uses this material to give a summary characterization of large and small fluctuations. Appendix A5 gives new estimates of fiscal policy impact.

Keywords: economic response; fiscal impact; fiscal policy; fluctuations; recession; shock

Chapter.  15140 words.  Illustrated.

Subjects: Macroeconomics and Monetary Economics

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