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Essay / Research Paper Abstract
This 4-page paper answers questions about the causes of recession. Bibliography lists 3 sources.
Page Count:
4 pages (~225 words per page)
File: AS43_MTcausrece.rtf
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Unformatted sample text from the term paper:
The "standard" definition of a recession is a decline of GDP (gross domestic product) over two or more consecutive quarters. However, the National Bureau of Economic
Research is more specific, pointing to a significant decline in economic activity across the economy that lasts more than a few months. The activity includes real GDP, real income, employment,
industrial production and wholesale-retail sales (NBER, 2008). Such recessions are a way of correcting economies; during contraction, plants reexamine inventory as spending drops. This is why the recession begins just
after the economy reaches its peak of activity, while ending as the economy reaches its trough (NBER, 2008). That gap between trough and peak is dubbed "expansion," which is, according
to NBER, a typical and normal state of the economy. "Most recessions are brief," NBER writes, "and they have been rare in recent decades."
Well, not really. The recent recession went a beyond the typical recessionary cycle. First, the economy was dragged down by a housing sector that collapsed, and all of
this was exacerbated by ever-tightening credit conditions (Strauss and Engel, 2009). Adding to this issue were increasing energy prices, which helped curtail spending (Strauss and Engel, 2009). This can also
be seen in jobs - though the economy started shedding jobs at the rate of around 81,900 a month, job losses accelerated to an average of 483,500 a month during
the last four months of 2008 (Strauss and Engel, 2009). In other words, the U.S. was definitely in a recession, but the financial crisis in September and October of 2008
exacerbated everything and everyone. Is it possible that the U.S. would have pulled out of the recession sooner had it not been
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