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Essay / Research Paper Abstract
A 4 page paper assessing the state of the US economy and the response of the Federal Reserve Board at the end of 2003. In a speech made to the American Economic Association in early January, 2004, Fed governor Ben S. Bernanke reviewed the state of the economy; provided rationale for the Fed’s actions in the recent past; and intimated that deviation from that course of action is unlikely in the near future. Bibliography lists 1 source.
Page Count:
4 pages (~225 words per page)
File: CC6_KSeconUS2003.rtf
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Unformatted sample text from the term paper:
Ben S. Bernanke is one of the twelve directors of the Federal Reserve Board, and addressed a conference hosted by the American Economic Association during the first week of
January, 2004. Mr. Bernanke is cautiously optimistic on the current state of the economy, and explains the reasoning behind recent actions of the Federal Open Market Committee (FOMC) in
establishing and upholding recent monetary policy. State of the Economy Mr. Bernanke asserts that the economy has not been in recession for some
time, stating that the "official" recession lasted only eight months and was contained in the closing months of 2001 and extending through much of 2002. Three economic shocks -
the fallout of the technology sector in 2000; the terrorist attacks of September 11, 2001; and the war in Iraq in 2003 - all contributed either to causing or extending
the recession that arrived after 2001s terrorist attacks. Mr. Bernanke cites several factors indicating that the economy is headed for full recovery, not
the least of which is that economic growth in 3Q2003 exceeded 8 percent on an annualized basis. Such a growth rate would be substantial in a developing nation whose
economy is developing as well; it is virtually unheard of in an economy the size of that of the US. Mr. Bernanke reports that both public and private forecasters
expect the US economy to grow at an annual rate of about 4 percent during 2004, another promising feature of the current recovery.
The greatest problem with the current recovery is that it appears to be, as was that following the last recession in 1991-1992, a "jobless recovery." Mr. Bernanke attributes this
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