Economics 397GR - ST-TheGreatRecession:2008-?
Spring
2017
01
3.00
Ozgur Orhangazi
M W 4:00PM 5:15PM
UMass Amherst
21236
The US economy entered its most serious post-war recession in 2007.
Five years later, unemployment remains high with nearly 7 million fewer jobs than when the recession began. Its magnitude and duration make this great recession a problem for economic policy and theory. In contrast with the failed policies of the Federal Reserve and Hoover Administration in the early 1930s, the Bernanke Federal Reserve and the Obama Administration have conducted aggressive monetary and fiscal policy which stanched the bleeding and stopped the collapse before reaching the dimensions of the Great Depression of the 1930s, without promoting a sustained recovery. We will discuss the appropriate economic policy for the United States and its major trading partners and consider the implications of the Great Recession for our understanding of macroeconomic theory.
Five years later, unemployment remains high with nearly 7 million fewer jobs than when the recession began. Its magnitude and duration make this great recession a problem for economic policy and theory. In contrast with the failed policies of the Federal Reserve and Hoover Administration in the early 1930s, the Bernanke Federal Reserve and the Obama Administration have conducted aggressive monetary and fiscal policy which stanched the bleeding and stopped the collapse before reaching the dimensions of the Great Depression of the 1930s, without promoting a sustained recovery. We will discuss the appropriate economic policy for the United States and its major trading partners and consider the implications of the Great Recession for our understanding of macroeconomic theory.
Open only to PRIMARY majors in Econ, Res Econ, and STPEC until November 14th, then open to all Econ, Res Econ, and STPEC majors until November 16th, then open to all majors.