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Chapter 23
Business Fluctuations
and the Theory
of Aggregate Demand
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T-167
Figure 23-1
Business Fluctuations Have Been a
Persistent Feature of Capitalism
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A Business Cycle,Like the Year,
Has Its Seasons
T-168
Figure 23-2
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Business Activity Since 1919
T-169
Figure 23-3
Source,Federal Reserve Board,detrended by authors
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A Decline in Aggregate Demand
Leads to an Economic Downturn
T-170
Figure 23-4
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How Have Professional
Forecasts Performed?
T-171
Figure 23-5
Source,Step n McNees,New England Economic Review,July 1992
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Components of Aggregate Demand
T-172
Figure 23-6
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Movement along vs,
Shifts of Aggregate Demand
T-173
Figure 23-7