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Tutorial 4: Business Cycle - Week 4A. Lecture: (10 min)
- Introduction to the different business cycles
Assignment 1: business cycle
a) Draw a graph (line) for the business cycle and describe the four stages.
Peak: highest point of the business cycle: boom
Trough: lowest point of the business cycle: depression
Recovery: expansionary phase or upturn in the business cycle leading to a peak
Recession: downturn in the business cycle leading to a trough
b) What is the difference between the Kitchin, Juglar and Kondratieff business
cycle, in terms of duration and explanation?
c) What is the exact definition of a recession?
2 quarters negative growth GDP
d) Explain what happens to the following variables during an economic boom and
during a recession ( or ).
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