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Essay / Research Paper Abstract
A 12 page paper in two sections. The first discusses how National Bureau of Economic Research determines the presence of recession and dates when it begins and ends. The second section discusses the structure and function of the Federal Reserve, focusing on the action of the Federal Open Market Committee (FOMC) that meets quarterly to determine whether it will change interest rates. The action of the Fed seeks to place a glove over Adam Smith's "invisible hand," not seeking to change the action of that hand but only soften the effects of its movement. It directly contributes to the stability of the nation's economy and by extension to the nation itself. Bibliography lists 4 sources.
12 pages (~225 words per page)
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Unformatted sample text from the term paper:
Regardless of what we want to call it and despite efforts to alter it, the business cycle remains in full function if in different form than in times past.
Changes have been so dramatic that in 1969 Nobel economist Paul Samuelson proclaimed the business cycle to be dead. By 1973, the entire world was in deep recession
in response to the international oil crisis. The business cycle remains, though it certainly has undergone changes in the past two decades or
so, particularly in the 1990s. In any event, we can expect that business will grow and flourish, appearing to momentarily escape "the invisible hand" that Adam Smith described, only
to contract and regroup in preparation for the next round. The Business Cycle What It Is The business cycle follows the path of
the "boom and bust" pattern. If plotted on a graph, a line drawn from a business high to a business low and back again would reveal a fairly regular
pattern of a valley followed by a peak, which is followed by a valley that in turn is followed by yet another peak.
This is a high-level view, and one that works only in retrospect. As example, it is difficult to accurately proclaim when the nations economy is at either the top
of the curve or at the bottom, because the economy could experience additional growth or sink lower than it is at the time individuals begin thinking it cannot possibly drop
lower. The committee states that although the financial press recognizes the presence of recession as two consecutive quarters of decline, that is only a pattern of the past and