Pub. date: 2010 | Online Pub. Date: May 25, 2010 | DOI: 10.4135/9781412979290 | Print ISBN: 9781412961424 | Online ISBN: 9781412979290| Publisher:SAGE Publications, Inc.About this handbook
Chapter 28: Economic Measurement and Forecasting
Economic measurement and forecasting In December 2000, within a few days after a U.S. Supreme Court decision on the result of the November presidential election, then–Federal Reserve Chairman Alan Greenspan announced a grim prediction of a downturn for the near future of the U.S. economy. To counter it, the Federal Reserve implemented a series of expansionary monetary policy actions—cutting the federal funds rate and increasing the supply of money for the ensuing 2 years. In July 2003, the National Bureau of Economic Research (NBER), a nongovernmental think tank organization consisting mostly of academicians, identified and dated a recession in 2001 for the United States with a starting date of March and an ending date of November, for a total of 7 months. An interested person learning about macroeconomic policy decision making, after reading the preceding paragraph, curiously asks a series of questions focused on identifying economic activities, measuring economic activities, ...