CD la u Eß o ■M cd a o '•S 0 0 1860 1870 1880 1890 1900 1910 1920 1930 1940 1950 1960 1970 1980 1990 2000 Figure l.l The Behavior of Output in the United States, 1869-1996 The figure shows real gross domestic product on a proportionate scale. Values prior to 1959 are for gross national product. 0.2 0-21 World War II; :| I Korean JL T J 1888 1893-94 1907- Warl 192 08 11937- y Vi 1970 J Í1974-75 19 f1 r -38 n 9491 : , 195! : 1954 V Y " 1991 80-82 ; 193 T 3-33 AJFtermaťh World Wai of II 1860 1870 1880 1890 1900 1910 1920 1930 1940 1950 1960 1970 1980 1990 2000 Figure 1.2 Growth Rates of Output in the United States, 1870-1996 The figure shows the annual growth rate of real gross domestic product (real gross national product prior to i960). 0.25 0.20 0.15 0.10 0.05 0.00 Í932-33 1894-98 1 11938 1982-83... 1908 1 1914-15 921 1 1958 I 1949 k \ K! 1954 A- 1961 A 1 1975 971 / \ I 1991 1890 1900 1910 1920 1930 1940 1950 1960 1970 1980 1990 2000 Figure 1.3 U.S. Unemployment Rate, 1890-1996 u.o 0.0 -0.5 CD 13 -1.0 u ca Q 4-1 cd g -1.5 "■B o a S -2.0 Ph -2.5 -3.0 q c: 1860 1870 1880 1890 1900 1910 1920 1930 1940 1950 1960 1970 1980 1990 2000 Figure 1.4 U.S. Price Level, 1869-1996 The figure shows the GDP deflator (GNP deflator prior to 1959) on a proportionate scale. 1870 1880 1890 1900 1910 1920 1930 1940 1950 1960 1970 1980 1990 2000 Figure 1.5 U.S. Inflation Rate, 1870-1996 The figure shows the annual rate of change of the GDP deflator (GNP deflator through 1959). 1 oo -2 4l ff 1 I I f li ♦li1 n I' t Real GDP (right scale) (Solid line shows trend) 1 \ ■ Vi >;m /V Cyclical component ;(left scale): 1955 1960 1965 1970 1975 1980 1985 1990 1995 9.0 8.5 8.0 7.5 7.0 2000 tí o o Oh O Figure 1.6 The Breakdown of Real GDP into Trend and Cyclical Components The dashed line is chain-weighted real GDP, the solid tine is the trend (see footnote 4), and the dotted line is the cyclical component, which equals the difference between real GDP and its trend. 4 1955 1960 1965 1970 1975 1980 1985 1990 1995 2000 Figure 1.7 The Cyclical Components of Real GDP and Real Consumer Expenditure on Nondurables and Services The solid line is the cyclical part of real GDP, and the dashed line is the cyclical part of real consumer spending on nondurables and services. 1 o -10 1990 2000 Figure 1.8 The Cyclical Components of Real GDP and Real Purchases of Consumer Durables The solid line is the cyclical part of real GDP, and the dashed line is the cyclical part of real purchases of consumer durables. •o tí (Ľ ä a o tí _o 03 Ph 20 10 -10 -20 -30 1955 -. Real gross < private domestic investment 1960 1965 1970 1975 1980 1985 1990 1995 2000 Figure 1.9 The Cyclical Components of Real GDP and Real Gross Private Domestic Investment The solid line is the cyclical part of real GDP, and the dashed line is the cyclical part of real gross private domestic investment. 1 o ■h a o ■a 1975 2000 Figure 1.10 The Cyclical Components of Real GDP and Real Private Investment, Broadly Defined The solid line is the cyclical part of real GDP, and the dashed line is the cyclical part of real gross private domestic investment plus real purchases of consumer durables. 1 ■= 2 o -6 -10 1955 11 i Real government il | consumption < i and investment VI........................:...................... 1960 1965 1970 1975 1980 1985 1990 1995 2000 Figure 1.11 The Cyclical Components of Real GDP and Real Government Consumption and Investment The solid line is the cyclical part of real GDP, and the dashed line is the cyclical part of real government expenditures for consumption and investment. > (Ľ T3 CĽ 00 cd ■M Ö 01 u (H o 1955 1960 1965 1970 1975 1980 1985 1990 1995 2000 Figure 1.12 The Cyclical Components of Real GDP and Employment The solid line is the cyclical part of real GDP, and the dashed line is the cyclical part of total civilian employment. > 03 Tí 03 DO 03 tí