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1 year 11 months 1 year 9 months −16.2% −17.1% Though not severe, this downturn lasted for nearly two years and saw a distinct decline in the national product. Industrial and commercial production both declined, albeit fairly modestly. [26] The recession came about a year after a 1901 stock crash. Panic of 1907: May 1907 – June 1908 1 ...
The Oxford Model or the Oxford macro econometric Model was created by Lawrence Klein and Sir James Ball. [1] It included a Phillips-type relation and led to an "explosion" of macroeconometric forecasting .
The U.S. Constitution (Article 1, Section 8, Clause 5) gave the government the power to coin money to establish a mint. The dollar was established as the monetary unit of the U.S. by the Coinage Act of 1792, which also defined its value in terms of gold and silver. The First Bank of the United States was chartered in 1791. It was designed by ...
Alexander Hamilton, a portrait by William J. Weaver now housed in the U.S. Department of State. In United States history, the Hamiltonian economic program was the set of measures that were proposed by American Founding Father and first Secretary of the Treasury Alexander Hamilton in four notable reports and implemented by Congress during George Washington's first term.
The Oxford History of the United States book series originated in the 1950s with a plan laid out by historians C. Vann Woodward and Richard Hofstadter for a multivolume history of the United States published by Oxford University Press, modeled on the Oxford History of England, that would provide a summary of the political, social, and cultural history of the United States for a general ...
Obama presents his first weekly address as President of the United States on January 24, 2009, discussing the American Recovery and Reinvestment Act of 2009 Job Growth by U.S. president, measured as cumulative percentage change from month after inauguration to end of term. 2016 was the first year U.S. real (inflation-adjusted) median household income surpassed 1999 levels.
US unemployment rate, 1948–1955. The recession of 1949 was a downturn in the United States lasting for 11 months. According to the National Bureau of Economic Research, the recession began in November 1948 and lasted until October 1949.
The reversal of the great compression has been called "the Great Divergence" by Krugman and is the title of a Slate article and book by Timothy Noah. [9] Krugman also notes that era before the Great Divergence was one not only of relative equality but of economic growth far surpassing the "Great Divergence".