Fending off depression

Econ 212 Assignment I, Due Monday, January 20, 2020

Read the article of “Fending off depression” (attached in the second page of this document) and then go online to read more about The Great Recession that happened during the period of 2007 to 2009. Answer the following questions:

1. What agencies are dating the recessions in Canada and the U.S. respectively?
2. What were the causes of the recession in the U.S.?
3. What were the causes of the recession in Canada?
4. Which of the two countries has suffered a more severe recession? You can compare the length and the magnitude. In terms of magnitude, find data on production, labor market and prices. Make sure that you use reliable sources, for example, the textbook by Parking and Bade, Statistics Canada (data on unemployment, production), The U.S. department of labor (U.S. data), Bank of Canada (inflation rate).
5. How did the recession develop in the U. S? state major events in chronical order.
6. What did the U.S. government do in response to the recession?

Typed answers (font Times New Roman, size 12, double space, two to three pages A4, not including graphs, if any, and references) due in class on Monday, January 20, 2020.

Source: Introduction to Macroeconomics, 2^nd edition, Krugman, p181.