We can use the aggregate supply-and-demand apparatus to analyze some of the major macroeconomic events of twentieth-century American history. We fulls on the economic expansion during the Vietnam war, the stagflation caused by the supply shocks of the 1970s, the deep recession caused by the monetary contraction of the early 1980s, and the phenomenal record of ‘economic “growth for that century. For recent data on major macroeconomic variables see this chapter’s appendix.

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