Trade Cycles (Modified)

7/27/2019 Trade Cycles (Modified)

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TRADE CYCLES-CONCEPTS- EFFECTS-CONTROL
http://images.google.co.in/imgres?imgurl=http://www.bahamasharvestchurch.com/images/Welcome%2520Beach.jpg&imgrefurl=http://www.bahamasharvestchurch.com/aplacetobelong.asp&usg=__aepbuHfqnwCmoVi3_30ykyffyuQ=&h=765&w=1020&sz=183&hl=en&start=123&itbs=1&tbnid=oM7i-z6BCYZ0MM:&tbnh=113&tbnw=150&prev=/images%3Fq%3Dwelcome%26start%3D120%26hl%3Den%26sa%3DN%26gbv%3D2%26ndsp%3D20%26tbs%3Disch:1http://images.google.co.in/imgres?imgurl=http://www.bahamasharvestchurch.com/images/Welcome%2520Beach.jpg&imgrefurl=http://www.bahamasharvestchurch.com/aplacetobelong.asp&usg=__aepbuHfqnwCmoVi3_30ykyffyuQ=&h=765&w=1020&sz=183&hl=en&start=123&itbs=1&tbnid=oM7i-z6BCYZ0MM:&tbnh=113&tbnw=150&prev=/images%3Fq%3Dwelcome%26start%3D120%26hl%3Den%26sa%3DN%26gbv%3D2%26ndsp%3D20%26tbs%3Disch:1


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Trade Cycles arejust the name of

Prosperity and

Adversity;good trade and

bad trade

Hebeler
http://images.google.co.in/imgres?imgurl=http://www.wealthstrategiesjournal.com/bios/BudHebeler.JPG&imgrefurl=http://www.wealthstrategiesjournal.com/bios/2008/10/henry-k-hebeler.html&usg=__OYEBrRnnsrs9XYnCxNvFyTgmdaA=&h=950&w=752&sz=25&hl=en&start=3&itbs=1&tbnid=FfySt1hOQ3SdcM:&tbnh=148&tbnw=117&prev=/images%3Fq%3Dhebeler%26hl%3Den%26gbv%3D2%26tbs%3Disch:1


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Trade Cycles are the

fluxuations in the

aggregate economicactivity.

Any trade cycle starts

from depression, enters

into revival(recovery),

then converts itself into

boom and finally turns

into recession.

W.C.Mitchel
http://images.google.co.in/imgres?imgurl=http://www.andrew.cmu.edu/org/DURINT/mitchel.jpg&imgrefurl=http://www.andrew.cmu.edu/org/DURINT/mitchel.html&usg=__XKTGGO2Y_HePXqp0ngTTT0gRimg=&h=437&w=343&sz=52&hl=en&start=1&itbs=1&tbnid=fbd5jxejFMAGWM:&tbnh=126&tbnw=99&prev=/images%3Fq%3Dw.c.mitchel%26hl%3Den%26sa%3DN%26gbv%3D2%26ndsp%3D20%26tbs%3Disch:1


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PHASES OF A TRADE CYCLE

A typical cycle is generally divided into four phases: -

1. Depression or Downswing (Trough)

2. Revival or Recovery or Lower turning point.

3.Expansion or Prosperity or the Upswing

(Boom)4. Recession or Upper-Turning Point

(Contraction)


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PHASES OF TRADE CYCLE (1)

Depression

Revival

Boom

Recession

Time

EconomicActivity

Y

xO


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PHASES OF TRADE CYCLE (2)
http://images.google.co.in/imgres?imgurl=http://www.bachbloesemadvies.be/cms/cms/grafisch/tekst/99_208_depression.jpg&imgrefurl=http://www.bachfloweradvice.com/bach-flowers-and-depression-general-depression.htm&usg=__zkDhZCyl1hZ5l01adBTaM37ga30=&h=423&w=284&sz=145&hl=en&start=95&itbs=1&tbnid=KzXGxhVEf8qGfM:&tbnh=126&tbnw=85&prev=/images%3Fq%3DDEPRESSION%26start%3D80%26hl%3Den%26sa%3DN%26gbv%3D2%26ndsp%3D20%26tbs%3Disch:1


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1.Depression

or Downswing(Trough)

Prices

Consumption

Income

Wages

Employment

Decreased
http://images.google.co.in/imgres?imgurl=http://www.bachbloesemadvies.be/cms/cms/grafisch/tekst/99_208_depression.jpg&imgrefurl=http://www.bachfloweradvice.com/bach-flowers-and-depression-general-depression.htm&usg=__zkDhZCyl1hZ5l01adBTaM37ga30=&h=423&w=284&sz=145&hl=en&start=95&itbs=1&tbnid=KzXGxhVEf8qGfM:&tbnh=126&tbnw=85&prev=/images%3Fq%3DDEPRESSION%26start%3D80%26hl%3Den%26sa%3DN%26gbv%3D2%26ndsp%3D20%26tbs%3Disch:1http://images.google.co.in/imgres?imgurl=http://jc4jc.files.wordpress.com/2007/05/revival.jpg&imgrefurl=http://zoecarnate.wordpress.com/2008/07/&usg=__JJCzeBV0Z59lYkBaQQuUu6o4pyY=&h=300&w=400&sz=29&hl=en&start=22&itbs=1&tbnid=lbxi38FLwYz2pM:&tbnh=93&tbnw=124&prev=/images%3Fq%3DREVIVAL%26start%3D20%26hl%3Den%26sa%3DN%26gbv%3D2%26ndsp%3D20%26tbs%3Disch:1


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2. Revival or

Recovery or

(Lower

turning point)

Prices

Consumption

Income

Wages

Employment

Increased
http://images.google.co.in/imgres?imgurl=http://jc4jc.files.wordpress.com/2007/05/revival.jpg&imgrefurl=http://zoecarnate.wordpress.com/2008/07/&usg=__JJCzeBV0Z59lYkBaQQuUu6o4pyY=&h=300&w=400&sz=29&hl=en&start=22&itbs=1&tbnid=lbxi38FLwYz2pM:&tbnh=93&tbnw=124&prev=/images%3Fq%3DREVIVAL%26start%3D20%26hl%3Den%26sa%3DN%26gbv%3D2%26ndsp%3D20%26tbs%3Disch:1http://images.google.co.in/imgres?imgurl=https://bundaberg.qld.gov.au/arts/images/Seth_boom.jpg&imgrefurl=https://bundaberg.qld.gov.au/arts/boom_baby_boom.php&usg=__Pol2FPF_sewyETE7vqjMWDnGoDk=&h=472&w=591&sz=117&hl=en&start=31&itbs=1&tbnid=-ad7i7qCg6e6CM:&tbnh=108&tbnw=135&prev=/images%3Fq%3DBOOM%26start%3D20%26hl%3Den%26sa%3DN%26gbv%3D2%26ndsp%3D20%26tbs%3Disch:1


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3. Expansion or

Prosperity or the

Upswing (Boom)

Prices

Consumption

Income

Wages

Employment

Increased
http://images.google.co.in/imgres?imgurl=https://bundaberg.qld.gov.au/arts/images/Seth_boom.jpg&imgrefurl=https://bundaberg.qld.gov.au/arts/boom_baby_boom.php&usg=__Pol2FPF_sewyETE7vqjMWDnGoDk=&h=472&w=591&sz=117&hl=en&start=31&itbs=1&tbnid=-ad7i7qCg6e6CM:&tbnh=108&tbnw=135&prev=/images%3Fq%3DBOOM%26start%3D20%26hl%3Den%26sa%3DN%26gbv%3D2%26ndsp%3D20%26tbs%3Disch:1http://images.google.co.in/imgres?imgurl=http://english.pravda.ru/img/idb/recession-2.jpg&imgrefurl=http://english.pravda.ru/world/americas/14-02-2008/104038-economic_recession-0&usg=__XtVX74sv9fssfcD7NhfBZnxa8YU=&h=200&w=200&sz=4&hl=en&start=67&itbs=1&tbnid=Zl-UxCUpyC0enM:&tbnh=104&tbnw=104&prev=/images%3Fq%3DRECESSION%26start%3D60%26hl%3Den%26sa%3DN%26gbv%3D2%26ndsp%3D20%26tbs%3Disch:1


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4. Recession or

Upper-Turning

Point (Contraction)

Prices

Consumption

Income

Wages

Employment

Decreased
http://images.google.co.in/imgres?imgurl=http://english.pravda.ru/img/idb/recession-2.jpg&imgrefurl=http://english.pravda.ru/world/americas/14-02-2008/104038-economic_recession-0&usg=__XtVX74sv9fssfcD7NhfBZnxa8YU=&h=200&w=200&sz=4&hl=en&start=67&itbs=1&tbnid=Zl-UxCUpyC0enM:&tbnh=104&tbnw=104&prev=/images%3Fq%3DRECESSION%26start%3D60%26hl%3Den%26sa%3DN%26gbv%3D2%26ndsp%3D20%26tbs%3Disch:1


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PROPERTIES OF TRADE CYCLE
http://images.google.co.in/imgres?imgurl=http://www.pensionriskmatters.com/Piles(1).jpg&imgrefurl=http://www.pensionriskmatters.com/articles/derivatives/&usg=__lHUhdtLh-qOY0bB4xAN-Nphh4pk=&h=750&w=1050&sz=190&hl=en&start=214&itbs=1&tbnid=2TnPWI4kMJ2p2M:&tbnh=107&tbnw=150&prev=/images%3Fq%3Daggregate%2Beconomic%2Bactivity%26start%3D200%26hl%3Den%26sa%3DN%26gbv%3D2%26ndsp%3D20%26tbs%3Disch:1


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Aggregate

Economic Activity
http://images.google.co.in/imgres?imgurl=http://www.pensionriskmatters.com/Piles(1).jpg&imgrefurl=http://www.pensionriskmatters.com/articles/derivatives/&usg=__lHUhdtLh-qOY0bB4xAN-Nphh4pk=&h=750&w=1050&sz=190&hl=en&start=214&itbs=1&tbnid=2TnPWI4kMJ2p2M:&tbnh=107&tbnw=150&prev=/images%3Fq%3Daggregate%2Beconomic%2Bactivity%26start%3D200%26hl%3Den%26sa%3DN%26gbv%3D2%26ndsp%3D20%26tbs%3Disch:1http://images.google.co.in/imgres?imgurl=http://www.biologie.uni-hamburg.de/b-online/library/cat-removed/ccycle.gif&imgrefurl=http://www.biologie.uni-hamburg.de/b-online/library/cat-removed/u4aos1p3.html&usg=__yrjl1MvbjV1GPuwS3BjZYYkLCoE=&h=327&w=347&sz=5&hl=en&start=56&itbs=1&tbnid=JnzEzvnQFGsOCM:&tbnh=113&tbnw=120&prev=/images%3Fq%3DThe%2BPeriod%2Bof%2BPhases%26start%3D40%26hl%3Den%26sa%3DN%26gbv%3D2%26ndsp%3D20%26tbs%3Disch:1


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The Period ofPhases
http://images.google.co.in/imgres?imgurl=http://www.biologie.uni-hamburg.de/b-online/library/cat-removed/ccycle.gif&imgrefurl=http://www.biologie.uni-hamburg.de/b-online/library/cat-removed/u4aos1p3.html&usg=__yrjl1MvbjV1GPuwS3BjZYYkLCoE=&h=327&w=347&sz=5&hl=en&start=56&itbs=1&tbnid=JnzEzvnQFGsOCM:&tbnh=113&tbnw=120&prev=/images%3Fq%3DThe%2BPeriod%2Bof%2BPhases%26start%3D40%26hl%3Den%26sa%3DN%26gbv%3D2%26ndsp%3D20%26tbs%3Disch:1http://images.google.co.in/imgres?imgurl=http://upload.wikimedia.org/wikipedia/commons/0/0b/Cl%C3%A9ment_Juglar.gif&imgrefurl=http://www.lyc-eluard-saintjunien.ac-limoges.fr/spip.php%3Farticle110&usg=__Zu81rWQkLzdMb1YvHAfMDcQ2VmY=&h=214&w=160&sz=27&hl=en&start=14&itbs=1&tbnid=4ughlOFnA7ggoM:&tbnh=106&tbnw=79&prev=/images%3Fq%3DJOSEPH%2BKitchin%26hl%3Den%26sa%3DN%26gbv%3D2%26ndsp%3D20%26tbs%3Disch:1


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The Short

Joseph KitchinCycle of 40 months
http://images.google.co.in/imgres?imgurl=http://upload.wikimedia.org/wikipedia/commons/0/0b/Cl%C3%A9ment_Juglar.gif&imgrefurl=http://www.lyc-eluard-saintjunien.ac-limoges.fr/spip.php%3Farticle110&usg=__Zu81rWQkLzdMb1YvHAfMDcQ2VmY=&h=214&w=160&sz=27&hl=en&start=14&itbs=1&tbnid=4ughlOFnA7ggoM:&tbnh=106&tbnw=79&prev=/images%3Fq%3DJOSEPH%2BKitchin%26hl%3Den%26sa%3DN%26gbv%3D2%26ndsp%3D20%26tbs%3Disch:1http://images.google.co.in/imgres?imgurl=http://www.chewednews.com/Pictures/Clement_Vallandigham.jpg&imgrefurl=http://www.chewednews.com/wbu-archive-2008.html&usg=__qQhvIQzNROOaetl7tOpeQRNdu1M=&h=280&w=180&sz=10&hl=en&start=29&itbs=1&tbnid=f28aasxXNMqcmM:&tbnh=114&tbnw=73&prev=/images%3Fq%3Dclement%2Bjuggler%26start%3D20%26hl%3Den%26sa%3DN%26gbv%3D2%26ndsp%3D20%26tbs%3Disch:1


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The Long

Clement JugglerCycle of 9 years
http://images.google.co.in/imgres?imgurl=http://www.chewednews.com/Pictures/Clement_Vallandigham.jpg&imgrefurl=http://www.chewednews.com/wbu-archive-2008.html&usg=__qQhvIQzNROOaetl7tOpeQRNdu1M=&h=280&w=180&sz=10&hl=en&start=29&itbs=1&tbnid=f28aasxXNMqcmM:&tbnh=114&tbnw=73&prev=/images%3Fq%3Dclement%2Bjuggler%26start%3D20%26hl%3Den%26sa%3DN%26gbv%3D2%26ndsp%3D20%26tbs%3Disch:1http://images.google.co.in/imgres?imgurl=http://faculty.washington.edu/~krumme/graphs/ndk.gif&imgrefurl=http://faculty.washington.edu/~krumme/207/development/longwaves.html&usg=__KNfodoqBk-iNMOBs2g_D2fuw7Bw=&h=440&w=288&sz=116&hl=en&start=1&itbs=1&tbnid=lhaxDdhbYaqf6M:&tbnh=127&tbnw=83&prev=/images%3Fq%3Dn.d.kondratieff%26hl%3Den%26sa%3DG%26gbv%3D2%26tbs%3Disch:1


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The Very Long

Kondratieff Cycle

of 50 years
http://images.google.co.in/imgres?imgurl=http://faculty.washington.edu/~krumme/graphs/ndk.gif&imgrefurl=http://faculty.washington.edu/~krumme/207/development/longwaves.html&usg=__KNfodoqBk-iNMOBs2g_D2fuw7Bw=&h=440&w=288&sz=116&hl=en&start=1&itbs=1&tbnid=lhaxDdhbYaqf6M:&tbnh=127&tbnw=83&prev=/images%3Fq%3Dn.d.kondratieff%26hl%3Den%26sa%3DG%26gbv%3D2%26tbs%3Disch:1http://images.google.co.in/imgres?imgurl=http://www.eilatgordinlevitan.com/pinsk/pinsk_pix/stories/041408_23_b.gif&imgrefurl=http://www.eilatgordinlevitan.com/pinsk/pinsk_pages/pinsk_stories_ss_kuznets.html&usg=__SxBqxtRyyU0kNHoJtDdlVfByVd0=&h=571&w=600&sz=190&hl=en&start=5&itbs=1&tbnid=KrQM1ZtaTxjzIM:&tbnh=128&tbnw=135&prev=/images%3Fq%3Dsimon%2Bkuznets%26hl%3Den%26gbv%3D2%26tbs%3Disch:1


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Simon Kuznets

Cycle of 16-22years or 7-11

years
http://images.google.co.in/imgres?imgurl=http://www.eilatgordinlevitan.com/pinsk/pinsk_pix/stories/041408_23_b.gif&imgrefurl=http://www.eilatgordinlevitan.com/pinsk/pinsk_pages/pinsk_stories_ss_kuznets.html&usg=__SxBqxtRyyU0kNHoJtDdlVfByVd0=&h=571&w=600&sz=190&hl=en&start=5&itbs=1&tbnid=KrQM1ZtaTxjzIM:&tbnh=128&tbnw=135&prev=/images%3Fq%3Dsimon%2Bkuznets%26hl%3Den%26gbv%3D2%26tbs%3Disch:1http://images.google.co.in/imgres?imgurl=http://dcmp.bc.edu/images/cover_flower.jpg&imgrefurl=http://dcmp.bc.edu/page.php%3Fname%3Dgallery&usg=__1EQZRoo5LWMcAz-XTM3ZeVgsC9M=&h=1624&w=1208&sz=260&hl=en&start=225&itbs=1&tbnid=saieQls9RagwfM:&tbnh=150&tbnw=112&prev=/images%3Fq%3Dthe%2Bnature%2Bof%2BDiffusion%2Beffects%26start%3D220%26hl%3Den%26sa%3DN%26gbv%3D2%26ndsp%3D20%26tbs%3Disch:1


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The Nature of

Diffusion of Effect

(wages, prices, rents,

profits, consumption,

savings and investment)
http://images.google.co.in/imgres?imgurl=http://dcmp.bc.edu/images/cover_flower.jpg&imgrefurl=http://dcmp.bc.edu/page.php%3Fname%3Dgallery&usg=__1EQZRoo5LWMcAz-XTM3ZeVgsC9M=&h=1624&w=1208&sz=260&hl=en&start=225&itbs=1&tbnid=saieQls9RagwfM:&tbnh=150&tbnw=112&prev=/images%3Fq%3Dthe%2Bnature%2Bof%2BDiffusion%2Beffects%26start%3D220%26hl%3Den%26sa%3DN%26gbv%3D2%26ndsp%3D20%26tbs%3Disch:1


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International

in Nature


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HOW CAN TRADE CYCLE BE REDUCED?


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FISCAL POLICY


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MONETARY POLICY
http://images.google.co.in/imgres?imgurl=http://www.hispecltd.co.uk/Images/stores_08.jpg&imgrefurl=http://www.hispecltd.co.uk/introduction.htm&usg=__7HERv3ACJh5LX2JGHWauX8Mi6VU=&h=269&w=400&sz=216&hl=en&start=14&itbs=1&tbnid=qqj43A8cKmt2AM:&tbnh=83&tbnw=124&prev=/images%3Fq%3DBUFFER%2BSTOCK%26hl%3Den%26sa%3DN%26gbv%3D2%26ndsp%3D20%26tbs%3Disch:1


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BUFFER STOCKSCHEMES
http://images.google.co.in/imgres?imgurl=http://www.hispecltd.co.uk/Images/stores_08.jpg&imgrefurl=http://www.hispecltd.co.uk/introduction.htm&usg=__7HERv3ACJh5LX2JGHWauX8Mi6VU=&h=269&w=400&sz=216&hl=en&start=14&itbs=1&tbnid=qqj43A8cKmt2AM:&tbnh=83&tbnw=124&prev=/images%3Fq%3DBUFFER%2BSTOCK%26hl%3Den%26sa%3DN%26gbv%3D2%26ndsp%3D20%26tbs%3Disch:1http://images.google.co.in/imgres?imgurl=http://farm3.static.flickr.com/2612/3807519572_df735d26dd.jpg&imgrefurl=http://peakenergy.blogspot.com/2009_09_01_archive.html&usg=___uCqAa6yDtXIPzxsdn5SOnc9GOo=&h=350&w=500&sz=112&hl=en&start=15&itbs=1&tbnid=uW1517LEtbrGxM:&tbnh=91&tbnw=130&prev=/images%3Fq%3DSTATE%2BCONTROL%2BOF%2BINVESTMENT%26hl%3Den%26sa%3DN%26gbv%3D2%26ndsp%3D20%26tbs%3Disch:1


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STATE CONTROL OFPRIVATE

INVESTMENT
http://images.google.co.in/imgres?imgurl=http://farm3.static.flickr.com/2612/3807519572_df735d26dd.jpg&imgrefurl=http://peakenergy.blogspot.com/2009_09_01_archive.html&usg=___uCqAa6yDtXIPzxsdn5SOnc9GOo=&h=350&w=500&sz=112&hl=en&start=15&itbs=1&tbnid=uW1517LEtbrGxM:&tbnh=91&tbnw=130&prev=/images%3Fq%3DSTATE%2BCONTROL%2BOF%2BINVESTMENT%26hl%3Den%26sa%3DN%26gbv%3D2%26ndsp%3D20%26tbs%3Disch:1


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I.FISCAL MEASURES

During Inflation/Boom


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INCREASE INTAXES
http://images.google.co.in/imgres?imgurl=http://bp1.blogger.com/_jTEO63-CIhM/R5ycC-yg3nI/AAAAAAAAALE/--V0zdd2YEs/s400/KannadaSahityaSammelana%2B152.jpg&imgrefurl=http://www.raveeshkumar.com/2008/01/infrastructure-projects-in-mangalore.html&usg=__eJCY1G1sz7W1LaaiFexDPtz4rkc=&h=300&w=400&sz=29&hl=en&start=43&itbs=1&tbnid=yTw--PxErmCk4M:&tbnh=93&tbnw=124&prev=/images%3Fq%3DPATHETIC%2BROADS%2BAND%2BINFRASTRUCTURE%26start%3D40%26hl%3Den%26sa%3DN%26gbv%3D2%26ndsp%3D20%26tbs%3Disch:1


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DECREASE IN

PUBLIC

EXPENDITURE
http://images.google.co.in/imgres?imgurl=http://bp1.blogger.com/_jTEO63-CIhM/R5ycC-yg3nI/AAAAAAAAALE/--V0zdd2YEs/s400/KannadaSahityaSammelana%2B152.jpg&imgrefurl=http://www.raveeshkumar.com/2008/01/infrastructure-projects-in-mangalore.html&usg=__eJCY1G1sz7W1LaaiFexDPtz4rkc=&h=300&w=400&sz=29&hl=en&start=43&itbs=1&tbnid=yTw--PxErmCk4M:&tbnh=93&tbnw=124&prev=/images%3Fq%3DPATHETIC%2BROADS%2BAND%2BINFRASTRUCTURE%26start%3D40%26hl%3Den%26sa%3DN%26gbv%3D2%26ndsp%3D20%26tbs%3Disch:1http://images.google.co.in/imgres?imgurl=http://cfd.net.au/home/sites/cfd.net.au/files/article-images/20/21.jpg&imgrefurl=http://cfd.net.au/home/article/debt-real-estate-remain-threat-to-recovery-imf-20100127-37315.html&usg=___gQ87nB7v-xdd4B08HE5K7IK6NI=&h=300&w=400&sz=91&hl=en&start=64&itbs=1&tbnid=ULpOLSBwK_cUEM:&tbnh=93&tbnw=124&prev=/images%3Fq%3DINCREASE%2BIN%2BPUBLIC%2BDEBT%26start%3D60%26hl%3Den%26sa%3DN%26gbv%3D2%26ndsp%3D20%26tbs%3Disch:1


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INCREASE INPUBLIC DEBT

C td
http://images.google.co.in/imgres?imgurl=http://cfd.net.au/home/sites/cfd.net.au/files/article-images/20/21.jpg&imgrefurl=http://cfd.net.au/home/article/debt-real-estate-remain-threat-to-recovery-imf-20100127-37315.html&usg=___gQ87nB7v-xdd4B08HE5K7IK6NI=&h=300&w=400&sz=91&hl=en&start=64&itbs=1&tbnid=ULpOLSBwK_cUEM:&tbnh=93&tbnw=124&prev=/images%3Fq%3DINCREASE%2BIN%2BPUBLIC%2BDEBT%26start%3D60%26hl%3Den%26sa%3DN%26gbv%3D2%26ndsp%3D20%26tbs%3Disch:1


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During Depression

Decrease in Taxes

Increase in Public Expenditures, and

Decrease in Public Debt

Contd


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II. MONETARY MEASURES
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BANK RATEPOLICY

OPEN MARKET SYSTEM
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OPEN MARKET SYSTEMSale/Purchase of Bonds and Securities in the market


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CHANGES IN

RESERVE

RATIO

Cash Reserve Ratio


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III. BUFFER STOCK

SCHEMES

Official Purchase andsale of food grainsaccording to themarket fluxuations

IV STATE CONTROL OF


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IV. STATE CONTROL OF

PRIVATE INVESTMENT

J.M.KEYNES VIEW MAY BE ADOPTABLE


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WHY DID TRADE CYCLE APPEAR IN THE

ECONOMY?


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THEORIES OF TRADE CYCLES


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SUNSPOTTHEORY
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PSYCHOLOGICALTHEORY
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THEORY OF UNDERCONSUMPTION
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HAWTREY

THEORY OFTRADE CYCLE
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JOSEPH

SCHUMPETERS

THEORY OF

TRADE CYCLE

Friday October 11 2013
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Friday, October 11, 2013

D.B.Naidu92480-05303

[email protected]
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Documents

Trade Cycles (Modified)