Business Cycle Downturn

In this paper, you will use the aggregate demand/aggregate supply model toanalyze a historical economic downturn in the United States. By historical, Imean an event that occurs prior to 2020 and excludes the 2007-2009 recession.You need to choose a business cycle downturn from the list of historical downturns at the following link: paper should be divided into two parts: summary and analysis. In thesummary section, you need to describe the specific historical circumstances leading to the downturn you are analyzing. You must cite at least two scholarlysources (academic journal articles or pieces published in legitimate news periodicals) which describe the historical events leading to the downturn. In theanalysis section, you should describe: (A) the source of the downturn (aggregate demand shock or aggregate supply shock), (B) the outcomes for output,unemployment, and inflation in the short-run, and (C) the long-run effects foroutput, unemployment, and inflation, as well as any policy response. Your analysis should feature two separate diagrams depicting the AD/AS model, one witha graph of the short-run effect, one with a graph of the long-run effect. Youneed to explain the assumptions behind any shifts of AD/AS curves that youdraw, and fully elaborate on the underlying economic intuition. Make sure allcurves and axes on your graphs are clearly labeled.Papers should be 3 to 4 pages in length, use standard APA orChicago formatting, with appropriate citations, double-spacing, and Times NewRoman font.

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