ECSENOMICS Business Activity Since 1919 T-169 Figure 23-3 Bull-market World War Il 40F New era opert Kerean Persian cult Poster First oil New economy of 1990s McGraw-Hilllrwin Source: Federal Reserve Board, detrended by authorsMcGraw-Hill/Irwin Copyright © 2001 The McGraw-Hill Companies, Inc. All rights reserved. Business Activity Since 1919 T-169 Figure 23-3 Source: Federal Reserve Board, detrended by authors