Basu, Susanto; Fernald, John G. - 2009
FEDERAL RESERVE BANK OF SAN FRANCISCO
WORKING PAPER SERIES
Working Paper 2009-05
http://www.frbsf.org/publications/economics …
This draft: March 9, 2009
Abstract: Potential output is an important concept in economics. Policymakers often …, if any, modern
macroeconomic models would imply that, at business cycle frequencies, potential output is a
smooth …