Jordà, Òscar; Schularick, Moritz; Taylor, Alan M. - 2020
Business cycles are costlier and stabilization policies more beneficial than widely thought. This paper shows that all … business cycles are asymmetric and resemble mini "disasters." By this we mean that growth is pervasively fat-tailed and non … disasters, but also from the smaller but more frequent mini-disasters in every cycle. In postwar America, households would …