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What do we know and not know about potential output?

Basu, Susanto; Fernald, John G. - Federal Reserve Bank of San Francisco - 2009

Potential output is an important concept in economics. Policymakers often use a one-sector neoclassical model to think about long-run growth, and often assume that potential output is a smooth series in the short run--approximated by a medium- or long-run estimate. But in both the short and long...

Persistent link: https://www.econbiz.de/10005498385