Kim, Chang-Jin; Piger, Jeremy; Startz, Richard - Federal Reserve Board (Board of Governors of the … - 2001
This paper investigates the relationship between permanent and transitory components of U.S. recessions in an empirical … divide real GNP into permanent and transitory components, the dynamics of which are different in booms vs. recessions. We … find evidence of substantial asymmetries in postwar recessions, and that both the permanent and transitory component have …