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positive technology shock, and (c) measured productivity increases temporarily in response to a positive demand shock. More …
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preference or more generally a demand shock. More recently two other explanations have been advocated: surprise changes in …
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An analysis of the performance of GDP, employment and other labor market variables following the troughs in postwar U.S. business cycles points to much slower recoveries in the three most recent episodes, but does not reveal any significant change over time in the relation between GDP and...
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amplify and propagate a macroeconomic shock. We focus on the U.S. Great Recession of 2007-2009 and proceed in two steps. First … an aggregate shock, and it does so if the distribution features a sufficiently large fraction of households with very …
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