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growth. Since then, the media, policymakers, pundits, and intermediate macro students have used the so-called Okun’s law as a … rule of thumb to relate changes in unemployment to changes in output growth. However, some studies have suggested that the …
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The 2001 recession was unique in several respects. For instance, the peak-to-trough decline in real gross domestic product was one of the smallest on record and its duration was slightly shorter than average. This article examines some of the other unique features of the 2001 recession compared...
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