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Is there a silver lining to Depression? This paper examines one instance where economic downturn appears to have given a permanent boost to productivity: the U.S. railroad industry during the Depression
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The possible existence of long waves in economic time series has long been an important subject of debate for economists, statisticians and historians. Recent empirical evidence for these long-term fluctuations is found in the literature of structural time series models. One empirical method for...
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