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Presents the empirical data of business cycles and the theories that economists have developed to explain and prevent them, and considers case studies of recessions and depressions in the United States and internationally.
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models suggest that a shortfall in productivity-enhancing investments temporarily slows technological progress, creating a …-level exposure to the 2008-9 financial crisis, I show that tight credit reduced investments in productivity-enhancement, and has … 12% higher today if productivity-enhancing investments had grown at pre-crisis rates. …
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