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made in terms of several macroeconomic indicators, GDP, Unemployment, Inflation, Current Account Balances, and debt. …
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We propose a theoretical framework to reconcile episodes of V-shaped and L-shaped recovery, encompassing the behaviour of the U.S. economy before and after the Great Recession. In a DSGE model with endogenous growth, negative demand shocks destroy productive capacity, moving GDP to a lower...
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-dependent as well as threshold-dependent changes in the unemployment rate. We employ an autoregressive distributed lag version of … Okun's law in first differences, which allows for delayed reactions of the unemployment rate to output changes. Applied to … symmetric relationship between changes in the unemployment rate and real output. We test this assumption for each of the …
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Prior to 2020, the Great Recession was the most important macroeconomic shock to the United States economy in generations. Millions lost jobs and homes. At its peak, one in ten workers who wanted a job could not find one. On an annual basis, the economy contracted by more than it had since the...
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