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due to a fiscal policy shock, as compared to when the rise in output is due to a positive technology shock. The cross ….75 when the rise in output follows from a favorable output shock. …
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We search for the presence of hysteresis, which we define as aggregate demand shocks that have a permanent impact on real GDP, in the U.S., the Euro Area, and the U.K. Working with cointegrated structural VARs, we find essentially no evidence of such effects. Within a Classical statistical...
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CHAPTER 1: INTRODUCTION TO MODERN MAINSTREAM MACROECONOMIC THOUGHT VERSUS KEYNES’ VIEWS ON RECOVERIES FROM RECESSIONS -- CHAPTER 2: LITERATURE REVIEW OF MAJOR SCHOOLS OF MACROECONOMIC THOUGHT AND EMPIRICAL WORK -- CHAPTER 3: RESULTS FROM ESTIMATING AND PROJECTING TRENDS FOR RECENT RECESSIONS...
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We examine the dynamics of GDP following an economy-wide pandemic shock that curtails physical mobility and the ability … document that: (i) employment responses after the onset of the shock are milder in digitally-intensive sectors; (ii … intensity. In our baseline scenario, aggregate output returns to pre-crisis levels eight quarters after the initial shock onset …
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We estimate the impact of fiscal measures adopted in response to the COVID-19 crisis at the euro area level, combining standard macroeconomic data with an index on the strictness of ‘lockdown style’ policies. Given the multitude of shocks occurred simultaneously during the pandemic, the...
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