Memory of recessions
This paper reviews the evidence on the effects of recessions on potential output. In contrast to the assumption in mainstream macroeconomic models that economic fluctuations do not change potential output paths, the evidence is that they do in the case of recessions. A model is proposed to explain t...
| Hlavní autoři: | , , , |
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| Médium: | Journal article |
| Vydáno: |
2012
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