Booms, Crises, and Recoveries: A New Paradigm of the Business Cycle and its Policy Implications

Booms, Crises, and Recoveries: A New Paradigm of the Business Cycle and its Policy Implications
All types of recessions, on average, not just those associated with financial and political crises (as in Cerra and Saxena, AER 2008), lead to permanent output losses. These findings have far-reaching conceptual and policy implications. A new paradigm of the business cycle needs to account for shifts in trend output and the puzzling... READ MORE...

Publication date: November 2017
ISBN 9781484325759
$18.00

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