Growth Dynamics : The Myth of Economic Recovery

The Myth of Economic Recovery

Growth Dynamics : The Myth of Economic Recovery
Using panel data for a large number of countries, we find that economic contractions are not followed by offsetting fast recoveries. Trend output lost is not regained, on average. Wars, crises, and other negative shocks lead to absolute divergence and lower long-run growth, whereas we find absolute convergence in expansions. The output costs of... READ MORE...

Publication date: July 2005
ISBN 9781451861662
$15.00

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