The Tail that Wags the Economy: Beliefs and Persistent Stagnation
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The Great Recession was a deep downturn with long-lasting effects on credit, employment and output. While narratives about its causes abound, the persistence of GDP below pre-crisis trends remains puzzling. We propose a simple persistence mechanism that can be quantfied and combined with existing
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美国国家经济研究局创建时间：
2015-11-01
