Disasters Everywhere: The Costs of Business Cycles Reconsidered
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https://www.nber.org/papers/w26962
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资源简介：
Business cycles are costlier and stabilization policies could be more beneficial than widely thought. This paper introduces a new test to show that all business cycles are asymmetric and resemble mini-disasters. By this we mean that growth is pervasively fat-tailed and non-Gaussian. Using long-run
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美国国家经济研究局创建时间：
2020-04-01
