The Stock Market Crash Really Did Cause the Great Recession
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This paper studies the connection between the stock market and the unemployment rate. I establish three facts. First, the log of the real value of the S&P 500 and the log of a logistic transformation of the unemployment rate are non-stationary cointegrated series. Second, the stock market Granger
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美国国家经济研究局创建时间：
2013-08-01
