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resource misallocation

Nominal GDP, Output Gap, productiviy, resource misallocation, velocity of money
Booms & Busts, The Fed & Central Banks

Some Simple Monetarist Arithmetic of the Great Recession and Recovery

Larry White/May 18, 2016June 19, 2022

The familiar chart below illustrates the depth of the decline in real output during the 2007-09 Great Recession (the shaded period), and the failure of the recovery to return real output to its “potential” path (in other words, to eliminate the estimated “output gap”) during the subsequent…

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