July 15, 2020

Global Letter – The economic cost of recessions II

BY John Llewellyn, Russell Jones

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( 4 mins) Recessions are expensive. Output is permanently lost; and often potential growth is reduced too. In an earlier Global Letter, 1 we reproduced path-breaking calculations made for the UK by the late Christopher Dow. Studying the evolution of post-recession, constant-employment, real output Dow concluded that each recession resulted in a persistent loss of output relative to […]

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