The 2009 NGDP Shock Keeps Looking Worser and Worser
I’m reluctant to even do this post, as the GDP figures keep getting revised downward, suggesting my former comments are “inoperative.” Fortunately for me the revisions keep strengthening my argument. First the BEA said NGDP fell about 2% between 2008:2 and 2009:2. Then last year the figures were revised sharply lower, especially for 2008:3, which [...]
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