Antonio Fatás on Hysteresis and the Business Cycle
Macro Musings with David Beckworth
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The Reverse Hysteresis of the Economic Cycle
The US is spending $1.5 trillion to boost the economy and create jobs. The plan has been criticised by some who say it's just a money illusion. Paul Romer says he thinks there will be an increase in productivity, which would raise real wages. He also believes that we're going to come up with new theories about state of world affairs.
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