no complaint about the qt'd poster! i just think that "recovery to pre-crisis trend" is (i) not obviously possible accepting arguendo that that was the trend, and (ii) that the way the trend was selected was probably ill-conceived
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like eyeballing fitting a trendline to a period ending right before any downturn in the series would produce a massive and permanent "output gap"
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do i believe those are "real" possibilities had we avoided crises forever. I mean probably not does any monetary policy seem likely to have been able to close those gaps. seems like no "true monetary policy has never been tried" you got me there
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All
point
estimates
are
valid
with
zero
variance
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Yes but Toy Story meme funny
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mostly when it ends with 9/11
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GDP metrics seem hopelessly insufficient to describe actual economic realities in this day and age of global trade and US service economy. Seems almost entirely all Fake and Ghey to me tbh. Idgi maybe I'm just too dumb to understand economics. Retvrn to Adam Smith the end.
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Delicious Plucking Model tears "Decisive refutation of Mises, you say, Professor Friedman? We'll see about that."
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The post-crisis decline in real GDP growth reflects a worsening of economic fundamentals, I think most economists would agree. Lower productivity growth, lower investment, etc. While certainly not the only cause, I suspect inadequate monetary policy played a role. Demand matters.
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Gotta df test it
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