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We Are Going to Need a Bigger Stimulus
delong.typepad.com - 2/28/2009
We Are Going to Need a Bigger Stimulus
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Fourth quarter of 2008 GDP 1.55% below the third quarter level--and an equal decline now forecast for the first quarter. Paul Krugman says: Yikes. And if the data on new unemployment claims are any indication (which they are), the economy is continuing to plunge at least as fast.  ...

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Econbrowser:  Q4 Preliminary Release and Re-thinking That "Massive" Stimulus

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Q4 Preliminary Release and Re-thinking That "Massive" Stimulus
Econbrowser — ... I argued the stimulus was, in relative terms, anything but massive. Now, I think that argument has even more force (Brad Delong concurs.) Using the CBO estimates, the output gap in 2008Q4 was 4.4 (versus the 3.8% implied by the earlier advance estimate). ...

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