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And off We ride!
Lawrance G. Lux —
... and here; which people should read to understand. Alex Tabarrok first details how nominal growth is relatively rapid, then Casey Mulligan provides a comparison between the 1981-2 Recession and the current Recession. Alex reminds people that the nominal economic growth will double in 14 years, if the growth rate is 5% per year due to compound interest. Casey makes the Case that the 1981-2 Recession should be viewed as the 1980-2 Recession if compared with the current Recession, as the 1981 Recovery was so Short that it was an actual false Reading. Casey fails to state that the ...
Output, Employment and Industrial Production in the "1980-82 Recession"
Econbrowser —
... In today's NYT, Casey Mulligan presents an interesting picture of GDP during the "1980-82 recession" -- the conjoining of the two NBER defined recessions in 1980 and 1981-82. Based on the comparison with the current recession, he concludes: ...
Today vs. the 1980-82 Recession
Economist's View —
... : In today's NYT,
Casey
Mulligan presents an interesting picture of GDP during the "1980-82
recession" -- the conjoining of the two NBER defined recessions in 1980 and
1981-82. Based on the comparison with the current recession, he concludes: ...
Current Recession vs the 1980-82 Recession
Angry Bear —
... Casey Mulligan at economix began it with an argument that the current recession is not as severe as the 1981-82 recession because that recession was really two recessions and if you combine them they were more severe than this recession. ...
Comparing the Current Recession and the "1980-82 Recession"
Econbrowser —
At least one observer has argued that the current recession is not as bad as that of the 1980-82 recession, when those two separate recessions (1980Q1-1980Q3; 1981Q3-1982Q4) are considered as one (see [1] [2]). Here is my interpretation of this assertion, updated to use the latest GDP data, and normalizing (log) GDP on the recession start dates.
Figure 1: Log GDP relative to 2007Q4 (blue), log forecasted GDP relate to 2007Q4 (teal), and log GDP relative to 1980Q1 (red). Source: BEA GDP 2009Q2 advance (July 2009), WSJ ...
