Do large recessions reduce output permanently? |
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| Authors: | Mehdi Hosseinkouchack Maik H Wolters |
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| Institution: | 1. Goethe University Frankfurt, Germany;2. University of Kiel, Germany;3. Kiel Institute for the World Economy, Germany |
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| Abstract: | We apply a recent quantile autoregression unit root test to US GDP. The test takes into account that the transmission of a shock might depend on the sign and the size of the shock. We find that positive and negative shocks including large recessionary shocks like the 2008/2009 crisis have permanent effects on output. |
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| Keywords: | C22 E32 O40 |
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