Friday, December 19, 2008

Our Weird Recession

Professor Nunes kindly sent me his illustration of productivity growth for past recessions (I believe that these are the percentage growth rates from the quarter indicated to the quarter one year prior). Productivity growth is usually negative in recessions. He shows the recent recessions as exceptions, although those recessions also show some negative quarter-to-quarter productivity growth (not shown below) -- today's doesn't (yet).

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