Reifschneider, Dave; Wascher, William; Wilcox, David - Federal Reserve Board (Board of Governors of the … - 2013
The recent financial crisis and ensuing recession appear to have put the productive capacity of the economy on a lower and shallower trajectory than the one that seemed to be in place prior to 2007. Using a version of an unobserved components model introduced by Fleischman and Roberts (2011), we...