Do large recessions reduce output permanently?

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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Year of publication:	2013
Authors:	Hosseinkouchack, Mehdi ; Wolters, Maik H.
Published in:	Economics Letters. - Elsevier, ISSN 0165-1765. - Vol. 121.2013, 3, p. 516-519
Publisher:	Elsevier
Subject:	Unit root tests \| Quantile autoregression \| GDP \| Recessions \| Asymmetries

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Type of publication:	Article
Classification:	C22 - Time-Series Models ; E32 - Business Fluctuations; Cycles ; O40 - Economic Growth and Aggregate Productivity. General
Source:	RePEc - Research Papers in Economics

Persistent link: https://www.econbiz.de/10010729440