Christiano, Lawrence J.; Eichenbaum, Martin; Trabandt, … - Federal Reserve Board (Board of Governors of the … - 2014
We argue that the vast bulk of movements in aggregate real economic activity during the Great Recession were due to … Great Recession. According to the model the observed fall in total factor productivity and the rise in the cost of working … capital played critical roles in accounting for the small size of the drop in inflation that occurred during the Great …