期刊名称：Federal Reserve Bank of St. Louis - Regional Economist
出版年度：2014
出版社：Federal Reserve Bank of St. Louis
摘要：A recession can be ma ny things to ma ny people, and this is precisely the insight of new research f rom economists Fatih Guvenen, Serdar Ozkan and Jae Song. Though the point seems trivial, their focus on differential impacts in the discussion of business cycles is relatively new. The Keynesian tradition described recessions in terms of declines in aggregate demand, ana lyzing the movement of statistics that describe the economy as a whole. Most of macroeconomic thinking followed suit. For insta nce, a recession came to be defined roughly as anytime that gross domestic product (GDP) declines for two consecu- tive quarters. But what is happening under the sur face to the individua ls who make up aggregate demand, those whose individual incomes comprise GDP
