The Center for Quantitative Economic Research (CQER) of the Federal Reserve Bank of Atlanta advances empirical research in economics and promotes forecasting models usable for policy studies.
Data for real gross domestic product (GDP) growth in fourth-quarter 2013 have pushed the GDP-based recession indicator down to 3.3 percent. This index from well-known economist James Hamilton assigns recession start and end dates based on observed dynamics in the U.S. economy.
Andrew Glover, Jonathan Heathcote, Dirk Krueger, and José-Víctor Ríos-Rull
CQER Working Paper 14-01 (January)
The authors analyze the distributional consequences of a large recession across different age cohorts. They find that asset price declines hurt the old, who rely on asset sales to finance consumption, but benefit the young, who can purchase assets at depressed prices.
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