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Sunday, November 02, 2003

Re: Textbook bias

Going beyond bias, that's an awfully-slimmed down explanation of the early-1990s recession.

I would go so far as to argue that it's just wrong, implying a far-stronger connection than any evidence indicates. Monetary policy was a far bigger bigger culprit, and some argue that technology shocks were to blame.

But oil? Look at inflation: it wasn't that kind of recession.

Posted by Andrew Grossman at 10:32 PM

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