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The Economy in Perspective

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Paradigm Lost? … What should we make of the unexpectedly good macroeconomic performance of the U.S. economy in the last several years? Does the combination of under-3% inflation and under-5% unemployment mean that structural changes have permanently transformed the economy's business cycles characteristics? Have we entered a Golden Age that externalizes not only low inflation and unemployment but also higher rates of saving, capital investment, and productivity? Is it time to replace an old paradigm with a brave new one?

Suggested citation: “The Economy in Perspective,” Federal Reserve Bank of Cleveland, Economic Trends, no. 97-09, pp. 01, 09.01.1997.

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