Journal Article
A bleak outlook for the U.S. economy
Abstract: Economic activity in the United States has been growing more slowly than average for the past three years, and it is not likely to speed up soon. The slow growth has been due primarily to pessimism among consumers about their long-run personal income. That pessimism?and its extension to the U.S. economy as a whole?is confirmed by data on real estate prices and labor force participation and by the 1992?93 forecast of a Bayesian vector autoregression model.
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Bibliographic Information
Provider: Federal Reserve Bank of Minneapolis
Part of Series: Quarterly Review
Publication Date: 1991
Volume: 15
Issue: Fall
Pages: 18-25