NATIONAL BUREAU OF ECONOMIC RESEARCH
NATIONAL BUREAU OF ECONOMIC RESEARCH
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Macroeconomics of Persistent Slumps

Robert E. Hall

NBER Working Paper No. 22230
Issued in May 2016

---- Acknowledgments ----

Chapter prepared for the Handbook of Macroeconomics, John Taylor and Harald Uhlig , eds. The Hoover Institution supported this research. The research is also part of the National Bureau of Economic Research's Economic Fluctuations and Growth Program. I thank Gauti Eggertsson, Wouter den Haan, and Cosmin Ilut for illuminating conference discussions, and Valerie Ramey and the editors for comments. Complete backup for all of the calculations is available from my website, stanford.edu~rehall. The views expressed herein are those of the author and do not necessarily reflect the views of the National Bureau of Economic Research.

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