Real business cycle theory in Brazil

How much gdp shrunk last year: 3.8%

How much it is forecast to shrink this year:  about the same.

The current rate of unemployment: 8.2%, it had been 4.3% only three years ago.

The current inflation rate: over ten percent.

All critics of real business cycle theory should commit these numbers to heart; this is more than 200 million people we are talking about.  We’re at the point where impeachment of the President is the “good news scenario.”


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