Economist

Richard Iley

Macroeconomics

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<p><strong>At 101 months and counting, the US's current expansion is now the second longest since WWII and closing in on <a href="http://www.nber.org/cycles.html" target="_blank">the 120 month record set between March 1991 and March 2001</a>. But as any middle-aged economist worth his salt will tell you. age is just a number!</strong></p>
<p><strong>Recessions are caused by sharp swings in cash-flows/spending triggered by external shocks, policy mistakes and shifts in future income expectations. Critically, just three components of domestic demand - residential investment, household spending</strong>…</p>
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At 101 months and counting, the US's current expansion is now the second longest since WWII and closing in on the 120 month record set between March 1991 and March 2001. But as any middle-aged economist worth his salt will tell you. age is just a number!
Recessions are caused by sharp swings in cash-flows/spending triggered by external shocks, policy mistakes and shifts in future income expectations. Critically, just three components of domestic demand - residential investment, household spending…


Chart of the Day: Age Is Just A Number