Persistent Overoptimism Three Ways: Truckers, Fed Economists, Manufacturers
MishTalk
NOVEMBER 20, 2015
Sales of Class 8 heavy trucks are on pace for one of the best years in history - around 260,000 units in North America. A possible explanation for the SEP’s prediction of a rapid catch-up to potential GDP after 2009 is that participants overestimated the efficacy of monetary policy in the aftermath of a so-called balance-sheet recession.
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