The Swiss Disease: Facts and Artefacts (*) A Reply to Kehoe and Prescott

Abstract

This paper investigates the claim made by Kehoe and Prescott (2002) that Switzerland and New Zealand experienced “great depressions” in the last two decades. We question the appropriateness of the measure used by Kehoe and Prescott (GDP per working-age person) and propose a more accurate measure to compare economic performance on a consistent basis, namely… (More)

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