Macroeconomic Impacts of the 9/11 Attack: Evidence from Real-Time Forecasting

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DIANE Publishing, 2011 - 16 pages
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Evaluates the macroeconomic impacts of the 9/11 attack on U.S. real GDP growth and the unemployment rate by examining how forecasts of these variables were revised after the attack occurred. By this approach, the immediate impact of the 9/11 attack was to reduce real GDP growth in 2001 by 0.5%, and to increase the unemployment rate by 0.11% (reduce employment by 598,000 jobs). Forecasted real GDP growth in 2002 fell dramatically immediately after the 9/11 attack but then recovered fully. The forecasted unemployment rate in 2002 rose sharply immediately after the 9/11 attack, but unlike real GDP growth, it never subsequently returned to a pre-9/11 level. Illustrations. This is a print on demand edition of a hard to find publication.
 

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