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Economic Brief

April 4, 2019

Richmond Fed Takes Economic Analysis Beyond Business Cycles

The Richmond Fed’s April Economic Brief discusses a new way of analyzing the ups and downs of the U.S. economy.

When analyzing macroeconomic data, it helps to separate long-term trends from business cycle fluctuations and medium-term movements. So Richmond Fed researchers have applied a new way of analyzing inflation, unemployment, GDP growth and interest rates over cycles of different durations. Their main finding is that GDP growth and the unemployment rate play by different rules in that they are determined by long-term and medium-term forces, respectively.

The Richmond Fed’s Economic Brief series provides web-exclusive essays on economic issues and trends. Sign up to receive an email notification when a new essay is posted.

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