Shocks, Crises, and False Alarms

NOTES

Chapter 1

1. 1. Our term good macro refers to the structural foundation that the macroeconomy provides to the business environment. It makes no judgment about socioeconomic outcomes or challenges. Neither does it suggest there were no setbacks or challenges. It merely states that the conditions for global business interests were predominantly favorable and stable.

2. 2. “And I don’t know how long it’s going to take us to get back to the 2019 per capita GDP. I would say, looking at it now, five years would seem like a good outcome out of this,” said Kenneth Rogoff in “This Time Really Is Different,” Bloomberg Markets, June–July 2020, https://www.magzter.com/stories/Investment/Bloomberg-Markets/This-Time-Really-is-Different. See also Nouriel ...