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Home » Publications » Academic journals » Economics journals » EconSouth » December 2008 »
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    MLA

    Lockhart, Dennis. "Toward a Durable Recovery." EconSouth. Federal Reserve Bank of Atlanta. 2008. HighBeam Research. 23 Apr. 2018 <https://www.highbeam.com>.

    Chicago

    Lockhart, Dennis. "Toward a Durable Recovery." EconSouth. 2008. HighBeam Research. (April 23, 2018). https://www.highbeam.com/doc/1G1-192898264.html

    APA

    Lockhart, Dennis. "Toward a Durable Recovery." EconSouth. Federal Reserve Bank of Atlanta. 2008. Retrieved April 23, 2018 from HighBeam Research: https://www.highbeam.com/doc/1G1-192898264.html

    Please use HighBeam citations as a starting point only. Not all required citation information is available for every article, and citation requirements change over time.

Toward a Durable Recovery

EconSouth
EconSouth

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December 22, 2008 | Lockhart, Dennis | Copyright
Copyright Federal Reserve Bank of Atlanta. This material is published under license from the publisher through the Gale Group, Farmington Hills, Michigan. All inquiries regarding rights or concerns about this content should be directed to Customer Service.
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    <a href="https://www.highbeam.com/doc/1G1-192898264.html" title="Toward a Durable Recovery | HighBeam Research">Toward a Durable Recovery</a>

The country is suffering from a severe financial crisis that has accelerated an economic downturn during the second half of 2008. Policymakers have responded with programs that should remediate the many pressing economic challenges we face moving into 2009, and some hopeful signs have emerged in credit markets that a corrective process is under way.

As term funding shows sustained improvement and other indicators point to the credit market's gradual return to health, I expect severe economic weakness in the short term should give way to an eventual recovery of growth near potential, with inflation returning to an acceptable range.

Let me begin with a summary of the economic situation according to the most recent data. Economic activity as measured by real gross domestic product (GDP) declined an estimated 0.5 percent at an annualized rate in the third quarter, according to the preliminary estimate. An even steeper decline in GDP is likely for the fourth quarter. …


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