All of it comes from subpar potential GDP, CESG.
All of it, boy.
Remember you asked Gary Hansen about rigid prices (or was it Botelho?)?
NO PRICE RIGIDITY, LAD !
It is all real, REAL shocks; productivity shocks (to hell with preference shocks and habit persistency, to HELL with this fag´s stuff)
The Great Depression itself was a sequence of adverse real shocks. Lee H, Mauro´s friend, has already made that crystal clear.