1 “... and activity. To examine the first, we look at 122 recessions over the past 50 years in 23 countries. We find...”

2 “... and activity. To examine the first, we look at 122 recessions over the past 50 years in 23 countries. We find...”

3 “..., refining the analysis in light of the events of the past two years. Given the relatively fluid state...”