1 “... deflationary outcomes, with a deeper and more prolonged recession. The chapter underscores the crucial role...”

2 “... that long and deep recessions (expansions) cause persistent damage (improvement) to the labor market...”

3 “.... outputinflation process developed in the paper shows that the seeds of large recessions, such as that in 1981-82...”

4 “... policy rule and allows the economy to overheat periodically will be forced to impose large recessions...”