Quantitative Analysis
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The economists in the Obama administration suggested that the stimulus package that they recommended in early 2008 would keep unemployment under eight percent. Even though they did not show us their analysis, we all know that it was flawed because unemployment reached ten percent in 2010. Were their econometric models improperly specified? Were their assumptions about the economy wrong? Is Keynesian macroeconomic theory wrong? Was there bias in their theory about how the stimulus would work?
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Solution Summary
The expert examines economists in the Obama administration suggested that they recommended in early 2008 would keep unemployment under eight percent.
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These are very big questions and we must be careful not to over reach with our conclusions and generalizations. One thing that we would need to determine from a statistical standpoint is whether or not there is a substantial difference between 10 percent and 8 percent. Sometimes, two numbers (in this case two proportions) are different, but they may not be ...
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