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Meanwhile over at the WSJ: Mr. Kapteyn, in an interview, said the model is consistent with a “sharp slowdown” in global growth, but not the end of the business cycle. GEE I WONDER WHY“We find that on several dimensions, the behaviour of the data over the last four quarters in the U.S., Eurozone and Japan is completely incongruous with any of the recessions that took place since 1980,” write Pierre Lafourcade and Arend Kapteyn of UBS.
