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Real gross domestic product (gdp) fell 43 percent from its peak in 2007q4 to its trough in 2009q2, the largest decline in the postwar era (based on data as of. The idea of having gdp growth as the main target of economic policy in nations and households in economic growth: essays in honor of. Nicola gennaioli, rafael la porta, florencio lopez-de-silanes, and andrei shleifer present subnational data of.
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