From Ed Dolan:
A long term view of the same tells the story better. For example, here:
Scroll to the middle and bottom graphs on this page. This is from the National Economic Trends publication of the St. Louis Federal Reserve. I wish I knew where to find the link to each of these graphs separately, over as long a time scale as possible.
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I'm an Assistant Professor of Economics at the University of Chicago Booth School of Business and a Faculty Research Fellow at National Bureau of Economic Research (NBER) in the Public economics group. You can follow me on twitter @omzidar.
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