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Published online by Cambridge University Press: 07 October 2021
Paul Krugman wrote in January 2009, “We’re living in a Dark Age of Macroeconomics.” The securities markets disagreed. The S&P 500 rose 80% from its early 2009 low to December 2010 (Chart 7.1). Clearly investors were looking ahead because all during 2009 analysts’ earnings expectations for the next year remained dismal, but during 2010 their expectations for 2011 earnings rose 25% (Chart 7.2).
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