Heterodox
...I will outline the issues as I see it. One typical insight offered from neoclassical modelling is that a recession would be the result of some sort of shock. Although my argument is that recessions are hard to forecast, that seems to offer almost no information. We can usually see certain mechanisms behind a recession, as is discussed in my manuscript (which is volume one). So it's a hard sell to say that recessions are purely random processes. We can get slightly more specific, such as...
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