"Study: Without Fed’s QE program, US unemployment would have hit 18%"

During the darkest days of 2008 we took to calling Professor Perry "The Happy Economist" for his unfailing ability to find a positive in the econ indicators. In October 2008 that sometimes took some digging.

Here his AEIdeas platform co-user, James Pethokoukis, has a surprisingly (to me) complementary-to-the-Bernank post.
From AEI:

A new study by UCLA economist Roger Farmer looks at how big stock market crashes affect the real economy, particularly the unemployment rate. By his calculations, the 50% drop in the US stock market from 2007 through 2009 should have driven the unemployment rate to 18% rather than the actual jobless rate peak of 10%. Why didn’t it? Farmer...MORE