Question: In prepared remarks before Congress in mid 2007 Federal Reserve Chairman

In prepared remarks before Congress in mid-2007, Federal Reserve Chairman Ben Bernanke testified: "The principal source of the slowdown in economic growth . has been the substantial correction in the housing market.`[and] The near-term prospects for the housing market remain uncertain.” What makes forecasting turning points difficult? ‘What methods do economists use to forecast turning points in the overall economy?

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