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A major problem in the conduct of macroeconomic policy is the time it takes to recognize that the economy is experiencing a problem.
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A major problem in the conduct of macroeconomic policy is the time it takes to recognize that the economy is experiencing a problem.

User BillRob
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This statement is true. The time it takes to recognize  that the economy is experiencing  a problem is known as the recognition lag. 
User Meir Maor
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