DEEP RECESSIONS, FAST RECOVERIES, AND FINANCIAL CRISES: EVIDENCE FROM THE AMERICAN RECORD.
Do steep recoveries follow deep recessions? Does it matter if a credit crunch or banking panic accompanies the recession? We look at the American historical experience in an attempt to answer these questions. The answers depend on the definition of a financial crisis and on how much of the recovery...
| Publicado en: | Economic Inquiry Vol. 55; no. 1; pp. 527 - 542 |
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| Autores principales: | , |
| Formato: | Artículo |
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Wiley-Blackwell
Jan2017
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| Acceso en línea: | Ver este registro en EBSCOhost |
| fields | @attributes: recordID: 1 pdfLink: plink: https://search.ebscohost.com/login.aspx?direct=true&db=ssf&AN=119533469&site=ehost-live header: @attributes: shortDbName: ssf uiTerm: 119533469 longDbName: Social Sciences Full Text (H.W. Wilson) uiTag: AN controlInfo: bkinfo: jinfo: jid: 00952583 EIQ jtl: Economic Inquiry issn: 00952583 maglogo: Y pubinfo: dt: Jan2017 vid: 55 iid: 1 pid: 480 pub: Wiley-Blackwell artinfo: ui: 119533469 10.1111/ecin.12374 ppf: 527 ppct: 15 formats: fmt: – @attributes: type: T – @attributes: type: P size: 388KB tig: atl: DEEP RECESSIONS, FAST RECOVERIES, AND FINANCIAL CRISES: EVIDENCE FROM THE AMERICAN RECORD. aug: au: Bordo, Michael D. Haubrich, Joseph G. affil: Board of Governors Professor of Economics, NBER and Hoover Institution, Rutgers University, New Brunswick NJ 08901 Vice President and Economist, Federal Reserve Bank of Cleveland, Cleveland OH 44101 ‐ 1387 su: United States Recessions Financial crises Economic recovery Business cycles Economic research sug: subj: Recessions Financial crises Economic recovery Business cycles United States Research and Development in the Social Sciences and Humanities Economic research ab: Do steep recoveries follow deep recessions? Does it matter if a credit crunch or banking panic accompanies the recession? We look at the American historical experience in an attempt to answer these questions. The answers depend on the definition of a financial crisis and on how much of the recovery is considered. But in general recessions associated with financial crises are followed by rapid recoveries. We find three exceptions to this pattern: the recovery from the Great Contraction in the 1930s, the recovery after the recession of the early 1990s, and the present recovery. The present recovery is strikingly more tepid than the 1990s. Possible factors to explain the slowness of this recovery include residential investment and policy uncertainty. ( JEL E32, N10, G01) pubtype: Academic Journal doctype: Article src: R language: English refInfo: copyright: @attributes: flag: N holdings: @attributes: islocal: N |
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