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The U.S. Recovery from the Great Recession: A Story of Debt and Deleveraging

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The U.S. recovery from the Great Recession has been slow relative to other postwar-era recoveries in the United States. Encouraged by loose lending standards in the pre-crisis period, U.S. households took on unsustainable amounts of debt, making them vulnerable to adverse shocks. Subsequently, a considerable drop in asset prices forced households to repair their balance sheets. While there has been progress in household deleveraging, the government sector now needs to delever, which will restrain growth over the next few years.

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  • Brady Lavender & Nicolas Parent, 2012. "The U.S. Recovery from the Great Recession: A Story of Debt and Deleveraging," Bank of Canada Review, Bank of Canada, vol. 2012(Winter), pages 13-26.
    • Handle: RePEc:bca:bcarev:v:2013:y:2013:i:winter13:p:13-26
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    Cited by:

    1. Marco Guerrazzi, 2015. "Animal spirits, investment and unemployment: An old Keynesian view of the Great Recession," Economia, ANPEC - Associação Nacional dos Centros de Pós-Graduação em Economia [Brazilian Association of Graduate Programs in Economics], vol. 16(3), pages 343-358.

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