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Household balance sheets and the recovery


  • Bianco, Timothy
  • Occhino, Filippo


Falling home and financial asset prices have combined to weaken the average household’s balance sheet, and this has helped to slow down the current recovery. We examine the role that household balance sheets have typically played in postwar business cycles and assess their importance in explaining why some recoveries, including the current one, have been weaker than others.

Suggested Citation

  • Bianco, Timothy & Occhino, Filippo, 2011. "Household balance sheets and the recovery," Economic Commentary, Federal Reserve Bank of Cleveland, issue Mar.
  • Handle: RePEc:fip:fedcec:y:2011:i:mar24:n:2011-5

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    References listed on IDEAS

    1. Ohanian, Lee & Raffo, Andrea & Rogerson, Richard, 2008. "Long-term changes in labor supply and taxes: Evidence from OECD countries, 1956-2004," Journal of Monetary Economics, Elsevier, vol. 55(8), pages 1353-1362, November.
    2. Murat Tasci & Saeed Zaman, 2010. "Unemployment after the recession: a new natural rate?," Economic Commentary, Federal Reserve Bank of Cleveland, issue Sep.
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