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After the fall

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  • Carmen M. Reinhart
  • Vincent Reinhart

Abstract

In our recent paper, (Reinhart and Reinhart, 2010) we examine the behavior of real GDP (levels and growth rates), unemployment, inflation, bank credit, and real estate prices in a twenty one-year window surrounding selected adverse global and country-specific shocks or events. In this note, we summarize some of the main findings of that paper, including that economic growth is notably slower in the decade following a macroeconomic disruption. We extend those results to provide evidence of several post-crisis “double dips” in the years following the crisis. A faltering of economic recovery is not uncommon after a severe financial shock, although this can often be ascribed to exogenous events.
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Suggested Citation

  • Carmen M. Reinhart & Vincent Reinhart, 2010. "After the fall," Proceedings - Economic Policy Symposium - Jackson Hole, Federal Reserve Bank of Kansas City, pages 17-60.
    • Handle: RePEc:fip:fedkpr:y:2010:p:17-60
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    References listed on IDEAS

    as
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    More about this item

    Keywords

    Financial crises; Mortgages;

    JEL classification:

    • N1 - Economic History - - Macroeconomics and Monetary Economics; Industrial Structure; Growth; Fluctuations
    • F3 - International Economics - - International Finance
    • E6 - Macroeconomics and Monetary Economics - - Macroeconomic Policy, Macroeconomic Aspects of Public Finance, and General Outlook

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