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Unemployment During and After the Great Recession

In: Economics for the Curious

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  • Dale T. Mortensen

Abstract

After the collapse of the global financial firm of Lehman Brothers in September 2008, the United States and Europe experienced their most severe financial market panic and banking crisis since the beginning of the Great Depression. Although the US Treasury Department and the Federal Reserve System took immediate action in an attempt to prevent a complete meltdown of financial markets, it became clear that the usual tools at hand were insufficient for the purpose. In response, on 3 October President Bush signed a $700 billion bill known as the Troubled Asset Relief Program (TARP), designed to shore up the banking system, and financial markets more generally. On the same day, the Labor Department’s Bureau of Labor Statistics reported the loss of some 159,000 jobs in the previous month, the largest monthly decline in five years.

Suggested Citation

  • Dale T. Mortensen, 2014. "Unemployment During and After the Great Recession," Palgrave Macmillan Books, in: Robert M. Solow & Janice Murray (ed.), Economics for the Curious, chapter 0, pages 43-59, Palgrave Macmillan.
    • Handle: RePEc:pal:palchp:978-1-137-38359-4_5
    DOI: 10.1057/9781137383594_5
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