IDEAS home Printed from https://ideas.repec.org/h/pal/palchp/978-1-137-40122-9_6.html
   My bibliography  Save this book chapter

The Great Crisis and Great Recession of 2007–2009

In: The Financial Crisis and Federal Reserve Policy

Author

Listed:
  • Lloyd B. Thomas

Abstract

In spite of monetary and fiscal stimulus of unprecedented magnitude implemented relatively quickly, the Great Crisis severely impacted U.S. economic activity during 2008, 2009, and several years beyond. By most conventional measures of cyclical activity, the period extending from December 2007 through June 2009 was the most severe economic contraction in the United States since the Great Depression of 1929–1933. The Depression, in which real gross domestic product (GDP) fell by 29 percent and the unemployment rate reached 25 percent, dwarfed anything in U.S. experience, before or after. But the 2007–2009 economic contraction, dubbed “The Great Recession,” was the most severe of the ten post-1950 U.S. recessions. This chapter examines the ways in which the Great Crisis led to a severe contraction in aggregate expenditures, output, and employment, thereby exacting a very large price in terms of the well-being of the nation.

Suggested Citation

  • Lloyd B. Thomas, 2013. "The Great Crisis and Great Recession of 2007–2009," Palgrave Macmillan Books, in: The Financial Crisis and Federal Reserve Policy, edition 0, chapter 0, pages 79-95, Palgrave Macmillan.
    • Handle: RePEc:pal:palchp:978-1-137-40122-9_6
    DOI: 10.1057/9781137401229_6
    as

    Download full text from publisher

    To our knowledge, this item is not available for download. To find whether it is available, there are three options:
    1. Check below whether another version of this item is available online.
    2. Check on the provider's web page whether it is in fact available.
    3. Perform a search for a similarly titled item that would be available.

    Corrections

    All material on this site has been provided by the respective publishers and authors. You can help correct errors and omissions. When requesting a correction, please mention this item's handle: RePEc:pal:palchp:978-1-137-40122-9_6. See general information about how to correct material in RePEc.

    If you have authored this item and are not yet registered with RePEc, we encourage you to do it here. This allows to link your profile to this item. It also allows you to accept potential citations to this item that we are uncertain about.

    We have no bibliographic references for this item. You can help adding them by using this form .

    If you know of missing items citing this one, you can help us creating those links by adding the relevant references in the same way as above, for each refering item. If you are a registered author of this item, you may also want to check the "citations" tab in your RePEc Author Service profile, as there may be some citations waiting for confirmation.

    For technical questions regarding this item, or to correct its authors, title, abstract, bibliographic or download information, contact: Sonal Shukla or Springer Nature Abstracting and Indexing (email available below). General contact details of provider: http://www.palgrave.com .

    Please note that corrections may take a couple of weeks to filter through the various RePEc services.

    IDEAS is a RePEc service. RePEc uses bibliographic data supplied by the respective publishers.