The Financial Crisis and Macroeconomic Activity: 2008-2013
This paper provides estimates of the effects of the fall in financial and housing wealth in 2008-2009 on overall macroeconomic activity. These effects are large and account for a large fraction of the slowdown in activity. Much of the 2008-2009 recession is estimated to be simply standard wealth effects at work.
|Date of creation:||Mar 2014|
|Date of revision:||Feb 2015|
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