Withstanding Great Recession Like China

Withstanding Great Recession like China

The Great Recession was characterized by two related phenomena: (i) a jobless recovery and (ii) a permanent drop in aggregate output. Data show that the United States, Europe, and even countries with lesser ties to the international …nancial system have su¤ered large permanent losses in aggregate output and employment since the …nancial crisis, despite unprecedented monetary injections. However...

The Great Recession and Entrepreneurship

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Unemployment in the Great Recession

This paper studies the responses of unemployment in Germany, the United States and Britain to the Great Recession of 2008-09 by making use of Beveridge curve analysis, and in the entire OECD with other techniques. It is shown that Britain suffered from recession but no structural problems; the United States suffered from structural unemployment during the recovery; Germany exhibited a much bett...

Churning in the Great Recession

Churning in the Great Recession I widely appreciated that geographic mobility slowed dramatically with the Great Recession. This slowdown arose, so it’s argued, because too often owners were trapped in houses that were underwater or otherwise difficult to sell. Because they couldn’t move, they couldn’t take advantage of jobs that might be available in less depressed regions, and our labor marke...

Evidence from the Great Recession