This time is different, again? The US five years after the onset of subprime

Carmen M Reinhart, Kenneth Rogoff, 22 October 2012



Five years after the onset of the 2007 subprime financial crisis:

  • GDP per capita in the US remains below its initial level;
  • Unemployment, although down from its peak, is still hovering near 8%.

Rather than the V-shaped recovery that is typical of most postwar recessions, growth has been slow and halting.

Topics: Macroeconomic policy
Tags: global crisis, is the US different, recovery

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