There is an intensive discussion about the weak and protracted nature of the ongoing recovery.
Why is this global recovery different?
M Ayhan Kose, Prakash Loungani, Marco E Terrones, 18 April 2013
Why does finance matter for trade? Evidence from new data
Marc Auboin, Martina Engemann, 3 December 2012
Academic interest in the role of trade finance has grown in the context of the financial crisis of 2008-09 and the subsequent economic downturn, just as policymakers’ interest was once caught by the Asian financial crisis (IMF 2003).
Jobless recoveries and the disappearance of routine occupations
Henry Siu, Nir Jaimovich, 6 November 2012
Economic recoveries aren’t what they used to be. Since the end of the Great Recession in June 2009:
The case for temporary inflation in the Eurozone
Stephanie Schmitt-Grohe, Martín Uribe, 16 September 2012
Vox readers can download CEPR Discussion Paper 9133 for free here.
US unemployment: Neither natural nor unnatural
Guillermo Calvo, Fabrizio Coricelli, Pablo Ottonello, 24 July 2012
The Great Recession in the US has been followed by high and persistent unemployment. Although output recovered its pre-crisis level, the unemployment rate is still above its pre-crisis level, a situation that is popularly called ‘jobless recovery’ (see Figure 1).
Figure 1. US jobless recovery
A tale of two depressions redux
Barry Eichengreen, Kevin H O’Rourke, 6 March 2012
Firms’ deleveraging and the persistence of unemployment
Tommaso Monacelli, Vincenzo Quadrini, Antonella Trigari, 18 October 2011
The recent financial turmoil has been associated with a depressed state of the labour market. The unemployment rate in the US has risen from 5.5% to more than 10% and continues to remain close to 9% three years after the beginning of the recession (see Figure 1).
Figure 1. Unemployment rate
New measures of hours worked and implications for OECD business cycles
Lee E. Ohanian, Andrea Raffo, 16 October 2011
Evaluating cyclical fluctuations in total hours worked has been a central focus of business-cycle research since at least Kydland and Prescott (1982), and the very different labour-market outcomes observed during the 2008-09 recession across countries have generated increased interest in cyclical labour movements.
Emerging market resilience
Tatiana Didier, Constantino Hevia, Sergio Schmukler, 9 August 2011
According to popular perception, emerging economies fared substantially better than advanced countries during the Great Recession. For example, studies show that advanced countries attained lower rates of GDP growth during the crisis even after taking account of the usual controls (e.g. Frankel and Saravelos 2010; Rose and Spiegel 2010).
From financial crisis to Great Recession: Evidence on the transmission role of banks
Shekhar Aiyar, 12 May 2011
How did problems originating in one asset class in one country propagate internationally, sparking the Great Recession? A standard stylised explanation relies on the globalisation of the banking system, and has two parts.
- Fiscal consolidation: At what speed?Blanchard, Leigh
- Escaping liquidity traps: Lessons from the UK’s 1930s escapeCrafts
- The lessons of the North Atlantic crisis for economic theory and policyStiglitz
- Helicopter money as a policy optionReichlin, Turner, Woodford
- The case for 4% inflationBall
- A tale of two depressions: What do the new data tell us? February 2010 updateEichengreen, O’Rourke
- Educated in America: College graduates and high school dropoutsHeckman, LaFontaine
- Eurozone breakup would trigger the mother of all financial crisesEichengreen
- Debt, deleveraging, and the liquidity trap: A new modelKrugman
- Panic-driven austerity in the Eurozone and its implicationsDe Grauwe, Ji
Reichlin, Baldwin, 14 April 2013
Reichlin, Turner, Woodford
CEPR Policy Research
- The "Greatest" Carry Trade Ever? Understanding Eurozone Bank RisksAcharya, Steffen
- Political Credit Cycles: The Case of the Euro ZoneFernández-Villaverde, Garicano, Santos
- Winning by Losing: Incentive Incompatibility in Multiple QualifiersDagaev, Sonin
- Income and schoolingBrückner, Gradstein
- Monetary Policy and Rational Asset Price BubblesGalí
- How the EZ crisis is permanently changing EU institutionsMicossi
- WTO 2.0: Global governance of supply-chain tradeBaldwin
- Is US economic growth over? Faltering innovation confronts the six headwindsGordon
- The economic crisis: How to stimulate economies without increasing public debtWood
- Austerity: Too Much of a Good Thing?Corsetti