The Financial Crisis and Recovery: Why so Slow?
Gerald P. Dwyer and James R. Lothian
September/October 2011
- The U.S. economy has recovered slowly from the recession of 2007 to 2009.
- U.S. history provides no support for linking low employment and high unemployment in the current recovery with the financial crisis of 2007–2008.
- The recent recovery and the recovery after the Great Depression are similar, both of which differ from other recoveries.
- Current discussions about the recovery echo prominent interpretations of the Great Depression, focusing on low aggregate demand or government policies that increase uncertainty or decrease productivity.
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