Otsu, Keisuke, Gerth, Florian (2015) A neoclassical analysis of the Great Recession: a historical comparison. Economics Bulletin, 35 (4). pp. 2363-2373. ISSN 1545-2921. (doi:EB-15-V35-I4-P237) (KAR id:45783)
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Official URL: http://www.accessecon.com/Pubs/EB/2015/Volume35/EB... |
Abstract
In this paper we conduct a quantitative analysis to investigate the pattern of output loss during past banking crisis episodes by comparing the Great Recession, Great Depression and "Inter-Greats" periods. We find that during all periods output does not fully recover after 5 years from the onset of the banking crisis. However, while the output loss during the Great Recession was as large as that during the Great Depression, the output decline was much more gradual during the Great Recession. Moreover, a neoclassical growth model with productivity shocks can account for the Great Recession period extremely well compared to the Great Depression and Inter-Greats periods.
Item Type: | Article |
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DOI/Identification number: | EB-15-V35-I4-P237 |
Subjects: | H Social Sciences > HB Economic Theory |
Divisions: | Divisions > Division of Human and Social Sciences > School of Economics |
Depositing User: | K. Otsu |
Date Deposited: | 17 Nov 2016 10:01 UTC |
Last Modified: | 05 Nov 2024 10:29 UTC |
Resource URI: | https://kar.kent.ac.uk/id/eprint/45783 (The current URI for this page, for reference purposes) |
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