A neoclassical analysis of the Great Recession: a historical comparison

Keisuke Otsu, Florian Gerth

研究成果: Article査読

抄録

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.

本文言語English
ページ(範囲)2363-2373
ページ数11
ジャーナルEconomics Bulletin
35
4
出版ステータスPublished - 2015
外部発表はい

ASJC Scopus subject areas

  • 経済学、計量経済学および金融学(全般)

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