Crises and the recent recession

Tatom, John (2010): Crises and the recent recession.

Abstract

The United States economy has suffered over the past four years from crises in mortgage foreclosures and in financial markets, as well as a long recession that some have referred to as the Great Recession. The links between these events, or more broadly the causes, extent and effects of these developments, are sources of continuing controversy and uncertainty. This paper attempts to disentangle the links between the mortgage foreclosure crisis, the financial crisis, a possible banking crisis and the Great Recession, at least in terms of timing, and also to provide an alternative view to the conventional wisdom, especially for the link of crises to the recession.

• Item Type: MPRA Paper
• Language: English
• Keywords: Foreclosure crisis; banking crisis; financial crisis; recession
• Subjects: E - Macroeconomics and Monetary Economics > E3 - Prices, Business Fluctuations, and Cycles > E32 - Business Fluctuations ; Cycles; E - Macroeconomics and Monetary Economics > E4 - Money and Interest Rates > E44 - Financial Markets and the Macroeconomy; G - Financial Economics > G0 - General > G01 - Financial Crises

References

Reinhart, Carmen and Vincent Reinhart, “Beware those who think the worst is past,” Financial Times, August 31, 2010.

_____________, and Vincent Rogoff, This Time is Different: Eight Centuries of Financial Folly, Princeton University Press, 2009.