Prior to 2020, the Great Recession was the most important macroeconomic shock to the United States economy in …, the economy contracted by more than it had since the Great Depression. A slow and steady recovery followed the Great …

cannot detect a signi.cant contribution of fiscal policies in stabilizing the US economy. For instance, the 2007-2009 large …

of economic growth and the initial state of the economy. Although growth may lead to increasing employment (formal and …