The observation that liquidations are concentrated in recessions has long been the subject of controversy. One view …, recessions result in reduced restructuring, and that this is likely to be socially costly once we consider inefficiencies on both …

This Paper proposes a model of business cycles in which recessions and booms arise as the result of difficulties … encountered by agents in properly forecasting the economy's future needs in terms of capital. The idea has a long history in the … such a model can explain the observed pattern of US recessions (frequency, depth) without relying on technological regress …

implications of 122 recessions, 112 (28) credit contraction (crunch) episodes, 114 (28) episodes of house price declines (busts … the severity and duration of recessions. Specifically, we find evidence that recessions associated with credit crunches … and house price busts tend to be deeper and longer than other recessions. …

the welfare costs of severe recessions are distributed across diffrrent household age groups. The model predicts that …

linkages between different phases of business and financial cycles. In particular, recessions associated with financial … disruption episodes, notably house price busts, tend to be longer and deeper than other recessions. Conversely, recoveries …

Recessions lead to short-term job loss, lower levels of happiness and decreasing income levels. There is growing … disturbing long-run effect of recessions: young people who leave school in the midst of recessions are significantly more likely …