Shambaugh, Jay C.; Strain, Michael R. - 2021
Prior to 2020, the Great Recession was the most important macroeconomic shock to the United States economy in … Recession's official end in the summer of 2009, but because it was slow and the depth of the recession so deep, it took years to … reduce slack in labor markets. But because the slow-and-steady recovery lasted so long, many pre-recession peaks were …