implications of 122 recessions, 112 (28) credit contraction (crunch) episodes, 114 (28) episodes of house price declines (busts …), 234 (58) episodes of equity price declines (busts) and their various overlaps in these countries over the sample period … and house price busts tend to be deeper and longer than other recessions. JEL Classification Numbers: E32; E44; E51; F42 …