of the modern business cycle: financial-crisis recessions are more costly than normal recessions in terms of lost output …; and for both types of recession, more credit-intensive expansions tend to be followed by deeper recessions and slower …

integrated global financial markets. Third, how costly are recessions that followed these types of crises? Although the latest … comparisons indicate that recessions associated with periods of deep financial disruptions result in much larger declines in real …

recessions. …

This paper examines trends in household consumption and saving behaviour in each of the last three recessions in the UK … expenditure than was seen in previous recessions, and the distributional pattern across individuals differs. The young have cut …

-cycle framework how individuals respond to recessions. Our focus is on the sharp increase in savings rates that have been observed in … the current and recent recessions. We show empirically that these saving spikes were short-lived and common to all working … age groups. We then study life-cycle models in which recessions involve one or more of: (i) an aggregate permanent …