either banking crises or housing crises dampen output far more than ordinary recessions. Using a parametric panel framework … to be significantly smaller following recessions associated with banking crises or housing crises. Our paper corroborates …This paper provides statistical evidence suggesting that in industrial countries, recessions that are associated with …

. This bounce-back is absent following recessions associated with banking crises and housing crises. Consequently, the … permanent output losses of recessions associated with banking crises and housing crises are considerably larger than those of …We investigate whether recoveries following normal recessions differ from recoveries following recessions that are …