which are typically followed by deeper recessions and slower recoveries. Housing finance has come to play a central role in …

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 …

recessions (depth, steepness and duration) in the case of the Mexican states employment during the 2001-2003 and 2008 …-2009 recessions. The original models are extended to include the effects of external and fiscal shocks, as measured by the annual … steepness of prior recessions (as measured by the percentage accumulated drop and the monthly average growth rate of employment …

recessions. If benefits are too generous, however, the programs can lengthen unemployment and raise the unemployment rate. The …

It is widely suggested that there is some relationship between banking crises and recessions. We assess whether there … is evidence for interdependency between recessions and banking crises using both non-parametric tests and unconditional … predict banking crises and recessions and if these variables can explain the previously observed interdependence. Inclusion of …

-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 …

This paper examines trends in household consumption and saving behaviour in each of the last three recessions in the UK … cutbacks in expenditure - with a greater reliance on cuts to nondurable expenditure than was seen in previous recessions. We … show that, both inside and outside recessions, the extent to which the growth in durable purchases is more volatile than …