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 …

of the U.S. economy before and after the Great Recession. In a DSGE model with endogenous growth, negative demand shocks … deep and persistent enough, like during the Great Recession, they call for a downward revision of potential output measures … Recession, as well as the V-shaped recoveries that followed the oil shock recessions. …

confirm the cross-country variation in the responsiveness of unemployment in the wake of the Great Recession. In the United … commentators have argued that the subsequent rise in unemployment exceeded previous estimates of the elasticity of the unemployment …-term estimate of Okun’s coefficient implying that the deviation in unemployment during the crisis resulted from a larger output gap …