"At the annual average rate of growth Hawaii experienced between 1959 and 1990, the size of the economy would double every 14 years. At the rate of growth experienced between 1991 and 1998, it would take 93 years for Hawaii's economy to double in size."--from the IntroductionWhat happened during...

The goal of this paper is to provide stylized facts on recovery from economic downturns and to evaluate the role of macroeconomic policies in promoting recovery. In particular, we examine gross domestic product (GDP) recessions and financial downturns (credit contractions and stock price...