The slow recovery following the 2008/2009 recession has led to renewed interest in the question whether deep recessions lower real GDP permanently or whether we can expect a rebound to earlier trend levels. Using a recent quantile autoregression unit root test we check whether shocks to real GDP...

Among the many explanations of the deep transformational recession in the post-communist economies during the transition from a centrally planned economy to market economy in the 1990s there is one that considers this recession as a statistical fiction: the elimination of “unneeded under a...

Consumers' expected income growth declined significantly during the Great Recession. It was the most severe drop ever observed in these data, and expectations have not yet fully recovered. Furthermore, this article shows that expected income growth is a strong predictor of actual future income...