The economic performance during the current recession is sharply different from the 1929-33 episode in most key respects, but not in all...

The current recession actually looks relatively mild, so far, when we look at the decline in industrial production.

In a recession, the severity of the decline is just as relevant as the duration of the recession.

Global Interdependence Center Central Bank Series, Federal Reserve Bank of Philadelphia, Philadelphia, May 18, 2006

We examine the implications of time variation in the correlation between the equity premium and nondurable consumption growth for equity return dynamics in G-7 countries. Using a VAR-GARCH (1,1) model, we find that the correlation increases with recession indicators such as above-average...

Economic downturns often force state policymakers to enact sizable tax increases or spending cuts to close budget shortfalls. In this paper the authors make use of a Markov-switching regression model to empirically describe the expansions and contractions in the states of the Eighth Federal...

In the wake of the most recent U.S. recession, both New York State and New Jersey have faced multibillion-dollar budget gaps. An analysis of the makeup of their budgets reveals that the states' heavy reliance on personal income taxes--particularly from high-wage earners in the finance...