Since the 2008 global financial crisis, and after decades of relative neglect, the importance of the financial system and its episodic crises as drivers of macroeconomic outcomes has attracted fresh scrutiny from academics, policy makers, and practitioners. Theoretical advances are following a...

During the Great Recession, the rate at which Americans formed households fell sharply. Though the rate has recently picked up, it isn’t fast enough to make up for the shortfall in household formation that occurred over the last several years. An analysis of recent household formation patterns...

In the latest recession, unemployment rates in the United States increased at a faster pace than in the average OECD country. Since the unemployment rate has been more sensitive to technological shocks in the United States in the past than in other OECD countries, I investigated whether...

Financial crisis have become a main topic of researchers, especially after the recent global crisis started in 2007. Although the topic is highly relevant for current research, crisis models widely used were not able to predict the big crash. In the present paper we focus on surveying the...

In a speech to the Summa Hospitals Women’s Board in Akron, Ohio, Federal Reserve Bank of Cleveland President and CEO Sandra Pianalto described how the recession and recovery have unfolded in both the U.S. and in her region. She also highlighted the importance of productivity in driving...

Recoveries that occur in the absence of credit growth are often dubbed miracles and named after mythical creatures. Yet these are not rare animals, and are not always miracles. About one out of five recoveries is "creditless", and average growth during these episodes is about a third lower than...