literature focuses on recessions at the aggregate level. We provide evidence on the behavior of a large set of developed and … external financial dependence of industries. We distinguish financial from normal recessions, and look at the patterns of the … leads to a rich set of results grouped in 14 stylized facts. Most importantly, we found that recessions tend to be more …

different consequences for the costs of recessions. Using U.S. employer-employee data, we find that employment growth at low … that while during recessions separations fall in both high-paying and low-paying firms, the decline is stronger among low …

This paper examines trends in household consumption and saving behaviour in each of the last three recessions in the UK … expenditure than was seen in previous recessions, and the distributional pattern across individuals differs. The young have cut …

-cycle framework how individuals respond to recessions. Our focus is on the sharp increase in savings rates that have been observed in … the current and recent recessions. We show empirically that these saving spikes were short-lived and common to all working … age groups. We then study life-cycle models in which recessions involve one or more of: (i) an aggregate permanent …

recessions accelerate this process. In doing so we establish a new fact about the demand for skill over the business cycle. Using …

The slow recovery following the 2008/2009 recession has led to renewed interest in the question whether deep recessions … to large recessions. The test has more power than conventional unit root tests. We find that positive and negative shocks …

of the modern business cycle: financial-crisis recessions are more costly than normal recessions in terms of lost output …; and for both types of recession, more credit-intensive expansions tend to be followed by deeper recessions and slower …