Consumption and the Great Recession

16 Pages Posted: 8 Mar 2012

See all articles by Mariacristina De Nardi

Mariacristina De Nardi

University College London, Economics Dpt.; Federal Reserve Bank of Chicago; National Bureau of Economic Research (NBER) - Public Economics

Eric French

Department of Economics; Institute for Fiscal Studies (IFS)

David Benson

Board of Governors of the Federal Reserve System

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Date Written: February 8, 2012

Abstract

This article addresses why the latest recession featured the most severe and persistent decline in aggregate consumption since WWII and why its recovery path has been so weak.

Keywords: Great Recession, consumption, consumer expectations, Consumption, Saving, Wealth, Business Fluctuations, Cycles

JEL Classification: E21, E32

Suggested Citation

De Nardi, Mariacristina and French, Eric and Benson, David, Consumption and the Great Recession (February 8, 2012). Economic Perspectives, Vol. 36, No. 1, 2012, Available at SSRN: https://ssrn.com/abstract=2017759

Mariacristina De Nardi (Contact Author)

University College London, Economics Dpt. ( email )

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Federal Reserve Bank of Chicago ( email )

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HOME PAGE: http://www.nber.org/~denardim

National Bureau of Economic Research (NBER) - Public Economics ( email )

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HOME PAGE: http://www.nber.org/~denardim

Eric French

Department of Economics ( email )

Gower Street
London, WC1E 6BT
United Kingdom

Institute for Fiscal Studies (IFS) ( email )

7 Ridgmount Street
London, WC1E 7AE
United Kingdom

David Benson

Board of Governors of the Federal Reserve System ( email )

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Washington, DC 20551
United States

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