Consumption and the Great Recession

16 Pages Posted: 8 Mar 2012

See all articles by Mariacristina De Nardi

Mariacristina De Nardi

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

Eric French

Institute for Fiscal Studies (IFS); Faculty of Economics

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 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)

Federal Reserve Bank of Chicago ( email )

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

University College London, Economics Dpt. ( email )

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

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

Eric French

Institute for Fiscal Studies (IFS) ( email )

7 Ridgmount Street
London, WC1E 7AE
United Kingdom

Faculty of Economics ( email )

David Benson

Board of Governors of the Federal Reserve System ( email )

20th Street and Constitution Avenue NW
Washington, DC 20551
United States

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