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Consumption and the Great Recession

16 Pages Posted: 8 Mar 2012  

Mariacristina De Nardi

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

Eric French

Federal Reserve Bank of Chicago; Department of Economics

David Benson

Federal Reserve Bank of Chicago

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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 )

Gower Street
London WC1E 6BT, WC1E 6BT
United Kingdom

Federal Reserve Bank of Chicago ( email )

Research Department
230 South LaSalle Street
Chicago, IL 60604
United States
312 322 5769 (Phone)
312 322 2357 (Fax)

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

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

1050 Massachusetts Avenue
Cambridge, MA 02138
United States

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

Eric French

Federal Reserve Bank of Chicago ( email )

230 South LaSalle Street
Chicago, IL 60604-1413
United States
312-322-5322 (Phone)
312-322-5111 (Fax)

Department of Economics ( email )

Gower Street
London, WC1E 6BT
United Kingdom

David Benson

Federal Reserve Bank of Chicago ( email )

230 South LaSalle Street
Chicago, IL 60604
United States

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