The Financial Crisis and Macroeconomic Activity: 2008-2013

45 Pages Posted: 29 Mar 2014 Last revised: 18 Feb 2015

See all articles by Ray C. Fair

Ray C. Fair

Yale University - Cowles Foundation; Yale School of Management - International Center for Finance

Date Written: February 17, 2015

Abstract

This paper provides estimates of the effects of the fall in financial and housing wealth in 2008-2009 on overall macroeconomic activity.  These effects are large and account for a large fraction of the slowdown in activity. Much of the 2008-2009 recession is estimated to be simply standard wealth effects at work.

Keywords: Financial crisis, Wealth effects

JEL Classification: E32, E37

Suggested Citation

Fair, Ray C., The Financial Crisis and Macroeconomic Activity: 2008-2013 (February 17, 2015). Cowles Foundation Discussion Paper No. 1944. Available at SSRN: https://ssrn.com/abstract=2416825 or http://dx.doi.org/10.2139/ssrn.2416825

Ray C. Fair (Contact Author)

Yale University - Cowles Foundation ( email )

Box 208281
New Haven, CT 06520-8281
United States
203-432-3715 (Phone)
203-432-6167 (Fax)

HOME PAGE: http://fairmodel.econ.yale.edu

Yale School of Management - International Center for Finance ( email )

Box 208200
New Haven, CT 06520
United States
203-432-3715 (Phone)
203-432-6167 (Fax)

HOME PAGE: http://fairmodel.econ.yale.edu

Here is the Coronavirus
related research on SSRN

Paper statistics

Downloads
184
Abstract Views
868
rank
172,666
PlumX Metrics