Document Type
Discussion Paper
Publication Date
3-1-2014
CFDP Number
1944
CFDP Revision Date
2015-02-01
CFDP Pages
44
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.
Recommended Citation
Fair, Ray C., "The Financial Crisis and Macroeconomic Activity: 2008-2013" (2014). Cowles Foundation Discussion Papers. 2345.
https://elischolar.library.yale.edu/cowles-discussion-paper-series/2345