Title

The Financial Crisis and Macroeconomic Activity: 2008-2013

Authors

Ray C. Fair

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.

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