CFDP Revision Date
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.
Fair, Ray C., "The Financial Crisis and Macroeconomic Activity: 2008-2013" (2014). Cowles Foundation Discussion Papers. 2345.