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1 Introduction. The recent nancial crisis had pervasive consequences, leading the U.S. economy to its longest and most severe recession since World War II. Arguably, the crisis started with the end of a housing bubble that, in turn, led to the collapse of the subprime market.
According to the National Bureau of Economic Research (NBER), the U.S. economy was in a recession for 18 months from December 2007 to June 2009. It was the longest and deepest recession of the post-World War II era. The recession can be separated into two distinct phases.
22 Νοε 2013 · The Great Recession began in December 2007 and ended in June 2009, which makes it the longest recession since World War II. Beyond its duration, the Great Recession was notably severe in several respects.
United States economy in generations. Millions lost jobs and homes. At its peak, one in ten workers who wanted a job could not find one. On an annual basis, the economy contracted by more than it had since the Great Depression. Asset prices fell sharply. Policy interest rates hit their lowest level in history, and deficits spiked.
National Bureau of Economic Research (the official arbiter of U.S. recessions), there were 10 recessions between 1948 and 2011. The most recent recession began in December 2007 and ended in June 2009, though many of the statistics that describe the U.S. economy have yet to return to their pre-recession values. In this Spotlight,
The global financial crisis and Great Recession of 2007–2009 constituted the worst shocks to the United States economy in generations. Many books have been and will be written about these seminal events, but the story can also be told graphically, as the charts and graphs below aim to do.
This paper provides a comparative analysis of the Great Depression (1929-1933) and the Great Financial Crisis (2007-2009) by contrasting the crises' main driving forces and how they relate to each other with respect to the United States.
