Producer prices in the legal services industry after the Great Recession

The Welfare State After the Great Recession

Financial Frictions, Asset Prices, and the Great Recession

We study financial shocks to households’ ability to borrow in an economy that quantitatively replicates U.S. earnings, financial, and housing wealth distributions and the main macro aggregates. Such shocks generate large recessions via the negative wealth effect associated with the large drop in house prices triggered by the reduced access to credit of a large number of households. The model in...

Unemployment in the Great Recession

This paper studies the responses of unemployment in Germany, the United States and Britain to the Great Recession of 2008-09 by making use of Beveridge curve analysis, and in the entire OECD with other techniques. It is shown that Britain suffered from recession but no structural problems; the United States suffered from structural unemployment during the recovery; Germany exhibited a much bett...

Churning in the Great Recession

Churning in the Great Recession I widely appreciated that geographic mobility slowed dramatically with the Great Recession. This slowdown arose, so it’s argued, because too often owners were trapped in houses that were underwater or otherwise difficult to sell. Because they couldn’t move, they couldn’t take advantage of jobs that might be available in less depressed regions, and our labor marke...

Wealth Disparities before and after the Great Recession.

The collapse of the labor, housing, and stock markets beginning in 2007 created unprecedented challenges for American families. This study examines disparities in wealth holdings leading up to the Great Recession and during the first years of the recovery. All socioeconomic groups experienced declines in wealth following the recession, with higher wealth families experiencing larger absolute de...