Shambaugh, Jay C.; Strain, Michael R. - National Bureau of Economic Research - 2021
Prior to 2020, the Great Recession was the most important macroeconomic shock to the United States economy in … reduce slack in labor markets. But because the slow-and-steady recovery lasted so long, many pre-recession peaks were …, with the bulk of that coming in the last years of the recovery. We place the Great Recession in historical context and …