Ohanian, Lee E. - In: Journal of Economic Perspectives 24 (2010) 4, pp. 45-66
This paper assesses the 2007-2009 recession using neoclassical business cycle theory. I find that the 2007-2009 U.S. recession differs substantially from other postwar U.S. recessions, and also from the 2008 recession in other countries, in that lower labor input accounts for virtually all of...