moderately demand-driven recession are 2-3 times larger than in a moderately supply-driven recession, with the difference between … inflation from its trend, implying that the more demand-driven a recession, the higher the multiplier. Median multipliers range …

moderately demand-driven recession are 2-3 times larger than in a moderately supply-driven recession, with the difference between … inflation from its trend, implying that the more demand-driven a recession, the higher the multiplier. Median multipliers range …

This paper reconsiders the role of macroeconomic shocks and policies in determining the Great Recession and the … subsequent recovery in the US. The Great Recession was mainly caused by a large demand shock and by the ZLB on the interest rate … increase in expenditure-to- GDP ratios was apparently determined by the adverse non-policy shocks that caused the recession. …

prevent layoffs. Many OECD countries have used this policy in the Great Recession. This paper shows that the effects of short … in deep economic crises. The policy becomes more efficient as the recession deepens. In expansions, the effects are …