G2TT
来源类型Discussion paper
规范类型论文
来源IDDP9551
DP9551 Recoveries
Antonio Fatas; Ilian Mihov
发表日期2013-07-14
出版年2013
语种英语
摘要The recovery from the last recession has been slower than any other recovery in the post-WWII period both in the US and in many other advanced economies. There is an ongoing debate around the causes of such a slow recovery. Are there any structural factors that are constraining the speed of recovery? Is it simply that recoveries from financial crises are slower than others? How should monetary and fiscal policy act in these circumstances? In this debate, there is a constant reference to a recovery phase in the business cycle, but such a phase is absent in the most-accepted methodology to characterize business cycles: that of the NBER business cycle dating committee. This paper explores data from the US to characterize and date a recovery phase in the business cycle. Rather than interpreting fluctuations as a two-phase cycle, we describe it as a succession of three distinct phases: expansions, recessions and recoveries. We discuss alternative methods to identify recoveries and provide a discussion of the potential benefits from using a proper definition of the recovery phase.
主题International Macroeconomics
关键词Business cycles Recoveries Recessions Nber business cycles dating committee
URLhttps://cepr.org/publications/dp9551
来源智库Centre for Economic Policy Research (United Kingdom)
资源类型智库出版物
条目标识符http://119.78.100.153/handle/2XGU8XDN/538387
推荐引用方式
GB/T 7714
Antonio Fatas,Ilian Mihov. DP9551 Recoveries. 2013.
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