In this Jackson Hole paper, Carmen Reinhart and Vincent Reinhart find that the negative impact of severe financial crises on macroeconomic performance is long lasting, with real house prices remaining below the previous peak a decade after the crash, unemployment remaining at an elevated level and a cumulatively-large decline in GDP growth.
After the Fall
- Post author By Philip Lane
- Post date August 29, 2010
- Categories In Banking Crisis
- Tags Reinhart and Reinhart
- 43 Comments on After the Fall