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Gauging the impact of the Great Recession

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  • Kevin J. Lansing

Abstract

The Great Recession of 2007?2009, coming on the heels of a spending binge fueled by a housing bubble, so far has resulted in over $7,300 in foregone consumption per person, or about $175 per person per month. The recession has had many costs, including negative impacts on labor and housing markets, and lost government tax revenues. The extensive harm of this episode raises the question of whether policymakers could have done more to avoid the crisis.

Suggested Citation

  • Kevin J. Lansing, 2011. "Gauging the impact of the Great Recession," FRBSF Economic Letter, Federal Reserve Bank of San Francisco, issue july11.
    • Handle: RePEc:fip:fedfel:y:2011:i:july11:n:2011-21
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    References listed on IDEAS

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    1. repec:fip:fedgsq:y:2002:i:nov21 is not listed on IDEAS
    2. Reuven Glick & Kevin J. Lansing, 2009. "U.S. household deleveraging and future consumption growth," FRBSF Economic Letter, Federal Reserve Bank of San Francisco, issue may15.
    3. Kevin J. Lansing, 2008. "Monetary policy and asset prices," FRBSF Economic Letter, Federal Reserve Bank of San Francisco, issue oct31.
    4. Ben S. Bernanke, 2002. "Deflation: making sure \"it\" doesn't happen here," Speech 530, Board of Governors of the Federal Reserve System (U.S.).
    5. Reuven Glick & Kevin J. Lansing, 2011. "Consumers and the economy, part I: Household credit and personal saving," FRBSF Economic Letter, Federal Reserve Bank of San Francisco, issue jan10.
    6. Kevin J. Lansing, 2005. "Spendthrift nation," FRBSF Economic Letter, Federal Reserve Bank of San Francisco, issue nov10.
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    Cited by:

    1. Gelain, Paolo & Lansing, Kevin J., 2014. "House prices, expectations, and time-varying fundamentals," Journal of Empirical Finance, Elsevier, vol. 29(C), pages 3-25.
    2. Paolo Gelain & Kevin J. Lansing & Caterina Mendicino, 2013. "House Prices, Credit Growth, and Excess Volatility: Implications for Monetary and Macroprudential Policy," International Journal of Central Banking, International Journal of Central Banking, vol. 9(2), pages 219-276, June.
    3. Lansing, Kevin J., 2012. "Speculative growth, overreaction, and the welfare cost of technology-driven bubbles," Journal of Economic Behavior & Organization, Elsevier, vol. 83(3), pages 461-483.

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