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Lessons From the ‘Great Recession’ for Both Theory and Economic Policy

In: Financial Stability in the Aftermath of the ‘Great Recession’

Author

Listed:
  • Philip Arestis

    (University of Cambridge)

  • Elias Karakitsos

    (Global Economic Research LLC)

Abstract

The analysis so far in the book has suggested a number of causes of the ‘great recession’ with leverage and excessive liquidity being at the core. In this chapter we review the economic policy response to the credit crisis and subsequent events that produced the ‘great recession’, and assess its short- and long-term impact. We also analyse the consequences of the crisis, drawing a distinction between the economy and asset prices.

Suggested Citation

  • Philip Arestis & Elias Karakitsos, 2013. "Lessons From the ‘Great Recession’ for Both Theory and Economic Policy," Palgrave Macmillan Books, in: Financial Stability in the Aftermath of the ‘Great Recession’, chapter 8, pages 164-192, Palgrave Macmillan.
    • Handle: RePEc:pal:palchp:978-1-137-33396-4_8
    DOI: 10.1057/9781137333964_8
    as

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