A New Keynesian Perspective on the Great Recession

Preprint OPEN
Peter N. Ireland;
(2010)
  • Subject: recession, New Keynesian, zero lower bound
    • jel: jel:E32 | jel:E52

With an estimated New Keynesian model, this paper compares the "Great Recession" of 2007-09 to its two immediate predecessors in 1990-91 and 2001. The model attributes all three downturns to a similar mix of aggregate demand and supply disturbances. The most recent seri... View more
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