A New Keynesian perspective on the Great Recession
By: Peter N. Ireland
Contributors: National Bureau of Economic Research
Series: NBER working paper series -- working paper 16420; Working paper series (National Bureau of Economic Research : Online) -- working paper no. 16420.
Publisher: National Bureau of Economic Research
Published: 2010
Place of publication: Cambridge, MA
Language: eng
Format: [electronic resource] /
Description: "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 series of adverse shocks lasted longer and became more severe, however, prolonging and deepening the Great Recession.  In addition, the zero lower bound on the nominal interest rate prevented monetary policy from stabilizing the US economy as it had previously; counterfactual simulations suggest that without this constraint, output would have recovered sooner and more quickly in 2009"--National Bureau of Economic Research web site.
Notes: Title from PDF file as viewed on 12/28/2010.

Includes bibliographical references.

Also available in print.

System requirements: Adobe Acrobat Reader.

Mode of access: World Wide Web.