Deep Recessions, Fast Recoveries, and Financial Crises: Evidence from the American Record
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We wish to thank David Altig, Luca Benati and John Cochrane for helpful comments, and participants at the Swiss National Bank conference on Policy Challenges and Developments in Monetary Economics, at the Federal Reserve Bank of Dallas, Stanford, Claremont, UCLA, Santa Clara, UC Santa Cruz, and the Reserve Bank of New Zealand. Patricia Waiwood provided excellent research assistance. Much of this paper was written at the Federal Reserve Bank of Cleveland where Michael Bordo is a Visiting Scholar and the research was funded by the Federal Reserve Bank of Cleveland. The views expressed herein are those of the authors and do not necessarily reflect the views of the Federal Reserve Bank of Cleveland or the National Bureau of Economic Research.