NATIONAL BUREAU OF ECONOMIC RESEARCH
NATIONAL BUREAU OF ECONOMIC RESEARCH

The Disappointing Recovery of Output after 2009

John G. Fernald, Robert E. Hall, James H. Stock, Mark W. Watson

NBER Working Paper No. 23543
Issued in June 2017

---- Acknowledgements ----

We thank Laurence Ball, Vasco Curdia, David Romer, Glenn Rudebusch, John Williams, and Jonathan Wright; the seminar and conference participants at the Federal Reserve Bank of San Francisco, the Federal Reserve Bank of Boston, the Federal Reserve Bank of New York, and the Brookings Institution; our editor, Janice Eberly; and discussants Robert Barro and Lucrezia Reichlin. We also thank John Coglianese and Neil Gerstein for excellent research assistance. The views in this paper are solely the responsibility of the authors and should not be interpreted as reflecting the views of the Federal Reserve Bank of San Francisco, the Board of Governors of the Federal Reserve System, or the Business Cycle Dating Committee of the National Bureau of Economic Research. Hall's research was supported by the Hoover Institution. This paper will appear in the Brookings Papers on Economic Activity; some of the authors received honorariums from the Brookings Institution in connection with the paper. The views expressed herein are those of the authors and do not necessarily reflect the views of the National Bureau of Economic Research.

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