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A New Keynesian Perspective on the Great Recession

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...

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Bibliographic Details
Published in:	Journal of money, credit and banking credit and banking, 2011-02, Vol.43 (1), p.31-54
Main Author:	IRELAND, PETER N.
Format:	Article
Language:	English
Subjects:	1990-2009 Aggregate demand aggregate demand and supply Comparative analysis E32 E52 Economic instability Economic models Economic recessions Economic theory Geldpolitik Great Recession Inflation rates Interest rates Keynesian theory Keynesianism Konjunktur Macroeconomic modeling Macroeconomics Monetary policy Neokeynesianism Neoklassische Synthese New Keynesian Nominal interest rates Recession Recessions Schock Simulation Studies Supply & demand Supply and demand U.S.A USA Wirtschaftskrise zero lower bound Zinspolitik
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