Artikel
Long-term damage from the Great Recession in OECD countries
This paper estimates the long-term effects of the global recession of 2008–2009 on output in 23 countries. I measure these effects by comparing current estimates of potential output from the OECD and IMF to the path that potential was following in 2007, according to estimates at the time. The losses in potential output range from almost nothing in Australia and Switzerland to more than 30 percent in Greece, Hungary, and Ireland; the average loss, weighted by economy size, is 8.4 percent. Most countries have experienced strong hysteresis effects: shortfalls of actual output from pre-recession trends have reduced potential output almost one-for-one. In the hardest-hit economies, the current growth rate of potential is depressed, implying that the extent of lost potential is growing over time.
- Language
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Englisch
- Bibliographic citation
-
Journal: European Journal of Economics and Economic Policies: Intervention (EJEEP) ; ISSN: 2052-7772 ; Volume: 11 ; Year: 2014 ; Issue: 2 ; Pages: 149-160
- Classification
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Wirtschaft
Business Fluctuations; Cycles
Studies of Particular Policy Episodes
General Outlook and Conditions
- Subject
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Great Recession
hysteresis
potential output
- Event
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Geistige Schöpfung
- (who)
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Ball, Laurence
- Event
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Veröffentlichung
- (who)
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Edward Elgar Publishing
- (where)
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Cheltenham
- (when)
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2014
- DOI
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doi:10.4337/ejeep.2014.02.02
- Handle
- Last update
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10.03.2025, 11:41 AM CET
Data provider
ZBW - Deutsche Zentralbibliothek für Wirtschaftswissenschaften - Leibniz-Informationszentrum Wirtschaft. If you have any questions about the object, please contact the data provider.
Object type
- Artikel
Associated
- Ball, Laurence
- Edward Elgar Publishing
Time of origin
- 2014
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