The Real Effects of the Financial Crisis. Brookings Institution. Ben S. Bernanke. September 13, 2018
In his new BPEA paper, former Federal Reserve Chair Ben Bernanke examines why many forecasters failed to anticipate the severity of the Great Recession and what really drove the economy into such a tailspin. Bernanke’s research, which is rooted in quantitative analysis of how the 2007-2009 financial crisis affected the economy, argues that the housing bust, while significantly damaging, can’t on its own explain why the Great Recession was so bad. [Note: contains copyrighted material].
[PDF format, 93 pages].