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Lecture 4 Outline

Lecture 4 Outline - E Federal Reserve policy III T HE B...

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Economics 134 Professor Christina Romer Spring 2012 Professor David Romer LECTURE 4 THE GREAT RECESSION JANUARY 26, 2012 I. R UN -U P TO THE G REAT R ECESSION A. 2001 recession B. Housing bubble C. Measuring financial distress D. Business cycle peak is in December 2007 E. The initial policy response II. C RISIS IN THE F ALL OF 2008 A. Financial crisis in September 2008 B. Shocks were enormous C. Real decline D. International contagion
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Unformatted text preview: E. Federal Reserve policy III. T HE B LEAK W INTER OF 2009 A. Rapidly rising unemployment and slowing inflation B. Worldwide policy actions C. NBER trough is in June 2009 IV. S LOW R ECOVERY IN THE U NITED S TATES A. Pace of recovery B. Headwinds to growth C. Policy lull after summer of 2009 V. E UROPEAN C RISIS A. Greek debt crisis B. Background C. Contagion D. What is happening now?...
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