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dc.contributor.authorBoysen-Hogrefe, Jensen_US
dc.contributor.authorJannsen, Nilsen_US
dc.contributor.authorMeier, Carsten-Patricken_US
dc.date.accessioned2010-02-17en_US
dc.date.accessioned2010-02-26T13:28:29Z-
dc.date.available2010-02-26T13:28:29Z-
dc.date.issued2010en_US
dc.identifier.urihttp://hdl.handle.net/10419/30068-
dc.description.abstractThis paper provides statistical evidence suggesting that in industrial countries, recessions that are associated with either banking crises or housing crises dampen output far more than ordinary recessions. Using a parametric panel framework that allows for a bounceback of the level of output in the course of the cyclical recovery, we find that ordinary recessions are followed by strong recoveries that make up for almost all the preceding shortfall in output. This bounceback tends to be significantly smaller following recessions associated with banking crises or housing crises. Our paper corroborates the practice of focusing exclusively on severe crises used in an emerging macroeconomic literature and integrates it with the earlier literature on recessions and recoveries.en_US
dc.language.isoengen_US
dc.publisherKiel Institute for the World Economy (IfW) Kielen_US
dc.relation.ispartofseriesKiel working paper 1586en_US
dc.subject.jelE32en_US
dc.subject.jelC33en_US
dc.subject.ddc330en_US
dc.subject.keywordBusiness cycleen_US
dc.subject.keywordbanking crisisen_US
dc.subject.keywordhousing crisisen_US
dc.subject.keywordpanel dataen_US
dc.subject.keywordasymmetryen_US
dc.subject.keywordpersistenceen_US
dc.titleThe ugly and the bad: banking and housing crises strangle output permanently, ordinary recessions do noten_US
dc.typeWorking Paperen_US
dc.identifier.ppn618787321en_US
dc.rightshttp://www.econstor.eu/dspace/Nutzungsbedingungen-
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