EconPapers    
Economics at your fingertips  
 

Drivers of the Post-Crisis Slump in the Eurozone and the US

Robert Kollmann (), Beatrice Pataracchia, Rafal Raciborski, Marco Ratto (), Werner Roeger and Lukas Vogel ()

MPRA Paper from University Library of Munich, Germany

Abstract: The Global Crisis led to a sharp contraction and long-lasting slump in both Eurozone and US real activity, but the post-crisis adjustment in the Eurozone and the US shows striking differences. This column argues that financial shocks were key determinants of the 2008-09 Great Recession, for both the Eurozone and the US. The post-2009 slump in the Eurozone mainly reflects a combination of adverse aggregate demand and supply shocks, in particular lower productivity growth, and persistent adverse shocks to capital investment linked to the poor health of the Eurozone financial system. Mono-causal explanations of the persistent slump are thus insufficient. Adverse financial shocks were less persistent for the US.

Keywords: Post-crisis slump; Eurozone; United States; demand and supply shocks; financial shocks (search for similar items in EconPapers)
JEL-codes: E2 E3 E5 E6 F3 F4 (search for similar items in EconPapers)
Date: 2017-04-27
New Economics Papers: this item is included in nep-mac
References: View references in EconPapers View complete reference list from CitEc
Citations: Track citations by RSS feed

Downloads: (external link)
https://mpra.ub.uni-muenchen.de/78826/1/MPRA_paper_78826.pdf original version (application/pdf)

Related works:
Working Paper: Drivers of the Post-crisis Slump in the Eurozone and the US (2017) Downloads
This item may be available elsewhere in EconPapers: Search for items with the same title.

Export reference: BibTeX RIS (EndNote, ProCite, RefMan) HTML/Text

Persistent link: https://EconPapers.repec.org/RePEc:pra:mprapa:78826

Access Statistics for this paper

More papers in MPRA Paper from University Library of Munich, Germany Ludwigstraße 33, D-80539 Munich, Germany. Contact information at EDIRC.
Bibliographic data for series maintained by Joachim Winter ().

 
Page updated 2021-10-16
Handle: RePEc:pra:mprapa:78826