; ; ; "ActiveFedora::Aggregation::ListSource" . a , ; "Accounting for Business Cycles"; ; "batchuser@example.com"; "Brinca, Pedro", "McGrattan, Ellen R.", "Chari, V. V.", "Kehoe, Patrick J."; "Federal Reserve Bank of Minneapolis"; "1982 recession", "Business cycle accounting", "Great Recession"; "E61 - Policy Objectives; Policy Designs and Consistency; Policy Coordination", "E60 - Macroeconomic Policy, Macroeconomic Aspects of Public Finance, and General Outlook: General", "G33 - Bankruptcy; Liquidation", "G28 - Financial Institutions and Services: Government Policy and Regulation"; "We elaborate on the business cycle accounting method proposed by Chari, Kehoe, and McGrattan (2007), clear up some misconceptions about the method, and then apply it to compare the Great Recession across OECD countries as well as to the recessions of the 1980s in these countries. We have four main Â…findings. First, with the notable exception of the United States, Spain, Ireland, and Iceland, the Great Recession was driven primarily by the efficiency wedge. Second, in the Great Recession, the labor wedge plays a dominant role only in the United States, and the investment wedge plays a dominant role in Spain, Ireland, and Iceland. Third, in the recessions of the 1980s, the labor wedge played a dominant role only in France, the United Kingdom, Belgium, and New Zealand. Finally, overall in the Great Recession the efficiency wedge played a more important role and the investment wedge played a less important role than they did in the recessions of the 1980s."^^; "2016-09-06"; "2019-05-17T13:54:36.624482803+00:00"^^; "https://doi.org/10.21034/sr.531"; ; "https://creativecommons.org/licenses/by-nc/4.0/"; "Thu Nov 7 21:36:48 2019"; "https://creativecommons.org/licenses/by-nc/4.0/"; "Research Paper"; "508", "393", "129", "101"; "Staff report (Federal Reserve Bank of Minneapolis. Research Department)"; "531"; "1982 recession", "Great Recession", "Business cycle accounting"; ; ; ; ; "Federal Reserve Bank of Minneapolis. Research Department"; "Published in: _Handbook of Macroeconomics_ (Volume 2, Chapter 13, 2016, pp. 1013-1063) https://doi.org/10.1016/bs.hesmac.2016.05.002."^^; ; "Publication" . ; .