Brookings Papers on Economic Activity

Articles from Spring

Democratic Change in the Arab World, Past and Present
IV. The Arab Spring: Past as Prologue? The findings presented in this paper suggest that the democratic deficit in the Arab League on the eve of the Arab Spring had deep historical roots. However, this result does not imply that the Arab Spring...
Disentangling the Channels of the 2007-09 Recession
ABSTRACT This paper examines the macroeconomic dynamics of the 2007-09 recession in the United States and the subsequent slow recovery. Using a dynamic factor model with 200 variables, we reach three main conclusions. First, although many of the events...
Editors' Introduction
THE BROOKINGS PANEL ON ECONOMIC ACTIVITY held its ninety-third conference in Washington, D.C., on March 22 and 23, 2012. The conference was held against a backdrop of a U.S. economy continuing to struggle to recover from the Great Recession, European...
Fiscal Policy in a Depressed Economy
IV. Conclusion Real interest rates on Treasury securities have fluctuated within a relatively narrow range throughout their history, except for the few years of the Volcker disinflation of the early 1980s. Rates in this historical range, in a depressed...
Is a Household Debt Overhang Holding Back Consumption?
ABSTRACT The recent plunge in U.S. home prices left many households that had borrowed voraciously during the credit boom highly leveraged, with very high levels of debt relative to the value of their assets. Analysts often assert that this "debt overhang"...
The Euro's Three Crises
ABSTRACT The euro area faces three interlocking crises that together challenge the viability of the currency union. There is a banking crisis: banks are undercapitalized and have faced liquidity problems. There is a sovereign debt crisis: a number...
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