The Washington Post

This time is a bit different

The blog of the Oregon Office of Economic Analysis -- I love the 21st Century -- decided to update Carmen Reinhart and Ken Rogoff’s work on financial crises given the amount of data we now have on the aftermath of our own recession. The takeaway? We’re pretty much average in terms of the recovery in the housing market, equity prices, GDP, etc. But “the U.S. labor market has performed better than 4 of the previous Big 5 crises.”

Left unanswered, the authors say, is why we’re managing the employment side of the crisis better. “Is it as simple as [the stimulus]? Is it TARP and the backstopping of the financial industry? Is it the fact that, more or less, the world had a coordinated response in late 2008/early 2009 for expansionary fiscal and monetary policies?”

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