After the Great Recession: The Struggle for Economic Recovery and Growth [Paperback]

A collection of essays about the US Great Recession of 2007 to 2009 and the subsequent stagnation from prominent scholars.This book collects essays about the U.S. Great Recession of 2007 to 2009 and the subsequent stagnation from prominent scholars who predicted many aspects of the crisis. It argues that the policy challenges we face require an understanding of how the engine of residential construction and consumer spending growth failed in the Great Recession, where new spending growth can come from going forward, and how financial reform, income redistribution, and the conduct of monetary and fiscal policy can assist in this task.This book collects essays about the U.S. Great Recession of 2007 to 2009 and the subsequent stagnation from prominent scholars who predicted many aspects of the crisis. It argues that the policy challenges we face require an understanding of how the engine of residential construction and consumer spending growth failed in the Great Recession, where new spending growth can come from going forward, and how financial reform, income redistribution, and the conduct of monetary and fiscal policy can assist in this task.The severity of the Great Recession and the subsequent stagnation caught many economists by surprise. But a group of Keynesian scholars warned for some years that strong forces were leading the U.S. toward a deep, persistent downturn. This book collects essays about these events from prominent macroeconomists who developed a perspective that predicted the broad outline and many specific aspects of the crisis. From this point of view, the recovery of employment and revival of strong growth requires more than short-term monetary easing and temporary fiscal stimulus. Economists and policy makers need to explore how the process of demand formation failed after 2007, and where demand will come from going forward. Successive chapters address the sources and dynamics of demand, the distribution and growth of wages, the structure of finlsg