The recovery from the Great Recession has been, at least in terms of GDP growth, remarkably slow. Does the nature of the recent rebound shed light on whether future recoveries will exhibit a similar pattern? Much has been made of the impact that the financial crisis has had in shaping the current recovery, but it has been marked by several significant puzzles underlying the weak rebound in economic activity, any of which might help explain the slow return to full capacity and target inflation. Why, after moving tentatively in the first two years of the recovery, has the unemployment rate declined significantly thereafter, notwithstanding the poor performance of GDP? Why has the rate of labor force participation for prime-age workers dropped? Given the evolution of household income and net worth, why have consumers been spending less than expected? What factors drove the surprisingly small decline of inflation during the recession, and what factors have affected the surprisingly slow convergence to target during the recovery? Did the severity of the recession and the length of the recovery permanently affect the economy? This conference will focus on distinguishing between the various explanations for the anomalies that have characterized this recovery, and will pay particular attention to any implications for the patterns we might expect future recoveries to exhibit.


Photo of Rober E Hall

Robert E. Hall
Stanford University

Photo of Robert King

Robert G. King
Boston University

Photo of Alan Krueger

Alan B. Krueger
Princeton University

Photo of Luigi Pistaferri

Luigi Pistaferri
Stanford University

Photo of James Stock

James H. Stock
Harvard University

Photo of Truman F. Bewley

Truman F. Bewley
Yale University

Photo of Olivier Blanchard

Olivier Blanchard
Peterson Institute of Economics

Photo of Gabriel Chodorow-Reich

Gabriel Chodorow-Reich
Harvard University

Photo of J. Bradford DeLong

J. Bradford DeLong
University of California at Berkeley

Photo of Peter Diamond

Peter Diamond
Massachusetts Institute of Technology

Photo of Karen Dynan

Karen Dynan
U.S. Department of the Treasury

Photo of John G. Fernald

John G. Fernald
Federal Reserve Bank of San Francisco

Photo of Jeffrey C. Fuhrer

Jeffrey C. Fuhrer
Federal Reserve Bank of Boston

Photo of Peter Ireland

Peter Ireland
Boston College

Photo of N. Gregory Mankin

N. Gregory Mankiw
Harvard University

Photo of Atif R. Mian

Atif R. Mian
Princeton University

Photo of William D. Nordhaus

Laurence M. Ball
Johns Hopkins University

Photo of Lucrezia Reichlini

Lucrezia Reichlin
London Business School

Photo of Janet Yellen

Janet L. Yellen
Chair, Board of Governors, Federal Reserve System

Photo of Eric Rosengren

Eric S. Rosengren
Federal Reserve Bank of Boston

Photo of Christopher Foote

Christopher L. Foote
Federal Reserve Bank of Boston

Photo of Richardo P.C. Nunes

Ricardo P. C. Nunes
Federal Reserve Bank of Boston

Photo of Joe Peek

Joe Peek
Federal Reserve Bank of Boston



October 14 & 15, 2016


Federal Reserve Bank
of Boston
600 Atlantic Ave
Boston, MA 02210