Is recovery a myth?
Anttila, Juho (12.10.2016)
JulkaisusarjaBank of Finland. Bulletin
JulkaisijaBank of Finland
Julkaisun pysyvä osoite onhttps://urn.fi/URN:NBN:fi:bof-201610261467
Deep recessions have typically led to a permanent step down to a lower growth trajectory. However, since the financial crisis of 2008, the growth rate itself has also been exceptionally slow, due to weak growth in total factor productivity. In addition to the recession itself, the slow pace of recovery does, in fact, constitute a significant part of the overall costs of the crisis.