Will COVID-19 Leave Lasting Economic Scars?
Abstract: Researchers and policymakers are wondering whether the economic losses associated with the COVID-19 pandemic will prove temporary or persistent. Examining the housing crisis of 2006–09 may provide some clues. Despite the fact that the housing crisis represented a temporary demand-side shock, it had lasting negative effects on employment and GDP in regions most exposed to the boom and bust in house prices.
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Provider: Federal Reserve Bank of Richmond
Part of Series: Richmond Fed Economic Brief
Publication Date: 2020-06