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Federal Reserve Bank of San Francisco
FRBSF Economic Letter
The slow recovery: it’s not just housing
John C. Williams
Abstract

States that were hit hard by the housing bust performed worse economically during the recession of 2007-09. However, the close relationship between the fall in home prices and state economic activity has largely disappeared during the recovery. High unemployment, restrained demand, and idle production capacity are national in scope. These are just the sorts of problems monetary policy can address. ; This Letter was adapted from a speech by the president and CEO of the Federal Reserve Bank of San Francisco at the University of San Diego on April 3, 2012.


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John C. Williams, "The slow recovery: it’s not just housing" , Federal Reserve Bank of San Francisco, FRBSF Economic Letter, number 11, 2012.
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Keywords: Economic conditions - United States ; Monetary policy
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