Household Wealth and Macroeconomic Activity: 2008–2013
估计了2008-2009年金融和住房财富下降对宏观经济的影响，发现财富损失在2009年和2010年分别贡献了失业率上升约2.1和3.3个百分点，以及实际GDP下降4.5%和5.4%。
This paper provides estimates of the effects of the fall in financial and housing wealth in 2008–09 on overall macroeconomic activity. When the wealth losses are run through a structural macroeconometric model, it is estimated that the fall in wealth contributed about 2.1 percentage points to the rise in the unemployment rate in 2009 and about 3.3 points in 2010. The contribution to the fall in real GDP was 4.5% and 5.4% in the 2 years. These estimates account for most—but not all—of the recessionary increase in unemployment. The remaining increase in unemployment may have resulted more directly from financial stresses, but little evidence is found for this in this study.