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JOURNAL OF APPLIED BUSINESS AND ECONOMICS
Great Recession of 2008-2009: Causes and Consequences
Author(s): Alexander Katkov
Citation: Alexander Katkov, (2012) "Great Recession of 2008-2009: Causes and Consequences," Vol. 13, Iss. 3, pp. 107 - 122
Article Type: Research paper
Publisher: North American Business Press
Abstract:
Last four years of the turbulent economic performance raised more questions than provided answers
about causes of the Great Recession of 2008-2009. The real GDP has declined about 3.7% and the full
recovery has been achieved only recently. Most economists are blaming the real estate market collapse
and the followed it financial crisis as main causes of the Recession. But the real macroeconomic cause
was the change of the national macroeconomic policy from the Demand support to Supply support
strategy in the middle of 1980s. This article is discussing the cause of the Recession and its consequences.
