fbpx The Political Economy of Adjustment and Rebalancing | Harvard Kennedy School


  • Jeffery Friedman


The Political Economy of Adjustment and Rebalancing. Jeffry Frieden, May 2014, Paper. "The world’s recovery from the Global Financial Crisis (GFC) was extraordinarily slow and difficult. In the United States, it took some fifty months for employment to return to pre-crisis levels. This contrasts dramatically with the norm in American recessions: since the 1930s, employment has on average taken about ten months to return to pre-recession levels. Output, similarly, regained its pre-crisis levels far more slowly than in other post-Depression recessions. And five years after the crisis began, median household income was still over..." Link verified August 21, 2014