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Recessions. --- Financial crises. --- International finance. --- E-books

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The Great Recession began in 2007, when a contraction in the U.S. housing market led to widespread losses in the financial sector and, subsequently, to economic shocks around the world. By December 2007, the country was officially in recession, and it would not emerge from this contraction for 18 months. Although national security decisionmaking was not immediately affected by the recession, uncertainties created by short-term political measures to address the deficit meant that DoD had to fundamentally reconsider its ways and means of ensuring national security in the 2010s. This history considers the Great Recession's reverberations on the DoD as senior leaders in the Office of the Secretary of Defense (OSD) and the Joint Staff worked to shift from a decade of counterterrorism operations toward future threats amid a dynamic threat environment and budgetary uncertainty.

Budget --- Recessions --- National security --- Terrorism --- Récessions --- History --- Prevention. --- Histoire --- United States. --- Appropriations and expenditures. --- Since 2000 --- United States --- Economic policy

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This paper studies the drivers of the labor market performance in Nicaragua with a particular focus on informality, to identify vulnerable groups during economic downturns; and estimates the speed of adjustment of employment to shocks. The paper compares this experience with the ones in other CAPDR countries (Costa Rica, Dominican Republic, El Salvador, Guatemala, Honduras, and Panama). Our findings are that while the high countercyclical informality in Nicaragua has been the active margin of adjustment during economic downturns mitigating unemployment, the trade-off has been a lower speed of adjustment to shocks hampering the country’s ability to revert to its potential. Policy recommendations relate to mitigating the impact of downturns on employment in Nicaragua, easing adjustments and inequalities in the labor market to hasten the employment recovery and thus, support growth.

Nicaragua --- Macroeconomics --- Economics: General --- Labor --- Foreign Exchange --- Informal Economy --- Underground Econom --- Demand and Supply of Labor: General --- Labor Standards: Labor Force Composition --- Unemployment: Models, Duration, Incidence, and Job Search --- Employment --- Unemployment --- Wages --- Intergenerational Income Distribution --- Aggregate Human Capital --- Aggregate Labor Productivity --- Business Fluctuations --- Cycles --- Economic & financial crises & disasters --- Economics of specific sectors --- Labour --- income economics --- Economic growth --- Financial crises --- Economic sectors --- Labor markets --- Labor force participation --- Unemployment rate --- Currency crises --- Informal sector --- Economics --- Labor market --- Economic theory --- Recessions --- Income economics

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Extended periods of ultra-easy monetary policy in advanced economies have rekindled debates about the zombification of weak companies and its impact on resource allocation, economic growth, inflation, and financial stability. Using both firm-level and macroeconomic data, we find that recessions are a critical factor in the rapid increase in the number of zombie firms. Expansionary monetary policy can help reduce zombification when interest rates are at the zero lower bound (ZBL), but a too-accommodative monetary policy for extended periods is associated with a higher probability of zombification. Small and medium enterprises are more likely to become zombie firms. This raises concerns about the sustainability of too-easy monetary policy implementation, especially in countries where growth is lackluster. Our findings imply a tradeoff between conducting a countercyclical monetary policy, which also helps contain the increase in the number of zombie firms in cyclical downturns, and using an expansionary monetary policy for long periods, which may lead to a combination of low interest rates, low growth, and high financial vulnerability. Such a tradeoff is not a concern currently when most countries are tightening their monetary policy stance, but policymakers should be mindful of it during future recessions.

Aggregate Productivity --- Banking --- Banks and Banking --- Business Fluctuations --- Cross-Country Output Convergence --- Currency crises --- Cycles --- Economic & financial crises & disasters --- Economic growth --- Economic recession --- Economic theory --- Economics of specific sectors --- Economics --- Economics: General --- Finance: General --- Financial Crises --- Financial crises --- Global financial crisis of 2008-2009 --- Global Financial Crisis, 2008-2009 --- Governmental Loans, Loan Guarantees, Credits, and Grants --- Informal sector --- Interest rates --- Interest Rates: Determination, Term Structure, and Effects --- Macroeconomics --- Macroeconomics: Production --- Measurement of Economic Growth --- Monetary economics --- Monetary expansion --- Monetary Growth Models --- Monetary Policy --- Monetary policy --- Money and Monetary Policy --- Output gap --- Production and Operations Management --- Production --- Recessions --- Unconventional monetary policies