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Pale Recession

What is 'Pale Recession'

A phrase used in May 2008 by former Federal Reserve Board Chairman Alan Greenspan to describe an economic environment in which recession has not yet hit all the areas of the economy. In particular, Greenspan was speaking of the U.S. employment numbers at the time, which had not yet seen as significant of a decline as would be expected in a full recessionary environment, which is generally marked by a broad decline in economic activity across the economy.

Explaining 'Pale Recession'

Greenspan used this term in a television interview with Bloomberg on May 4, 2008. When asked whether the U.S. was in a recession he responded, "We're in a recession ... but this is an awfully pale recession at the moment. The declines in employment have not been as big as you'd expect to see."


Further Reading


The aftermath of financial crises
pubs.aeaweb.org [PDF]
… But even upper-bound estimates pale next to actual measured rises in public debt … debt are driven mainly by sharp falloffs in tax revenue and, in many cases, big surges in government spend- ing to fight the recession … International Economics and Economic Policy 17:2, 363-380 …

The impact of the recession on college studentsThe impact of the recession on college students
www.tandfonline.com [PDF]
… But even upper-bound estimates pale next to actual measured rises in public debt … debt are driven mainly by sharp falloffs in tax revenue and, in many cases, big surges in government spend- ing to fight the recession … International Economics and Economic Policy 17:2, 363-380 …

The US Financial Crisis and the Great Recession: Counting the CostsThe US Financial Crisis and the Great Recession: Counting the Costs
www.worldscientific.com [PDF]
… But even upper-bound estimates pale next to actual measured rises in public debt … debt are driven mainly by sharp falloffs in tax revenue and, in many cases, big surges in government spend- ing to fight the recession … International Economics and Economic Policy 17:2, 363-380 …

The global financial crisis of 2007-08: Is it unprecedented?The global financial crisis of 2007-08: Is it unprecedented?
www.nber.org [PDF]
… But even upper-bound estimates pale next to actual measured rises in public debt … debt are driven mainly by sharp falloffs in tax revenue and, in many cases, big surges in government spend- ing to fight the recession … International Economics and Economic Policy 17:2, 363-380 …

Sudden stop, financial factors and economic collpase in Latin America: learning from Argentina and ChileSudden stop, financial factors and economic collpase in Latin America: learning from Argentina and Chile
www.nber.org [PDF]
… But even upper-bound estimates pale next to actual measured rises in public debt … debt are driven mainly by sharp falloffs in tax revenue and, in many cases, big surges in government spend- ing to fight the recession … International Economics and Economic Policy 17:2, 363-380 …


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