{"id":"https://openalex.org/W855533089","doi":null,"title":"A LONG HARD SLOG: DEBT AND ECONOMIC RECOVERY","display_name":"A LONG HARD SLOG: DEBT AND ECONOMIC RECOVERY","publication_year":2014,"publication_date":"2014-01-01","ids":{"openalex":"https://openalex.org/W855533089","mag":"855533089"},"language":"en","primary_location":{"id":"mag:855533089","doi":null,"is_oa":false,"landing_page_url":"https://www.alliedacademies.org/articles/a-long-hard-slog-debt-and-economic-recovery.pdf","pdf_url":null,"source":{"id":"https://openalex.org/S2764560526","display_name":"Journal of economics and economic education research","issn_l":"1533-3590","issn":["1533-3590","1533-3604"],"is_oa":false,"is_in_doaj":false,"is_core":false,"listed_in":["anvur-scientific"],"host_organization":null,"host_organization_name":null,"host_organization_lineage":[],"host_organization_lineage_names":[],"type":"journal"},"license":null,"license_id":null,"version":null,"is_accepted":false,"is_published":false,"raw_source_name":"Journal of economics and economic education research","raw_type":null},"volume":null,"type":"article","is_traditional":true,"indexed_in":[],"open_access":{"is_oa":false,"oa_status":"closed","oa_url":null,"any_repository_has_fulltext":false},"authorships":[{"author_position":"first","author":{"id":null,"display_name":"Helen Wallace","orcid":null,"observed_orcids":[]},"institutions":[],"countries":[],"is_corresponding":false,"raw_author_name":"Helen Wallace","raw_affiliation_strings":[],"raw_orcid":null,"affiliations":[]},{"author_position":"last","author":{"id":"https://openalex.org/A5014458102","display_name":"Randy F. Cray","orcid":null,"observed_orcids":[]},"institutions":[],"countries":[],"is_corresponding":false,"raw_author_name":"Randy F. Cray","raw_affiliation_strings":[],"raw_orcid":null,"affiliations":[]}],"institutions":[],"countries_distinct_count":0,"institutions_distinct_count":0,"corresponding_author_ids":[],"corresponding_institution_ids":[],"apc_list":null,"apc_paid":null,"fwci":0.0,"has_fulltext":false,"cited_by_count":0,"citation_normalized_percentile":{"value":0.0,"is_in_top_1_percent":false,"is_in_top_10_percent":false},"cited_by_percentile_year":null,"biblio":{"volume":"15","issue":"1","first_page":"83","last_page":null},"is_retracted":false,"is_paratext":false,"is_xpac":false,"primary_topic":{"id":"https://openalex.org/T10503","display_name":"Global Financial Crisis and Policies","score":0.49540001153945923,"subfield":{"id":"https://openalex.org/subfields/2003","display_name":"Finance"},"field":{"id":"https://openalex.org/fields/20","display_name":"Economics, Econometrics and Finance"},"domain":{"id":"https://openalex.org/domains/2","display_name":"Social Sciences"}},"topics":[{"id":"https://openalex.org/T10503","display_name":"Global Financial Crisis and Policies","score":0.49540001153945923,"subfield":{"id":"https://openalex.org/subfields/2003","display_name":"Finance"},"field":{"id":"https://openalex.org/fields/20","display_name":"Economics, Econometrics and Finance"},"domain":{"id":"https://openalex.org/domains/2","display_name":"Social Sciences"}},{"id":"https://openalex.org/T11621","display_name":"Fiscal Policies and Political Economy","score":0.36160001158714294,"subfield":{"id":"https://openalex.org/subfields/2002","display_name":"Economics and Econometrics"},"field":{"id":"https://openalex.org/fields/20","display_name":"Economics, Econometrics and Finance"},"domain":{"id":"https://openalex.org/domains/2","display_name":"Social Sciences"}},{"id":"https://openalex.org/T11742","display_name":"Economic Theory and Policy","score":0.10499999672174454,"subfield":{"id":"https://openalex.org/subfields/2000","display_name":"General Economics, Econometrics and Finance"},"field":{"id":"https://openalex.org/fields/20","display_name":"Economics, Econometrics and Finance"},"domain":{"id":"https://openalex.org/domains/2","display_name":"Social Sciences"}}],"keywords":[{"id":"https://openalex.org/keywords/debt","display_name":"debt","score":0.5519999861717224},{"id":"https://openalex.org/keywords/economic-recovery","display_name":"economic recovery","score":0.9179999828338623},{"id":"https://openalex.org/keywords/deleveraging","display_name":"deleveraging","score":0.8880000114440918},{"id":"https://openalex.org/keywords/great-recession","display_name":"Great Recession","score":0.7139999866485596},{"id":"https://openalex.org/keywords/household-debt","display_name":"household debt","score":0.6740000247955322},{"id":"https://openalex.org/keywords/public-debt","display_name":"public debt","score":0.6610000133514404},{"id":"https://openalex.org/keywords/housing-crisis","display_name":"housing crisis","score":0.6159999966621399},{"id":"https://openalex.org/keywords/financial-crises","display_name":"financial crisis","score":0.5889999866485596},{"id":"https://openalex.org/keywords/economic-downturn","display_name":"economic downturn","score":0.4950000047683716},{"id":"https://openalex.org/keywords/credit-constraints","display_name":"credit constraints","score":0.35199999809265137},{"id":"https://openalex.org/keywords/fiscal-policy","display_name":"fiscal policy","score":0.35100001096725464},{"id":"https://openalex.org/keywords/monetary-policy","display_name":"monetary policy","score":0.5709999799728394},{"id":"https://openalex.org/keywords/us-economy","display_name":"United States economy","score":0.5339999794960022},{"id":"https://openalex.org/keywords/great-depression","display_name":"Great Depression","score":0.5989999771118164},{"id":"https://openalex.org/keywords/economic-slowdown","display_name":"economic slowdown","score":0.4359999895095825},{"id":"https://openalex.org/keywords/unemployment","display_name":"unemployment","score":0.6639999747276306},{"id":"https://openalex.org/keywords/fiscal-imbalance","display_name":"fiscal imbalance","score":0.4300000071525574}],"concepts":[{"id":"https://openalex.org/C2779019792","wikidata":"https://www.wikidata.org/wiki/Q5253658","display_name":"Deleveraging","level":3,"score":0.8881511688232422},{"id":"https://openalex.org/C195742910","wikidata":"https://www.wikidata.org/wiki/Q176494","display_name":"Recession","level":2,"score":0.7343605160713196},{"id":"https://openalex.org/C162324750","wikidata":"https://www.wikidata.org/wiki/Q8134","display_name":"Economics","level":0,"score":0.7252664566040039},{"id":"https://openalex.org/C120527767","wikidata":"https://www.wikidata.org/wiki/Q3196867","display_name":"Debt","level":2,"score":0.573043167591095},{"id":"https://openalex.org/C2778300220","wikidata":"https://www.wikidata.org/wiki/Q114380","display_name":"Financial crisis","level":2,"score":0.5331271290779114},{"id":"https://openalex.org/C2778126366","wikidata":"https://www.wikidata.org/wiki/Q41171","display_name":"Unemployment","level":2,"score":0.5055203437805176},{"id":"https://openalex.org/C2777461252","wikidata":"https://www.wikidata.org/wiki/Q3625286","display_name":"Economic recovery","level":2,"score":0.49017152190208435},{"id":"https://openalex.org/C556758197","wikidata":"https://www.wikidata.org/wiki/Q580018","display_name":"Monetary economics","level":1,"score":0.4716688096523285},{"id":"https://openalex.org/C552438157","wikidata":"https://www.wikidata.org/wiki/Q8698","display_name":"Great Depression","level":2,"score":0.46878254413604736},{"id":"https://openalex.org/C2776562857","wikidata":"https://www.wikidata.org/wiki/Q17164798","display_name":"Household debt","level":3,"score":0.4194740056991577},{"id":"https://openalex.org/C165556158","wikidata":"https://www.wikidata.org/wiki/Q83937","display_name":"Keynesian economics","level":1,"score":0.3095579147338867},{"id":"https://openalex.org/C139719470","wikidata":"https://www.wikidata.org/wiki/Q39680","display_name":"Macroeconomics","level":1,"score":0.23641496896743774},{"id":"https://openalex.org/C95457728","wikidata":"https://www.wikidata.org/wiki/Q309","display_name":"History","level":0,"score":0.0},{"id":"https://openalex.org/C166957645","wikidata":"https://www.wikidata.org/wiki/Q23498","display_name":"Archaeology","level":1,"score":0.0}],"mesh":[],"locations_count":1,"locations":[{"id":"mag:855533089","doi":null,"is_oa":false,"landing_page_url":"https://www.alliedacademies.org/articles/a-long-hard-slog-debt-and-economic-recovery.pdf","pdf_url":null,"source":{"id":"https://openalex.org/S2764560526","display_name":"Journal of economics and economic education research","issn_l":"1533-3590","issn":["1533-3590","1533-3604"],"is_oa":false,"is_in_doaj":false,"is_core":false,"listed_in":["anvur-scientific"],"host_organization":null,"host_organization_name":null,"host_organization_lineage":[],"host_organization_lineage_names":[],"type":"journal"},"license":null,"license_id":null,"version":null,"is_accepted":false,"is_published":false,"raw_source_name":"Journal of economics and economic education research","raw_type":null}],"best_oa_location":null,"sustainable_development_goals":[{"display_name":"Decent work and economic growth","id":"https://metadata.un.org/sdg/8","score":0.48510000109672546}],"study_designs":[],"awards":[],"funders":[],"has_content":{"grobid_xml":false,"pdf":false},"content_urls":null,"referenced_works_count":15,"referenced_works":["https://openalex.org/W1506424182","https://openalex.org/W1509843559","https://openalex.org/W1528857264","https://openalex.org/W1868618840","https://openalex.org/W1968450183","https://openalex.org/W2003384274","https://openalex.org/W2077487325","https://openalex.org/W2112008714","https://openalex.org/W2117543241","https://openalex.org/W2136437723","https://openalex.org/W2149099979","https://openalex.org/W2157028860","https://openalex.org/W2333574509","https://openalex.org/W2803043253","https://openalex.org/W3123285923"],"related_works":["https://openalex.org/W1563009121","https://openalex.org/W7046521998","https://openalex.org/W2081274235","https://openalex.org/W6981296934","https://openalex.org/W2258863822","https://openalex.org/W7097482397","https://openalex.org/W2531245991","https://openalex.org/W119271797","https://openalex.org/W836405769","https://openalex.org/W1823634773"],"abstract_inverted_index":{"INTRODUCTION":[0],"Over":[1],"the":[2,6,12,19,23,27,51,62,95,135,145,159,162,167,176,184,197,202,206,234,248,307,315,331,335,359,369,372,377,380,401,405,430,434,443,449,458,466,469,473,479,484,488,496,503,512,577,588,593,608,620],"last":[3,96,177],"several":[4,350],"years,":[5],"United":[7,395,435],"States":[8,396],"economy":[9,28,127,467,480],"has":[10,29,41,289,293],"faced":[11],"deepest":[13],"reduction":[14,602],"in":[15,54,224,277,399,423,433,465,515,576,587,603,619],"real":[16,621],"GDP":[17],"and":[18,44,78,100,116,166,192,221,231,233,255,261,280,296,314,361,383,448,541,607,626],"slowest":[20],"recovery":[21],"since":[22],"Great":[24,189,199,203,208,337],"Depression.":[25],"Though":[26],"experienced":[30],"twenty":[31],"five":[32],"consecutive":[33],"months":[34],"of":[35,65,87,161,250,253,286,309,341,363,371,404,440,445,451,453,455,472,487,498,521,574],"net":[36,564,622],"job":[37],"growth,":[38],"economic":[39,55,107,155,185,270,302,312,364,386,392,492,555],"growth":[40],"been":[42],"sluggish":[43],"unemployment":[45,578],"remains":[46],"stubbornly":[47],"high.":[48],"Why":[49],"was":[50,272],"drop":[52],"off":[53,549],"activity":[56,313],"so":[57],"steep?":[58],"What":[59],"accounts":[60],"for":[61,317,613],"slow":[63],"pace":[64],"recovery?":[66],"In":[67,510],"their":[68],"ambitious":[69],"book":[70],"This":[71,304],"Time":[72],"is":[73],"Different,":[74],"economists":[75,181],"Kenneth":[76],"Rogoff":[77,191],"Carmen":[79],"Reinhart":[80,193],"have":[81,172,182,194],"empirically":[82],"investigated":[83],"a":[84,225,298,325,339,421,426,462,519,537,550,557,572,584,614],"wide":[85],"variety":[86],"financial":[88,111,406],"crises":[89,112],"endured":[90],"by":[91,258,274,323,483,502,527,568,598],"sixty-six":[92],"countries":[93],"over":[94,175],"eight":[97],"centuries":[98],"(Reinhart":[99],"Rogoff,":[101],"2009).":[102],"Their":[103],"research":[104],"indicates":[105],"that":[106,109,140,152,171,213,236,288,333,353,394,415],"downturns":[108],"follow":[110],"are":[113,157],"more":[114,128],"severe":[115],"persist":[117],"much":[118],"longer":[119],"than":[120,129],"typical":[121],"recessions.":[122],"It":[123],"typically":[237],"takes":[125,238],"an":[126],"four":[130],"years":[131,240],"just":[132],"to":[133,219,229,241,247,300,358,420,457,535,571],"reach":[134],"same":[136,581],"per-capita":[137],"income":[138],"level":[139,591,611],"it":[141,196],"had":[142,531],"attained":[143],"at":[144,330],"pre-crisis":[146],"peak":[147],"(Rogoff,":[148,243],"2011).":[149,244],"They":[150],"argue":[151],"our":[153,268,318,347,389],"current":[154,269,319,385],"miseries":[156],"largely":[158],"result":[160],"recent":[163,381],"housing":[164,264],"crisis":[165,186,265,292],"large":[168],"fiscal":[169],"imbalances":[170],"built":[173],"up":[174,375],"decade.":[178],"While":[179],"many":[180,239],"portrayed":[183],"as":[187,223],"The":[210,263,283,413,437,490,580,600],"Recession,":[190],"called":[195],"Second":[198],"Contraction":[200],"(with":[201],"Depression":[204],"being":[205],"First":[336],"Contraction).":[209],"authors":[211],"contend":[212],"this":[214,291,477],"contraction":[215],"applies":[216],"not":[217],"only":[218],"output":[220,606],"employment,":[222],"normal":[226],"recession,":[227],"but":[228,552],"debt":[230,257,310,356,373],"credit,":[232],"deleveraging":[235,287],"complete":[242],"Deleveraging":[245],"refers":[246],"process":[249,285],"paying":[251],"down":[252],"private":[254,279],"public":[256,281],"households,":[259],"businesses,":[260],"taxpayers.":[262],"which":[266],"precipitated":[267,461],"woes":[271],"preceded":[273,334],"dramatic":[275,585],"increases":[276,524,547],"both":[278,294,604],"debt.":[282,345],"painful":[284],"followed":[290],"inhibited":[295],"delayed":[297],"return":[299,450],"robust":[301,491],"expansion.":[303],"report":[305,348],"explores":[306],"impact":[308],"on":[311,379,384],"implications":[316],"situation.":[320],"We":[321],"begin":[322],"taking":[324],"historical":[326],"perspective,":[327],"looking":[328],"back":[329,482],"period":[332,582],"Contraction,":[338],"time":[340],"rapidly":[342],"expanding":[343],"household":[344],"Next,":[346],"reviews":[349],"theoretical":[351],"explanations":[352],"describe":[354],"how":[355],"contributes":[357],"depth":[360],"duration":[362],"slumps.":[365],"Then,":[366],"we":[367],"analyze":[368],"effects":[370],"build":[374],"during":[376,468],"2000s":[378],"recession":[382],"recovery.":[387],"Lastly,":[388],"paper":[390],"discusses":[391],"strategies":[393],"can":[397],"take":[398],"addressing":[400],"enduring":[402],"consequences":[403],"crisis.":[407],"A":[408],"TALE":[409],"OF":[410],"TWO":[411],"CONTRACTIONS":[412],"Armistice":[414],"brought":[416],"World":[417],"War":[418],"I":[419],"close":[422],"1918":[424],"triggered":[425],"rapid":[427],"demobilization":[428],"from":[429,533],"war":[431,446],"effort":[432],"States.":[436],"abrupt":[438],"cancellation":[439],"military":[441],"contracts,":[442],"cessation":[444],"production,":[447],"hundreds":[452],"thousands":[454],"soldiers":[456],"labor":[459],"force":[460],"brief":[463],"downturn":[464],"first":[470],"half":[471,486],"following":[474],"year.":[475,489],"Despite":[476],"hiccup,":[478],"roared":[481],"second":[485],"rebound":[493],"combined":[494],"with":[495,592],"maintenance":[497],"low":[499],"discount":[500,522],"rates":[501,530],"Federal":[504,513],"Reserve,":[505],"however,":[506],"fueled":[507],"inflationary":[508],"pressures.":[509],"response,":[511],"Reserve":[514],"late":[516],"1919":[517],"initiated":[518],"series":[520],"rate":[523,546],"such":[525],"that,":[526],"June":[528],"1920,":[529],"climbed":[532],"4.75%":[534],"7.0%,":[536],"47%":[538],"increase":[539],"(Walton":[540,625],"Rockoff,":[542,627],"2010,":[543,628],"390-1)!":[544],"These":[545],"set":[548],"sharp":[551],"relatively":[553,615],"short":[554],"downturn,":[556],"classic":[558],"V-shaped":[559],"recession.":[560],"From":[561],"1920-21,":[562],"nominal":[563,605],"national":[565,623],"product":[566,624],"declined":[567],"18%":[569],"leading":[570],"jump":[573],"7.9%":[575],"rate.":[579],"witnessed":[583],"deflation":[586],"overall":[589,609],"price":[590,595,610],"wholesale":[594],"index":[596],"falling":[597],"37%.":[599],"simultaneous":[601],"accounted":[612],"modest":[616],"4%":[617],"decline":[618],"391;":[629],"Hughes,":[630],"1990,":[631],"448).":[632],"\u2026":[633]},"counts_by_year":[],"updated_date":"2026-11-04T10:54:05.112534","created_date":"2016-06-24T00:00:00"}