External reading
About this resource
- Publisher
- Federal Reserve History
- Use
- Institutional historical overview of the Great Recession and financial crisis, with a U.S. emphasis.
- Version
- Current historical essay verified August 7, 2026
- Relevant parts
- December 2007-June 2009 recession; financial crisis; policy response; recovery
- Link checked
- Aug 7, 2026
The essay supports a sequence from housing and financial stress through a broad contraction, policy responses, and recovery. It gives learners an event in which balance-sheet conditions, financial intermediation, aggregate demand, employment, and policy transmission interact.
The entry will distinguish the NBER recession dates from the longer financial crisis and recovery narrative. Neither chronology alone proves the magnitude of any policy's effect.