When the crisis erupted, many hoped for a V shaped recovery, notwithstanding a substantial body of research showing that recoveries from recessions caused by a financial crisis tend to be weaker and slower than recoveries from normal recessions.

But the recoveries from the recessions of 1991 and 2001 were different.

The problem in the advanced countries is not a jobless recovery, but an anemic recovery or worse, the possibility of a double dip recession.

The recoveries from the recessions of 1991 and 2001 were very different.

As a result, Japan never fully recovered from its recession.

From 1960 until 1991, recoveries from recessions in the US were typically rapid.

The United States economy is gradually reviving, albeit slowly by the standards of recovery from a deep recession.

Only swift and sustained recovery can stem the rise in the human cost of economic stagnation.

Economic growth plummeted from 13 in 1936 to 6 in 1937, and GDP shrank 4.5 in 1938, while unemployment rose from 14 to roughly 20 . Although fiscal policy was not the only cause of the double dip, ill timed retrenchment certainly contributed to it.

PALO ALTO With the American and global economies in the early stages of post recession recovery, serious questions remain about that recovery s strength and sustainability.

For starters, much less time has elapsed since the financial crisis, the recession has been much shallower, and recovery has come faster.

The likely scenario for advanced economies is a mediocre U shaped recovery, even if we avoid a W shaped double dip.

CHICAGO To understand how to achieve a sustained recovery from the Great Recession, we need to understand its causes.

With a V shaped recovery, however, this expenditure fell again, reducing the deficit rapidly.

LONDON I have become increasingly less hopeful about prospects for a rapid recovery from the global recession.

PITTSBURGH Almost all recoveries from recession have included rapid employment growth until now.

Unemployment is surging in many countries, even though we can detect the first signs of recovery from the recession.

As the global recession ebbs, the most urgent imperative is recovery for all a recovery that is inclusive, expands employment opportunities, reduces inequalities, and sustains development processes.

On the one hand, we measure recovery by our success in regaining pre recession levels of growth, output, and employment.

From the trough of recessions, recovery to pre recession output levels took less than two quarters on average, and employment recovered within eight months.

Recovery from deep recessions is usually strong the American economy recovered from the two other deep post World War II recessions with annual real growth over 6 for three years.

Once the recession ends and recovery begins, a stock adjustment response takes hold, as households compensate for foregone replacement and update their aging durable goods.

The full agenda would have been much easier to implement successfully if the assumptions about the nature of the recession and the likely path of recovery had been accurate.

The economic consequences of the crisis have left a number of developed countries in a severe slump and scrambling to bring about a healthy recovery.

CHICAGO To understand how to achieve a sustained recovery from the Great Recession, we need to understand its causes. And identifying causes means starting with the evidence.

Over most of the postwar period, this post recession release of pent up consumer demand has been a powerful source of support for economic recovery.

To be sure, it was based on unrealistically optimistic assumptions about the depth of the recession, the strength of the recovery, and the level at which unemployment would peak.

Of course, it is not easy to legislate financial reform in a stagnant global economy, for fear of impeding credit and turning a sluggish recovery into a full blown recession.

But the recoveries from the recessions of 1991 and 2001 were different. For example, in 2001, it took just one quarter for output to recover, but 38 months for jobs to come back.

CAMBRIDGE A popular view among economic forecasters and market bulls is that the deeper the recession, the quicker the recovery.

More broadly, given Europe s slide into recession and only a slow rise in world trade volume, renewed growth and stronger import demand in Japan would support global recovery.

LONDON A specter is haunting the treasuries and central banks of the West the specter of secular stagnation. What if there is no sustainable recovery from the economic slump of 2008 2013?

Indeed, just as microeconomic problems in the financial sector triggered a credit crunch and fueled a global recession, so microeconomic factors hold the key to recovery.

Today, for example, a prolonged recession in Europe is, alongside budget cuts, generally seen as posing the greatest risk to a sustained US recovery.

PALO ALTO Early signs of a manufacturing rebound, already strong in Asia, lend hope for some modest recovery from today s deep global recession.

A Recovery for All

Global Disaster Recovery

Recovering from Kosovo

In the US, the most advanced country in this respect, e commerce has just reached 10 of total retail spending, and is continuing to grow at double digit rates through the slow recovery from the Great Recession.

This recovery has been much weaker than previous ones because of fundamental differences in the cause of the downturn and in the policies chosen to achieve recovery.

Four years later, the repeated failure of economic forecasters to predict the depth and duration of the slump would have elicited a similar question from the queen Why the overestimate of recovery?

BRASILIA Large emerging economies were hit hard in the past year particularly in the first half by the crisis in developed countries, with Europe in recession and the United States staging only a meager recovery.

All of this would slow the recovery, perhaps even causing it to stall.

A Sustainable Recovery

Recovery, Interrupted