NY Fed’s Tracy: 'Great Recession' distinguished by severity
Joseph Tracy, executive vice-president at the New York Federal Reserve, on Friday said what distinguished the so-called 'Great Recession' from previous recessions was its severity, rather than decline of real output experienced in the US.
At an event at Dominican College in Orangeburg, New York, Tracy said: "The Great Recession did not earn its moniker due to its length. It distinguished itself from earlier recessions in terms of its severity."
Tracy said that at 18 months, the length of the
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