1THE GREAT RECESSION AND FEDERAL RESERVE ANALYSISNAME:INSTITUTIONCOURSE NUMBERCOURSE TITLE:INSTRUCTOR’S NAME:DUE DATE:2THE GREAT RECESSION AND FEDERAL RESERVE ANALYSISIn 2007, the US was exposed to the economic crisis and a negative progression of theeconomy, also called the great recession between 2007 and 2012; however, the event’s effectswere felt until 2012. The crisis first began with housing issues in 2007, leading to a financialcrisis in 2009 marked by a reduction of the GDP “gross domestic product” and increasedunemployment rates. However, the major causes of the event were the banking and housing orreal-estate sectors. The effects were not just in the US but also other parts of the world, markedby a gradual decrease in construction activities, stock market prices, spending of the customers,and activities of the financial institutions. Grusky et al. (2011).Housing price bubbleTowards the great recession’s beginning, there was an eight trillion dollars housing pricebubble; this normally occurs when inflated housing prices, lower supply of houses, and increaseddemand. Additionally, the bubble effect is normally caused by higher access to cr … Purchase document to see full attachment
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