Recessions, Depressions and Macroeconomic Shocks

Sustained economy-wide downturns and the shocks that triggered them, considered at the level of aggregate output, employment and prices rather than any single institution or market. Belongs here: a depression, a stagflationary episode or a supply shock whose own primary character is a broad, multi-year contraction or dislocation of the whole economy. Does not belong here: a downturn whose own defining mechanism was a banking-system panic or an asset-price bubble, grouped under Financial Panics and Banking Crises or Speculative Bubbles, even where a broader recession followed from it.