The Six Major Adverse Shocks that Have Hit the U.S. Macroeconomy since 2005: Talk to people at the Federal Reserve these days about how they feel about the institution’s performance during the seven very lean years from late 2008 to late 2015, and they tend to be relatively proud of how the institution performed. Almost smug.
Why? Well, let me pull out my old workhorse-graph of the four salient components of U.S. aggregate demand since 1999:
And let me run through the six major adverse shocks to the U.S. macroeconomy since 2005...