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Chapter 1: The Macroeconomic Outlook

Giancarlo Corsetti, Michael P. Devereux, John Hassler, Gilles Saint‐Paul, Hans‐Werner Sinn, Jan‐Egbert Sturm, Xavier Vives

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Abstract

The structural problems brought to light by the financial crisis have largely remained in place or shifted from the private (banking) sector to the public sector. In the United States, despite increased saving, household debt remains high; their wealth position has deteriorated substantially due to the bursting of the house price bubble. The real estate sector has shrunk, and the financial sector has still not fully recovered.

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The structural problems brought to light by the financial crisis have largely remained in place or shifted from the private (banking) sector to the public sector. In the United States, despite increased saving, household debt remains high; their wealth position has deteriorated substantially due to the bursting of the house price bubble. The real estate sector has shrunk, and the financial sector has still not fully recovered.

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Available abstract

The structural problems brought to light by the financial crisis have largely remained in place or shifted from the private (banking) sector to the public sector. In the United States, despite increased saving, household debt remains high; their wealth position has deteriorated substantially due to the bursting of the house price bubble. The real estate sector has shrunk, and the financial sector has still not fully recovered.

Key concepts: Position (finance), Private sector, Real estate, Debt, Public sector, Economics, Financial sector, Financial system

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