In This Review

Collapse and Revival: Understanding Global Recessions and Recoveries
Collapse and Revival: Understanding Global Recessions and Recoveries
By M. Ayhan Kose and Marco E. Terrones
International Monetary Fund, 2015, 304 pp
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The result of a collaboration between the International Monetary Fund and the World Bank, this is a fine primer on the four global recessions that have occurred since the Great Depression of the 1930s—in 1975, 1982, 1991, and 2009—and on how economies recovered from them, with an emphasis on the Great Recession of 2009. It features useful summaries of the factors that caused the recessions and examines the dynamics of the recoveries, drawing largely from scholarly literature. It also provides a good deal of informed commentary on the practice of macroeconomic analysis and on the transmission of economic shocks across national borders. The publication includes many charts and tables, so it’s not for numerophobes. It also comes with a DVD that contains documentary-style interviews with the authors and other economists.