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(Former) Economic Analyst
Timothy Bianco is a former economic analyst in the Supervision and Regulation Department of the Federal Reserve Bank of Cleveland.
Falling home and financial asset prices have combined to weaken the average household’s balance sheet, and this has helped to slow down the current recovery. We examine the role that household balance sheets have typically played in postwar business cycles and assess their importance in explaining why some recoveries, including the current one, have been weaker than others.