© notice, is given to the source. Deep Recessions, Fast Recoveries, and Financial Crises: Evidence from the American Record

of this paper was written at the Federal Reserve Bank of Cleveland where Michael Bordo is a Visiting Scholar and the research was funded by the Federal Reserve Bank of Cleveland. The views expressed herein are those of the authors and do not necessarily reflect the views of the Federal Reserve Bank of Cleveland or the National Bureau of Economic Research. NBER working papers are circulated for discussion and comment purposes. They have not been peer-reviewed or been subject to the review by the NBER Board of Directors that accompanies official NBER publications