(2)  Ex post measures  The global economy is in the midst of a financial crisis. The ex post measures that I am about to describe are the policies and programs that are actually being implemented by governments and central banks today.
Housing starts and sales have been at their highest levels in years. Motor vehicle sales have been running well above normal levels for much of the year. And consumer spending apart from motor vehicles rose at a relatively robust pace over the first half of the year. What accounts for the unusual nature of this recovery?