Among those factors are the stimulus provided by monetary policy and possible fiscal actions, the eventual stabilization in housing markets as the correction runs its course, and the underlying strengths and recuperative powers of our economy. The time needed for economic recovery, however, will depend greatly on the pace at which financial and credit markets return to more-normal functioning.
The lessons learnt back then were published in several reports, starting from the book on “The Sources of Economic Growth in OECD Countries”, issued in 2003, and the various editions of “Going for Growth”, which are still highly relevant today.