What normalises rapidly after a recession?

We look at which economic variables (in the United States and the euro zone) normalise rapidly after a recession and which ones instead remain long affected (we look at the 2000-2001 and 2008-2009 recessions). We examine: GDP, industrial production and construction; Corporate investment, household consumption and household housing investment; Employment and unemployment; Credit to households and companies; Household and corporate default rates and banks’ non-performing loans; Wage growth and inflation; Household disposable income and corporate earnings; The fiscal deficit; Interest rates. We find that the situation of companies is the only variable that normalises rapidly in the United States and the euro zone. We also find that employment, the situation of banks and public finances improve faster in the United States than in the euro zone.