A Retrospective Look at Rescuing and Restructuring General Motors and Chrysler

April 2015
with Austan D. Goolsbee; The Journal of Economic Perspectives 29(2)

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The rescue of the US automobile industry amid the 2008-2009 recession and financial crisis was a consequential, controversial, and difficult decision to make at a fraught moment for the US economy. Both of us were involved in the decision process at the time, but since have moved back into academia. More than five years have passed since the bailout began, and it is timely to look back at this unusual episode of economic policymaking to consider what we got right, what we got wrong, and why.