Compared to other recessions post world war 11 the great recession declined in real GDP which was much larger and lasted longer. It is during the great recession followed the collapse of housing prices and led to the decline in the health of many financial banks and firms.
During the Great Recession, the U.S long run aggregated the supply curve which shifted to the left and the same time demand curve aggregated and shifted to the left in parts because U.S housing prices fell and in the expected income there was a decrease.
