So 1945 to 1973 is the infamous "Post-WWII Boom" and what-not. There were several recessions during this time: 1948-49, 1953-54, 1960-61, and 1969-70 before the big 1973-75 one.
But it was only the Recession of 1957-1958 that was truly serious and global. Unemployment rose from 4.1% in August '57 to 7.5% in July '58, and fluctuated rapidly from 1958 to early 1960 when another, more mild recession began, rising from 5.2% April 1960 to 7.1% May 1961. (Source:
http://online.wsj.com/public/resources/documents/JOBSHISTORY09.html)
GDP contracted severely in early 1958, worse than what happend in 2009.
I know the Fed raising interest rates had a lot to do with these recessions, but what's up with the deep funk late-50s/early-60? The Fed can't be the only macro-explanation.
