The behaviour at the end of a recession can also be explained by inventories running out. People have some stuff left over lying when the recession starts and "savings" take the form of consuming this stock. When the stock runs out, you have to go out and consume.
Nobody's looking back at Minsky's (and Veblen's 80 years ago) credit theory of the business cycle. En un viejo país ineficiente, algo así como España entre dos guerras civiles, poseer una casa y poca hacienda y memoria ninguna. -- Gil de Biedma
