From Disentangling the Channels of the 2007-2009 Recession by Stock and Watson.

The following 6 shocks seen in post world war 2 US recessions explain the severity of this recession:

1. Oil Shock
2. Monetary Policy Shock
3. Productivity Shock
4. Credit Spread Shock
5. Uncertainty Shock
6. Fiscal Policy Shock

Will it explain the next?