Why were the recoveries from the 1990-1, 2001, and 2007-9 recessions weak relative to other postwar recessions? Leveraging heterogeneous exposure to the national business cycle across U.S. States, we estimate the trajectory of more exposed U.S. States relative to less exposed U.S. States. For the 1990-1, 2001, and 2007-9 recessions we estimate that more exposed States experienced a stronger boom-bust cycle and for the other postwar recessions we estimate a deeper V-shaped recession in more exposed States. Our estimates support theories that these recessions are caused by different shocks. In a quantitative model matched to our cross-sectional estimates, boom-bust cycles persistently depress the natural rate of interest R∗ in the recovery, whereas R∗ is elevated following V-shaped recessions