| 来源类型 | Working Paper |
| 规范类型 | 报告 |
| DOI | 10.3386/w15524 |
| 来源ID | Working Paper 15524 |
| From Great Depression to Great Credit Crisis: Similarities, Differences and Lessons | |
| Miguel Almunia; Agustín S. Bénétrix; Barry Eichengreen; Kevin H. O'; Rourke; Gisela Rua | |
| 发表日期 | 2009-11-19 |
| 出版年 | 2009 |
| 语种 | 英语 |
| 摘要 | The Great Depression of the 1930s and the Great Credit Crisis of the 2000s had similar causes but elicited strikingly different policy responses. It may still be too early to assess the effectiveness of current policy responses, but it is possible to analyze monetary and fiscal policies in the 1930s as a "natural experiment" or "counterfactual" capable of shedding light on the impact of recent policies. We employ vector autoregressions, instrumental variables, and qualitative evidence for a panel of 27 countries in the period 1925-1939. The results suggest that monetary and fiscal stimulus was effective - that where it did not make a difference it was not tried. The results also shed light on the debate over fiscal multipliers in episodes of financial crisis. They are consistent with multipliers at the higher end of those estimated in the recent literature, consistent with the idea that the impact of fiscal stimulus will be greater when banking system are dysfunctional and monetary policy is constrained by the zero bound. |
| 主题 | Macroeconomics ; Fiscal Policy ; International Economics ; Trade ; History ; Macroeconomic History ; Financial History |
| URL | https://www.nber.org/papers/w15524 |
| 来源智库 | National Bureau of Economic Research (United States) |
| 引用统计 | |
| 资源类型 | 智库出版物 |
| 条目标识符 | http://119.78.100.153/handle/2XGU8XDN/573200 |
| 推荐引用方式 GB/T 7714 | Miguel Almunia,Agustín S. Bénétrix,Barry Eichengreen,et al. From Great Depression to Great Credit Crisis: Similarities, Differences and Lessons. 2009. |
| 条目包含的文件 | ||||||
| 文件名称/大小 | 资源类型 | 版本类型 | 开放类型 | 使用许可 | ||
| w15524.pdf（299KB） | 智库出版物 | 限制开放 | CC BY-NC-SA | 浏览 | ||
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