| 来源类型 | Working Paper |
| 规范类型 | 报告 |
| DOI | 10.3386/w22239 |
| 来源ID | Working Paper 22239 |
| The Great Recession in the Shadow of the Great Depression: A Review Essay on \u201cHall of Mirrors: The Great Depression, The Great Recession and the Uses and Misuses Of History\u201d | |
| Lee E. Ohanian | |
| 发表日期 | 2016-05-09 |
| 出版年 | 2016 |
| 语种 | 英语 |
| 摘要 | This essay reviews Barry Eichengreen's recent book that compares the Great Depression and the Great Recession. Eichengreen focuses on deficient aggregate demand as the key reason for why both downturns were so deep and why they lasted so long. I assess the book's arguments regarding the causes and consequences of these episodes from a neoclassical perspective. I provide an alternative framework for analyzing these episodes, and argue that a key difference between the 1930s and today reflects the factors that continued to depress both economies after their respective troughs. The post-Depression economy featured rapid productivity growth, whereas today's economy is plagued by low productivity growth. I discuss how the post-Great Depression economy recovered to trend quickly once policies that depressed competition were removed. I also argue that returning today's economy to trend may be considerably more challenging. |
| 主题 | Macroeconomics ; Macroeconomic Models ; Fiscal Policy ; History |
| URL | https://www.nber.org/papers/w22239 |
| 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/579913 |
| 推荐引用方式 GB/T 7714 | Lee E. Ohanian. The Great Recession in the Shadow of the Great Depression: A Review Essay on \u201cHall of Mirrors: The Great Depression, The Great Recession and the Uses and Misuses Of History\u201d. 2016. |
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| 文件名称/大小 | 资源类型 | 版本类型 | 开放类型 | 使用许可 | ||
| w22239.pdf（283KB） | 智库出版物 | 限制开放 | CC BY-NC-SA | 浏览 | ||
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