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The Difference between a Recession and a Depression

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  • Saul Eslake

Abstract

The global financial crisis and the ensuing sharp downturns in economic activity around the world have rekindled interest in the question of the circumstances under which a “recession” can be appropriately labelled a “depression.” The differences are more profound than simply depth and duration, but reflect differences in causation and accompanying consequences. Moreover macroeconomic policies, which have been effective in responding to “recessions,” may be less effective in “depressions.”

Suggested Citation

  • Saul Eslake, 2009. "The Difference between a Recession and a Depression," Economic Papers, The Economic Society of Australia, vol. 28(2), pages 75-81, June.
    • Handle: RePEc:bla:econpa:v:28:y:2009:i:2:p:75-81
    DOI: 10.1111/j.1759-3441.2009.00013.x
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    References listed on IDEAS

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    1. repec:fip:fedgsq:y:2002:i:nov21 is not listed on IDEAS
    2. Ben S. Bernanke, 2002. "Deflation: making sure \"it\" doesn't happen here," Speech 530, Board of Governors of the Federal Reserve System (U.S.).
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    Cited by:

    1. Putra, Fadillahtour Rizki Rusdandi, 2023. "Persiapan Wirausaha dalam Menghadapi Resesi Tahun 2023," OSF Preprints v9u8g, Center for Open Science.

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