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Economic History and Economic Policy

Author

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  • EICHENGREEN, BARRY

Abstract

“The lessons of history†were widely invoked in 2008/09 as analysts and policymakers sought to make sense of the global financial crisis. Specifically, analogies with the early stages of the Great Depression of the 1930s were widely drawn. Building on work in cognitive science and literature on foreign policy making, this article seeks to account for the influence of this particular historical analogy and asks how it shaped both perceptions and the economic policy response. It asks how historical scholarship might be better organized to inform the process of economic policymaking. It concludes with some reflections on how research in economic history will be reshaped by the crisis.

Suggested Citation

  • Eichengreen, Barry, 2012. "Economic History and Economic Policy," The Journal of Economic History, Cambridge University Press, vol. 72(2), pages 289-307, May.
    • Handle: RePEc:cup:jechis:v:72:y:2012:i:02:p:289-307_00
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    Citations

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    Cited by:

    1. Pamfili Antipa & Vincent Bignon, 2018. "Whither Economic History? Between Narratives and Quantification," Revue de l'OFCE, Presses de Sciences-Po, vol. 0(3), pages 17-36.
    2. Scott Newton, 2013. "The two sterling crises of 1964: a reply to Oliver," Economic History Review, Economic History Society, vol. 66(4), pages 1127-1133, November.
    3. Emmanuel Carré & Guillaume L’œillet, 2018. "The Literature on the Finance–Growth Nexus in the Aftermath of the Financial Crisis: A Review," Comparative Economic Studies, Palgrave Macmillan;Association for Comparative Economic Studies, vol. 60(1), pages 161-180, March.
    4. Grossman, Richard, 2016. "Banking Crises," CEPR Discussion Papers 11268, C.E.P.R. Discussion Papers.
    5. Johan Fourie, 2019. "Who Writes African Economic History?," Economic History of Developing Regions, Taylor & Francis Journals, vol. 34(2), pages 111-131, May.
    6. Pamfili Antipa & Vincent Bignon, 2018. "Whither Economic History? Between Narratives and Quantification," Revue de l'OFCE, Presses de Sciences-Po, vol. 0(3), pages 17-36.
    7. Graham Brownlow, 2015. "Back to the failure: an analytic narrative of the De Lorean debacle," Business History, Taylor & Francis Journals, vol. 57(1), pages 156-181, January.
    8. repec:hal:spmain:info:hdl:2441/4ithmorhr18kq90pu8cm6fv3ad is not listed on IDEAS
    9. O'Sullivan, Mary, 2019. "Past meets present in policymaking: The Federal Reserve and the U.S. money market, 1913-1929," Working Papers unige:121790, University of Geneva, Paul Bairoch Institute of Economic History.
    10. repec:hal:spmain:info:hdl:2441/3333juqsbl8k6qn6kl3c2nkjtt is not listed on IDEAS
    11. C. Knick Harley, 2013. "British and European Industrialization," Oxford Economic and Social History Working Papers _111, University of Oxford, Department of Economics.
    12. Colvin, Christopher L. & McLaughlin, Eoin, 2021. "Death, demography and the denominator: Age-adjusted Influenza-18 mortality in Ireland," Economics & Human Biology, Elsevier, vol. 41(C).
    13. Bhushan Praveen Jangam & Hari Venkatesh, 2022. "Global Value Chains and Exchange Rate Disconnect," Economic Papers, The Economic Society of Australia, vol. 41(4), pages 347-359, December.
    14. Rieder, Kilian, 2022. "Monetary policy decision-making by committee: Why, when and how it can work," European Journal of Political Economy, Elsevier, vol. 72(C).
    15. Ayse Kaya & Stephen Golub & Mark Kuperberg & Feng Lin, 2019. "The Federal Reserve'S Dual Mandate And The Inflation‐Unemployment Tradeoff," Contemporary Economic Policy, Western Economic Association International, vol. 37(4), pages 641-651, October.
    16. Enn Lun Yong, 2019. "Unemployment and the European Union, 2000–2017: structural exploration of distant past economic experience and future prosperity," Journal of Economic Structures, Springer;Pan-Pacific Association of Input-Output Studies (PAPAIOS), vol. 8(1), pages 1-21, December.
    17. Colvin, Christopher L. & McLaughlin, Eoin, 2020. "Death, Demography and the Denominator: New Influenza-18 Mortality Estimates for Ireland," QUCEH Working Paper Series 2020-04, Queen's University Belfast, Queen's University Centre for Economic History.
    18. Pamfili Antipa & Vincent Bignon, 2018. "Whither Economic History? Between Narratives and Quantification," Revue de l'OFCE, Presses de Sciences-Po, vol. 0(3), pages 17-36.
    19. Emmanuel Carré & Guillaume L’Œillet, 2017. "Une revue de la littérature récente sur le nexus finance-croissance après la crise : apports, limites et pistes de recherche," Revue d'économie financière, Association d'économie financière, vol. 0(3), pages 271-290.
    20. Abildgren, Kim, 2014. "Far out in the tails – The historical distributions of macro-financial risk factors in Denmark," Nationaløkonomisk tidsskrift, Nationaløkonomisk Forening, vol. 2014(1), pages 1-31.
    21. repec:hal:wpspec:info:hdl:2441/3333juqsbl8k6qn6kl3c2nkjtt is not listed on IDEAS
    22. C Knick Harley, 2013. "British and European Industrialization," Oxford University Economic and Social History Series _111, Economics Group, Nuffield College, University of Oxford.
    23. Ran Abramitzky, 2015. "Economics and the Modern Economic Historian," NBER Working Papers 21636, National Bureau of Economic Research, Inc.
    24. Doran, Áine & Colvin, Christopher L. & McLaughlin, Eoin, 2023. "What can we learn from historical pandemics? A systematic review of the literature," QUCEH Working Paper Series 23-10, Queen's University Belfast, Queen's University Centre for Economic History.

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