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Nineteenth Colin Clark Lecture: November 2009: What Have we Learnt? The Great Depression in Australia from the Perspective of Today

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Author Info

  • David Gruen

    (Executive Director, Macroeconomic Group, Australian Treasury)

  • Colin Clark

    ()
    (Senior Policy Analyst, Macroeconomic Group, Australian Treasury)

Abstract

This lecture examines the lessons learnt from Australia’s experience in the 1930s, and how these lessons have informed more recent economic policy decisions including the policy responses to the current global financial crisis. The lecture argues that the lessons learnt from the Great Depression have informed the macroeconomic frameworks of today. While Australia’s policy frameworks of the 1930s were tragically ill equipped to cope with anything other than small, inconsequential macroeconomic or financial market shocks, the policy frameworks put in place in the modern era have rendered the economy much more resilient to such shocks.

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Bibliographic Info

Article provided by Queensland University of Technology (QUT), School of Economics and Finance in its journal Economic Analysis and Policy (EAP).

Volume (Year): 40 (2010)
Issue (Month): 1 (March)
Pages: 3-20

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Handle: RePEc:eap:articl:v40:y:2010:i:1:p:3-20

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  1. Barry J. Eichengreen & Jeffrey Sachs, 1984. "Exchange Rates and Economic Recovery in the 1930s," NBER Working Papers 1498, National Bureau of Economic Research, Inc.
  2. Peter Temin, 1991. "Lessons from the Great Depression," MIT Press Books, The MIT Press, edition 1, volume 1, number 0262700441, December.
  3. Ben Bernanke & Harold James, 1990. "The Gold Standard, Deflation, and Financial Crisis in the Great Depression: An International Comparison," NBER Working Papers 3488, National Bureau of Economic Research, Inc.
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