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Great Depressions of the Twentieth Century

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  • Timothy J. Kehoe

    (University of Minnesota and Federal Reserve Bank of Minneapolis)

  • Edward C. Prescott

    (University of Minnesota and Federal Reserve Bank of Minneapolis)

Abstract

The papers in this volume study nine depressions - both from the interwar period in Europe and America and from more recent times and Latin America - using a common framework. All of the papers rely on growth accounting to decompose changes in output into the portions due to changes in factor inputs and the portion due to the in efficiency with which these factors are used. All of the papers employ simple applied dynamic general equilibrium models. Collectively, these papers indicate that government policies that affect productivity and hours per working-age person are the crucial determinants of the great depressions of the twentieth century. (Copyright: Elsevier)

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Bibliographic Info

Article provided by Elsevier for the Society for Economic Dynamics in its journal Review of Economic Dynamics.

Volume (Year): 5 (2002)
Issue (Month): 1 (January)
Pages: 1-18

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Handle: RePEc:red:issued:v:5:y:2002:i:1:p:1-18

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Related research

Keywords: depression; growth accounting; total factor productivity; dynamic general equilibrium;

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References

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  1. Stephen L. Parente & Edward C. Prescott, 2002. "Barriers to Riches," MIT Press Books, The MIT Press, The MIT Press, edition 1, volume 1, number 0262661306, December.
  2. Christopher J. Erceg & Michael D. Bordo & Charles L. Evans, 2000. "Money, Sticky Wages, and the Great Depression," American Economic Review, American Economic Association, American Economic Association, vol. 90(5), pages 1447-1463, December.
  3. Harrison, Sharon G. & Weder, Mark, 2002. "Did sunspot cause the Great Depression?," SFB 373 Discussion Papers, Humboldt University of Berlin, Interdisciplinary Research Project 373: Quantification and Simulation of Economic Processes 2002,35, Humboldt University of Berlin, Interdisciplinary Research Project 373: Quantification and Simulation of Economic Processes.
  4. Harold L. Cole & Lee E. Ohanian, 1999. "The Great Depression in the United States from a neoclassical perspective," Quarterly Review, Federal Reserve Bank of Minneapolis, Federal Reserve Bank of Minneapolis, issue Win, pages 2-24.
  5. Lucas, Robert E., 1977. "Understanding business cycles," Carnegie-Rochester Conference Series on Public Policy, Elsevier, Elsevier, vol. 5(1), pages 7-29, January.
  6. Russell Cooper & Dean Corbae, 2001. "Financial collapse and active monetary policy: a lesson from the Great Depression," Staff Report, Federal Reserve Bank of Minneapolis 289, Federal Reserve Bank of Minneapolis.
  7. Russell Cooper & Joao Ejarque, 1995. "Financial Intermediation and The Great Depression: A Multiple Equilibrium Interpretation," NBER Working Papers 5130, National Bureau of Economic Research, Inc.
  8. Crucini, M.J. & Kahn, J., 1994. "Tarrifs and Aggregate Economic Activity: Lessons from the Great Depression," RCER Working Papers, University of Rochester - Center for Economic Research (RCER) 383, University of Rochester - Center for Economic Research (RCER).
  9. Andrew Atkeson & Patrick J. Kehoe, 1995. "Industry evolution and transition: measuring investment in organization," Staff Report, Federal Reserve Bank of Minneapolis 201, Federal Reserve Bank of Minneapolis.
  10. Thomas J. Holmes & James A. Schmitz, Jr., 2001. "Competition at work : railroads vs. monopoly in the U.S. shipping industry," Quarterly Review, Federal Reserve Bank of Minneapolis, Federal Reserve Bank of Minneapolis, issue Spr, pages 3-29.
  11. Martin Neil Baily & Robert M. Solow, 2001. "International Productivity Comparisons Built from the Firm Level," Journal of Economic Perspectives, American Economic Association, American Economic Association, vol. 15(3), pages 151-172, Summer.
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