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The Great Depression and the Great Recession: What have we Learned?

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  • Michael D Bordo

Abstract

The Financial Crisis of 2007-2008 and the Great Recession of 2007-2009 are now in the past. Again there was the debt crisis of 2010-11. During the worst of the recent financial crisis/Great Recession many observers made comparisons between that event and the Great Depression. The lecture reevaluates the experience of the two events. Many questions are raised on the lessons and the policies from these events. [Fourth P. R. Brahmananda Memorial Lecture]. URL:[http://rbidocs.rbi.org.in/rdocs/Speeches/PDFs/RBIL09042012.pdf].

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Bibliographic Info

Paper provided by eSocialSciences in its series Working Papers with number id:4924.

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Date of creation: Apr 2012
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Handle: RePEc:ess:wpaper:id:4924

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Web page: http://www.esocialsciences.org

Related research

Keywords: Great Depression; recession; Financial Crisis; crisis; real economy; Industrial Production or Unemployment; GDP; industrial production; cluster analysis; real output; financial safety net; product markets; goods; debt crisis; housing sector; banking; monetary policy;

References

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  1. Goodfriend, Marvin, 2011. "Central banking in the credit turmoil: An assessment of Federal Reserve practice," Journal of Monetary Economics, Elsevier, vol. 58(1), pages 1-12, January.
  2. Gary Richardson, 2006. "Correspondent Clearing and the Banking Panics of the Great Depression," NBER Working Papers 12716, National Bureau of Economic Research, Inc.
  3. Wicker,Elmus, 1996. "The Banking Panics of the Great Depression," Cambridge Books, Cambridge University Press, number 9780521562614.
  4. Michael D. Bordo & Joseph G. Haubrich, 2012. "Deep Recessions, Fast Recoveries, and Financial Crises: Evidence from the American Record," NBER Working Papers 18194, National Bureau of Economic Research, Inc.
  5. Carmen M. Reinhart & Kenneth S. Rogoff, 2009. "This Time Is Different: Eight Centuries of Financial Folly," Economics Books, Princeton University Press, edition 1, volume 1, number 8973.
  6. Charles W. Calomiris & Joseph R. Mason, 2003. "Fundamentals, Panics, and Bank Distress During the Depression," American Economic Review, American Economic Association, vol. 93(5), pages 1615-1647, December.
  7. Harold L. Cole & Lee E. Ohanian, 2004. "New Deal Policies and the Persistence of the Great Depression: A General Equilibrium Analysis," Journal of Political Economy, University of Chicago Press, vol. 112(4), pages 779-816, August.
  8. Milton Friedman & Anna J. Schwartz, 1963. "A Monetary History of the United States, 1867-1960," NBER Books, National Bureau of Economic Research, Inc, number frie63-1, October.
  9. Bernanke, Ben S, 1983. "Nonmonetary Effects of the Financial Crisis in Propagation of the Great Depression," American Economic Review, American Economic Association, vol. 73(3), pages 257-76, June.
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