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The current financial crisis: what should we learn from the great depressions of the Twentieth Century?

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Author Info
Gonzalo Fernández de Córdoba
Timothy J. Kehoe

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Abstract

Studying the experience of countries that have experienced great depressions during the twentieth century teaches us that massive public interventions in the economy to maintain employment and investment during a financial crisis can, if they distort incentives enough, lead to a great depression.

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File URL: http://www.minneapolisfed.org/research/sr/SR421.pdf
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Paper provided by Federal Reserve Bank of Minneapolis in its series Staff Report with number 421.

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Date of creation: 2009
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Handle: RePEc:fip:fedmsr:421

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This page was last updated on 2009-11-26.

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