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Real business cycle models of the Great Depression

  • Luca Pensieroso

    ()

    (Chargé de Recherches FRS—FNRS, IRES, Université catholique de Louvain, Louvain-la-Neuve, Belgium)

The Great Depression of the 1930s is again on the frontier of research in macroeconomics. Researchers working in the real business cycle (RBC) tradition have recently started to apply their theoretical apparatus to the event. This paper discusses the result of their work and assesses the role of history and macroeconomics in analysing the Great Depression. I argue that the breaking of the depression taboo in macroeconomics has been a desirable completion of the cliometric revolution: no historical event should be exempt from a dispassionate quantitative analysis. On the other hand, the substantive contribution of RBC models is not yet sufficient to establish a new historiography of the Great Depression.

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File URL: http://dx.doi.org/10.1007/s11698-010-0053-0
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Article provided by Association Française de Cliométrie (AFC) in its journal Cliometrica, Journal of Historical Economics and Econometric History.

Volume (Year): 5 (2011)
Issue (Month): 2 (June)
Pages: 101-119

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Handle: RePEc:afc:cliome:v:5:y:2011:i:2:p:101-119
Contact details of provider: Web page: http://www.cliometrie.org

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  1. 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, June.
  2. Mark Weder, 2004. "The Role of Preference Shocks and Capital Utilization in the Great Depression," CDMA Working Paper Series 200405, Centre for Dynamic Macroeconomic Analysis.
  3. Taylor, John B, 1980. "Aggregate Dynamics and Staggered Contracts," Journal of Political Economy, University of Chicago Press, vol. 88(1), pages 1-23, February.
  4. Luca, PENSIEROSO, 2007. "The Great Depression in Belgium from a Neo-Classical Perspective," Discussion Papers (ECON - Département des Sciences Economiques) 2007025, Université catholique de Louvain, Département des Sciences Economiques.
  5. Michel, DE VROEY, 2005. "Involuntary Unemployment : the Elusive Quest for a Theory," Discussion Papers (ECON - Département des Sciences Economiques) 2005004, Université catholique de Louvain, Département des Sciences Economiques.
  6. Eichengreen, Barry, 1996. "Golden Fetters: The Gold Standard and the Great Depression, 1919-1939," OUP Catalogue, Oxford University Press, number 9780195101133, March.
  7. Marvin Goodfriend & Robert G. King, 1998. "The new neoclassical synthesis and the role of monetary policy," Working Paper 98-05, Federal Reserve Bank of Richmond.
  8. Michel, DE VROEY & Luca, PENSIEROSO, 2005. "Real Business Cycle Theory and the Great Depression : The Abandonment of the Absentionist Viewpoint," Discussion Papers (ECON - Département des Sciences Economiques) 2005054, Université catholique de Louvain, Département des Sciences Economiques.
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