IDEAS home Printed from https://ideas.repec.org/a/cto/journl/v29y2009i1p53-63.html

What Lessons Can We Learn from the Boom and Turmoil?

Author

Listed:
  • Jeffrey M. Lacker

Abstract

The theme of this conference — “Lessons Learned from the Subprime Crisis” — appears to be a timely one, but there have been several times during the past year when I thought it was a good time to initiate projects to identify “lessons learned,” only to discover that the “crisis” was not yet over.1 I sincerely hope that this conference does turn out to be timely, in the sense that we truly are past the peak of the current turmoil. This episode undoubtedly will inspire a great deal of research in the years ahead, and it may take some time before anything like a professional consensus emerges on causes and consequences. After all, it took several decades to document the causes of the Great Depression, and recent research continues to provide new perspectives.2 Nonetheless, I believe the central questions that are likely to occupy researchers are plainly in view, and some tentative lessons have emerged already. And in any event, legislators are not likely to await the fruits of future scholarship.
(This abstract was borrowed from another version of this item.)

Suggested Citation

  • Jeffrey M. Lacker, 2009. "What Lessons Can We Learn from the Boom and Turmoil?," Cato Journal, Cato Journal, Cato Institute, vol. 29(1), pages 53-63, Winter.
    • Handle: RePEc:cto:journl:v:29:y:2009:i:1:p:53-63
    as

    Download full text from publisher

    File URL: http://www.cato.org/sites/cato.org/files/serials/files/cato-journal/2009/1/cj29n1-6.pdf
    Download Restriction: no
    ---><---

    Other versions of this item:

    References listed on IDEAS

    as
    1. Cecchetti, Stephen G, 1992. "Prices during the Great Depression: Was the Deflation of 1930-1932 Really Unanticipated?," American Economic Review, American Economic Association, vol. 82(1), pages 141-156, March.
    Full references (including those not matched with items on IDEAS)

    Citations

    Citations are extracted by the CitEc Project, subscribe to its RSS feed for this item.
    as


    Cited by:

    1. Rincón, Hernán & Velasco, Andrés M. (ed.), 2013. "Flujos de capitales, choques externos y respuestas de política en países emergentes," Books, Banco de la Republica de Colombia, number 2013-09.
    2. Krishnan Sharma, 2012. "Financial sector compensation and excess risk-taking—a consideration of the issues and policy lessons," Working Papers 115, United Nations, Department of Economics and Social Affairs.
    3. Zárate-Perdomo, Juan Pablo & Cobo-Serna, Adolfo León & Gómez-González, José Eduardo, 2013. "Lecciones de las crisis financieras recientes para diseñar y ejecutar la política monetaria y la financiera en Colombia," Chapters, in: Rincón-Castro, Hernán & Velasco, Andrés M. (ed.), Flujos de capitales, choques externos y respuestas de política en países emergentes, chapter 17, pages 645-674, Banco de la Republica de Colombia.
    4. Juan Pablo Zárate Perdomo & Adolfo León Cobo & José Eduardo Gómez-González, 2012. "Lecciones de las crisis financieras recientes para el diseño e implementación de las políticas monetarias," Revista ESPE - Ensayos sobre Política Económica, Banco de la Republica de Colombia, vol. 30(69), pages 258-293, December.

    Most related items

    These are the items that most often cite the same works as this one and are cited by the same works as this one.
    1. Robert A. Margo, 1993. "Employment and Unemployment in the 1930s," Journal of Economic Perspectives, American Economic Association, vol. 7(2), pages 41-59, Spring.
    2. Joshua K. Hausman & Johannes F. Wieland, 2014. "Abenomics: Preliminary Analysis and Outlook," Brookings Papers on Economic Activity, Economic Studies Program, The Brookings Institution, vol. 48(1 (Spring), pages 1-76.
    3. Christian Bauer & Sebastian Weber, 2016. "The Efficiency of Monetary Policy when Guiding Inflation Expectations," Research Papers in Economics 2016-14, University of Trier, Department of Economics.
    4. Haelim Anderson & Daniel Barth & Dong Beom Choi, 2018. "Reducing Moral Hazard at the Expense of Market Discipline: The Effectiveness of Double Liability Before and During the Great Depression," Working Papers 18-06, Office of Financial Research, US Department of the Treasury.
    5. Charles W. Calomiris, 1993. "Financial Factors in the Great Depression," Journal of Economic Perspectives, American Economic Association, vol. 7(2), pages 61-85, Spring.
    6. Binder, Carola Conces, 2016. "Estimation of historical inflation expectations," Explorations in Economic History, Elsevier, vol. 61(C), pages 1-31.
    7. Gregor W. Smith, 2006. "The spectre of deflation: a review of empirical evidence," Canadian Journal of Economics, Canadian Economics Association, vol. 39(4), pages 1041-1072, November.
    8. Carola Binder & Rupal Kamdar, 2022. "Expected and Realized Inflation in Historical Perspective," Journal of Economic Perspectives, American Economic Association, vol. 36(3), pages 131-156, Summer.
    9. Gauti B. Eggertsson & Sergei K. Egiev, 2025. "Liquidity Traps: A Unified Theory of the Great Depression and the Great Recession," Journal of Economic Literature, American Economic Association, vol. 63(4), pages 1424-1551, December.
    10. Mathy, Gabriel & Stekler, Herman, 2017. "Expectations and forecasting during the Great Depression: Real-time evidence from the business press," Journal of Macroeconomics, Elsevier, vol. 53(C), pages 1-15.
    11. Ali Kabiri & Harold James & John Landon‐Lane & David Tuckett & Rickard Nyman, 2023. "The role of sentiment in the US economy: 1920 to 1934," Economic History Review, Economic History Society, vol. 76(1), pages 3-30, February.
    12. Lukáš Kovanda & Martin Komrska, 2017. "Deflace, odklad spotřeby a hospodářské krize: rétorika centrálních bank vs. ekonomická literatura [Deflation and Economic Crisis: Central Banks' Rhetoric vs. Economic Literature]," Politická ekonomie, Prague University of Economics and Business, vol. 2017(3), pages 351-369.
    13. Daniel, Volker & Steege, Lucas ter, 2020. "Inflation expectations and the recovery from the Great Depression in Germany," Explorations in Economic History, Elsevier, vol. 75(C).
    14. Taylor, Jason E. & Neumann, Todd C., 2016. "Recovery Spring, Faltering Fall: March to November 1933," Explorations in Economic History, Elsevier, vol. 61(C), pages 54-67.
    15. Saleuddin, Rasheed & Coffman, D’Maris, 2018. "Can inflation expectations be measured using commodity futures prices?," Structural Change and Economic Dynamics, Elsevier, vol. 45(C), pages 37-48.
    16. Bill Dorval & Gregor W. Smith, 2015. "Interwar Inflation, Unexpected Inflation, and Output Growth," Journal of Money, Credit and Banking, Blackwell Publishing, vol. 47(8), pages 1599-1615, December.
    17. Gauti B. Eggertsson, 2012. "Was the New Deal Contractionary?," American Economic Review, American Economic Association, vol. 102(1), pages 524-555, February.
    18. Kikuo Iwata & Yasushi Okada & Seiji Adachi & Yasuyuki Iida, 2008. "Lessons from the Inoue Zaisei and the Takahashi Zaisei," Gakushuin Economic Papers, Gakushuin University, Faculty of Economics, vol. 45(3), pages 157-182.
    19. Andrew Filardo & Claudio E. V. Borio, 2004. "Back to the future? Assessing the deflation record," BIS Working Papers 152, Bank for International Settlements.
    20. Klug, Adam & Landon-Lane, John S. & White, Eugene N., 2005. "How could everyone have been so wrong? Forecasting the Great Depression with the railroads," Explorations in Economic History, Elsevier, vol. 42(1), pages 27-55, January.

    More about this item

    JEL classification:

    • R00 - Urban, Rural, Regional, Real Estate, and Transportation Economics - - General - - - General
    • Z0 - Other Special Topics - - General

    Statistics

    Access and download statistics

    Corrections

    All material on this site has been provided by the respective publishers and authors. You can help correct errors and omissions. When requesting a correction, please mention this item's handle: RePEc:cto:journl:v:29:y:2009:i:1:p:53-63. See general information about how to correct material in RePEc.

    If you have authored this item and are not yet registered with RePEc, we encourage you to do it here. This allows to link your profile to this item. It also allows you to accept potential citations to this item that we are uncertain about.

    If CitEc recognized a bibliographic reference but did not link an item in RePEc to it, you can help with this form .

    If you know of missing items citing this one, you can help us creating those links by adding the relevant references in the same way as above, for each refering item. If you are a registered author of this item, you may also want to check the "citations" tab in your RePEc Author Service profile, as there may be some citations waiting for confirmation.

    For technical questions regarding this item, or to correct its authors, title, abstract, bibliographic or download information, contact: Emily Ekins (email available below). General contact details of provider: https://edirc.repec.org/data/catoous.html .

    Please note that corrections may take a couple of weeks to filter through the various RePEc services.

    IDEAS is a RePEc service. RePEc uses bibliographic data supplied by the respective publishers.