The Great Depression analogy
This paper examines three areas in which analogies have been made between the interwar depression and the financial crisis of 2007 which reached a dramatic climax in September 2008 with the collapse of Lehman Brothers and the rescue of AIG: they can be labeled macro-economic, micro-economic, and geo-political. First, the paper considers the story of monetary policy failures; second, there follows an examination of the micro-economic issues concerned with bank regulation and the reorganization of banking following the failure of one or more major financial institutions and the threat of systemic collapse; third, the paper turns to the issue of global imbalances and asks whether there are parallels that might be found in this domain too between the 1930s and the events of today.
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Volume (Year): 17 (2010)
Issue (Month): 02 (October)
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References listed on IDEAS
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- Romer, Christina D., 1992.
"What Ended the Great Depression?,"
The Journal of Economic History,
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- Athanasios Orphanides, 2004.
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2004-01, Board of Governors of the Federal Reserve System (U.S.).
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- Gauti B. Eggertsson, 2005.
"Great expectations and the end of the depression,"
234, Federal Reserve Bank of New York.
- Gauti B. Eggertsson & Benjamin Pugsley, 2006. "The Mistake of 1937: A General Equilibrium Analysis," Monetary and Economic Studies, Institute for Monetary and Economic Studies, Bank of Japan, vol. 24(S1), pages 151-190, December.
- Harold L. Cole & Lee E. Ohanian, 2004.
"New Deal Policies and the Persistence of the Great Depression: A General Equilibrium Analysis,"
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University of Chicago Press, vol. 112(4), pages 779-816, August.
- Harold L. Cole & Lee E. Ohanian, 2001. "New Deal policies and the persistence of the Great Depression: a general equilibrium analysis," Working Papers 597, Federal Reserve Bank of Minneapolis.
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