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The Great Depression in Belgium from a Neoclassical Perspective

  • Luca Pensieroso

    (Universite Catholique de Louvain)

This article casts the Belgian Great Depression of the 1930s within a dynamic stochastic general equilibrium (DSGE) framework. The results show that a DSGE model with total factor productivity and monetary shocks, coupled with sticky nominal wages a la Taylor is able to account reasonably well for most of the data on the Depression, but it overestimates real wages. (Copyright: Elsevier)

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Article provided by Elsevier for the Society for Economic Dynamics in its journal Review of Economic Dynamics.

Volume (Year): 14 (2011)
Issue (Month): 2 (Arpil)
Pages: 389-402

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Handle: RePEc:red:issued:07-112
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