Will without War?
While congress debates the merits of a stimulus package of around 900 hundred billion dollars, a historical approach to the current situation suggests that the stimulus packages currently being discussed are actually far less generous than may be needed. The Congressional Budget Office projects that we are in “a recession that will probably be the longest and the deepest since World War II.” It is often suggested that the massive spending necessitated by the nation’s involvement in World War II helped end the Great Depression. Without a comparably ambitious unifying cause, however, I am afraid that the spending required to pull us out of a decline will be considered politically unpalatable, leading to an inadequate response to the crisis. An examination of spending patterns during the nineteen-‐thirties and nineteen-‐forties and their application to the current scenario suggest the true extent of the stimulus that may be needed.
|Date of creation:||Apr 2009|
|Contact details of provider:|| Postal: Ludwigstraße 33, D-80539 Munich, Germany|
Web page: https://mpra.ub.uni-muenchen.de
More information through EDIRC
Please report citation or reference errors to , or , if you are the registered author of the cited work, log in to your RePEc Author Service profile, click on "citations" and make appropriate adjustments.:
- Carmen M. Reinhart & Kenneth S. Rogoff, 2009.
"The Aftermath of Financial Crises,"
American Economic Review,
American Economic Association, vol. 99(2), pages 466-472, May.
- Reinhart, Carmen & Rogoff, Kenneth, 2008.
"Las secuelas de las crisis financieras
[The aftermath of financial crisis]," MPRA Paper 13695, University Library of Munich, Germany.
- Reinhart, Carmen M. & Rogoff, Kenneth S., 2009. "The Aftermath of Financial Crises," Scholarly Articles 11129155, Harvard University Department of Economics.
- Reinhart, Carmen M. & Rogoff, Kenneth, 2009. "The Aftermath of Financial Crises," CEPR Discussion Papers 7209, C.E.P.R. Discussion Papers.
- Carmen M. Reinhart & Kenneth S. Rogoff, 2009. "The Aftermath of Financial Crises," NBER Working Papers 14656, National Bureau of Economic Research, Inc.
- Reinhart, Carmen & Rogoff, Kenneth, 2008. "Las secuelas de las crisis financieras
When requesting a correction, please mention this item's handle: RePEc:pra:mprapa:26293. See general information about how to correct material in RePEc.
For technical questions regarding this item, or to correct its authors, title, abstract, bibliographic or download information, contact: (Joachim Winter)
If references are entirely missing, you can add them using this form.