Real business cycle models of the Great Depression

Luca Pensieroso ()

Cliometrica, Journal of Historical Economics and Econometric History, 2011, vol. 5, issue 2, pages 101-119

Abstract: 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.

Keywords: Great depression; Real business cycle; Dynamic stochastic general equilibrium; Cliometrics (search for similar items in EconPapers)
JEL-codes: N10 E13 N01 (search for similar items in EconPapers)
Date: 2011
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Related works:
Working Paper: Real Business Cycle Models of the Great Depression (2010)
Working Paper: Real Business Cycle Models of the Great Depression (2009)
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Persistent link: http://EconPapers.repec.org/RePEc:afc:cliome:v:5:y:2011:i:2:p:101-119

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