The current financial crisis: what should we learn from the great depressions of the Twentieth Century?

Gonzalo Fernandez-de-Cordoba () and Timothy J. Kehoe ()

No 421, Staff Report from Federal Reserve Bank of Minneapolis

Abstract: Studying the experience of countries that have experienced great depressions during the twentieth century teaches us that massive public interventions in the economy to maintain employment and investment during a financial crisis can, if they distort incentives enough, lead to a great depression.

New Economics Papers: this item is included in nep-cba and nep-his
Date: 2009

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