Real business cycle models of the Great Depression

Luca Pensieroso

Cliometrica, Journal of Historical Economics and Econometric History, 2011, vol. 5, issue 2, 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: E13 N01 N10 (search for similar items in EconPapers)
Date: 2011
References: Add references at CitEc
Citations: View citations in EconPapers (5)

Downloads: (external link)
http://dx.doi.org/10.1007/s11698-010-0053-0 (application/pdf)
Access to full text is restricted to journal subscribers

Related works:
Working Paper: Real Business Cycle Models of the Great Depression (2010)
Working Paper: Real Business Cycle Models of the Great Depression (2009)
This item may be available elsewhere in EconPapers: Search for items with the same title.

Export reference: BibTeX RIS (EndNote, ProCite, RefMan) HTML/Text

Persistent link: https://EconPapers.repec.org/RePEc:afc:cliome:v:5:y:2011:i:2:p:101-119

Access Statistics for this article

Cliometrica, Journal of Historical Economics and Econometric History is currently edited by Claude Diebolt, Dora Costa and Jean-Luc Demeulemeester

More articles in Cliometrica, Journal of Historical Economics and Econometric History from Association Française de Cliométrie (AFC) Contact information at EDIRC.
Bibliographic data for series maintained by ().