The Difference between a Recession and a Depression*

Saul Eslake

Economic Papers, 2009, vol. 28, issue 2, 75-81

Abstract: The global financial crisis and the ensuing sharp downturns in economic activity around the world have rekindled interest in the question of the circumstances under which a “recession” can be appropriately labelled a “depression.” The differences are more profound than simply depth and duration, but reflect differences in causation and accompanying consequences. Moreover macroeconomic policies, which have been effective in responding to “recessions,” may be less effective in “depressions.”

Date: 2009
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