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The tale of two great crises

Michele Fratianni () and Federico Giri ()

Journal of Economic Dynamics and Control, 2017, vol. 81, issue C, 5-31

Abstract: The Great Depression of 1929 and the Great Financial Crisis of 2008 have been the two big events of the last 75 years. Not only have they produced serious economic consequences but they also changed our view of economics and policymaking. The aim of this work is to compare these two great crises and highlight similarities as well as differences. Monetary policy, the exchange rate system and the role of banks are our fields of investigation. We find interesting parallels between the two big events but also differences in their specific developments.

Keywords: Great depression; Great financial crisis; Gold standard; Eurozone; Money multiplier; Shadow banking (search for similar items in EconPapers)
JEL-codes: E5 E31 E42 G21 (search for similar items in EconPapers)
Date: 2017
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Working Paper: The Tale of Two Great Crises (2015) Downloads
Working Paper: The tale of two great crises (2015) Downloads
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Journal of Economic Dynamics and Control is currently edited by J. Bullard, C. Chiarella, H. Dawid, C. H. Hommes, P. Klein and C. Otrok

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Handle: RePEc:eee:dyncon:v:81:y:2017:i:c:p:5-31