Lessons from the 1930s Great Depression

Nicholas Crafts and Peter Fearon

Oxford Review of Economic Policy, 2010, vol. 26, issue 3, 285-317

Abstract: This paper provides a survey of the Great Depression comprising both a narrative account and a detailed review of the empirical evidence, focusing especially on the experience of the United States. We examine the reasons for and flawed resolution of the American banking crisis, as well as the conduct of fiscal and monetary policy. We also consider the pivotal role of the gold standard in the international transmission of the slump and leaving gold as a route to recovery. Policy lessons for today from the Great Depression are discussed, as are some implications for macroeconomics. Copyright 2010, Oxford University Press.

Date: 2010
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Working Paper: Lessons from the 1930s' Great Depression (2010)
Working Paper: Lessons from the 1930s' Great Depression (2010)
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