Great depressions of the twentieth century

Timothy Kehoe and Edward Prescott

in Monograph from Federal Reserve Bank of Minneapolis

Abstract: The worldwide Great Depression of the 1930s was a watershed for both economic thought and economic policymaking. It led to the belief that market economies are inherently unstable and to the revolutionary work of John Maynard Keynes. Its impact on popular economic wisdom is still apparent today. ; This book, which uses a common framework to study sixteen depressions, from the interwar period in Europe and America as well as from more recent times in Japan and Latin America, challenges the Keynesian theory of depressions. It develops and uses a methodology for studying depressions that relies on growth accounting and the general equilibrium growth model.

Keywords: Depressions (search for similar items in EconPapers)
Date: 2007
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Journal Article: Great Depressions of the Twentieth Century (2002)
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