We did not repeat the errors of the past

Antoine Parent

Post-Print from HAL

Abstract: Unlike 1929, the U.S. and European monetary authorities implemented expansionary monetary policies to prevent a recession in 2008 and 2009. The purpose of this paper is to clarify the presumed lessons of the Great Depression for today. Indeed, since 2008, central banks have acted as lenders of last resort to provide liquidity to banking systems to foster economic growth; in the 1930s they refrained from such action. One question that comes to mind is, "Is this the right strategy to escape the financial crisis?" A second question is, "Does it prove that we have a correct understanding of the past?" The issue of the absolute validity of expansionary monetary policy must be reconsidered to identify possible errors in the lessons drawn from the past and in current monetary policy responses...

Keywords: Strategy; Financial Crisis; Great Depression; Monetary Policy; Regulatory Responses (search for similar items in EconPapers)
Date: 2019
References: Add references at CitEc
Citations:

Published in Sharyn O'Halloran; Thomas Groll. After the Crash: Financial Crises and Regulatory Responses, Columbia University Press, 2019, 9780231192842

There are no downloads for this item, see the EconPapers FAQ for hints about obtaining it.

Related works:
Working Paper: We did not repeat the errors of the past (2019)
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:hal:journl:halshs-02376129

Access Statistics for this paper

More papers in Post-Print from HAL
Bibliographic data for series maintained by CCSD ().