Journal Article

Lessons from the 1930s Great Depression

Nicholas Crafts and Peter Fearon

in Oxford Review of Economic Policy

Published on behalf of The Oxford Review of Economic Policy Ltd

Volume 26, issue 3, pages 285-317
Published in print January 2010 | ISSN: 0266-903X
Published online January 2010 | e-ISSN: 1460-2121 | DOI: http://dx.doi.org/10.1093/oxrep/grq030
Lessons from the 1930s Great Depression

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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.

Keywords: banking crisis; fiscal multiplier; gold standard; Great Depression; E65; N12; N14

Journal Article.  19801 words. 

Subjects: Economic Development and Growth ; Public Economics ; Political Economy ; Public Policy

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