The Current Financial Crisis: What Should We Learn from the Great Depressions of the Twentieth Century?

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Staff Report 421

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Gonzalo Fernandez de Cordoba - Universidad de Salamanca
Timothy J. Kehoe - Consultant

Revised April 1, 2009

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Abstract
Studying the experience of countries that have experienced great depressions during the twentieth century teaches us that massive public interventions in the economy to maintain employment and investment during a financial crisis can, if they distort incentives enough, lead to a great depression.

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Browse Research by Topic

Staff Report 421

The Current Financial Crisis: What Should We Learn from the Great Depressions of the Twentieth Century?

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