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

Federal Reserve Bank of Minneapolis Research Department Staff Report 421, February 2009

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

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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