Great Depressions of the Twentieth Century

By Timothy J. Kehoe, Edward C. Prescott. 2007

300 citations recorded by the source corpus.

The papers in this volume study nine depressions - both from the interwar period in Europe and America and from more recent times and Latin America - using a common framework. All of the papers rely on growth accounting to decompose changes in output into the portions due to changes in factor inputs and the portion due to the in efficiency with which these factors are used. All of the papers employ simple applied dynamic general equilibrium models. Collectively, these papers indicate that government policies that affect productivity and hours per working-age person are the crucial determinants of the great depressions of the twentieth century. (Copyright: Elsevier)

Subfields: Economics and Econometrics

View Paper: https://www.semanticscholar.org/paper/dd6e9fd6a687875a26e1df82fa3bef384c6bc3ca

Citations in the corpus

• Credit Risk and Disaster Risk (2013, unknown): “An alternative to depreciation shocks is to introduce steep adjustment costs: since investment falls signi cantly during disasters, the price of capital would also fall, generating endogenously a low return on capital during disasters.”
• Discovering the Sources of TFP Growth: Occupational Choice and Financial Deepening (2005, unknown): “By differentiating both sides of (27) with respect to time and then dividing them by total output in base year, we get a growth accounting identity by factor:”
• From Great Depression to Great Credit Crisis: Similarities, Differences and Lessons (2010, unknown): “The current study represents a welcome addition to the literature as the role of fiscal policy has not been central in recent studies of the Great Depression (see Kehoe and Prescott, 2007) but at the same time it does not really help resolve the overall uncertainty.”