Great depressions of the 20th century

Timothy J. Kehoe, Edward Prescott

Research output: Contribution to journalArticle

92 Citations (Scopus)

Abstract

The papers in this issue study nine depressions-both from the interwar period in Europe and North America and from more recent times in Japan 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 changes 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 20th century. Journal of Economic Literature Classification Numbers: E32, N10, O40.

Original languageEnglish (US)
Pages (from-to)1-18
Number of pages18
JournalReview of Economic Dynamics
Volume5
Issue number1
DOIs
StatePublished - 2002
Externally publishedYes

Fingerprint

Great Depression
20th century
Factors
Dynamic general equilibrium model
Growth accounting
Latin America
Interwar period
Economics
Government policy
Productivity
Japan

Keywords

  • Depression
  • Dynamic general equilibrium
  • Growth accounting
  • Total factor productivity

ASJC Scopus subject areas

  • Economics and Econometrics

Cite this

Great depressions of the 20th century. / Kehoe, Timothy J.; Prescott, Edward.

In: Review of Economic Dynamics, Vol. 5, No. 1, 2002, p. 1-18.

Research output: Contribution to journalArticle

Kehoe, Timothy J. ; Prescott, Edward. / Great depressions of the 20th century. In: Review of Economic Dynamics. 2002 ; Vol. 5, No. 1. pp. 1-18.
@article{22759d7c51ad4e8892e2e0916bc421da,
title = "Great depressions of the 20th century",
abstract = "The papers in this issue study nine depressions-both from the interwar period in Europe and North America and from more recent times in Japan 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 changes 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 20th century. Journal of Economic Literature Classification Numbers: E32, N10, O40.",
keywords = "Depression, Dynamic general equilibrium, Growth accounting, Total factor productivity",
author = "Kehoe, {Timothy J.} and Edward Prescott",
year = "2002",
doi = "10.1006/redy.2001.0151",
language = "English (US)",
volume = "5",
pages = "1--18",
journal = "Review of Economic Dynamics",
issn = "1094-2025",
publisher = "Academic Press Inc.",
number = "1",

}

TY - JOUR

T1 - Great depressions of the 20th century

AU - Kehoe, Timothy J.

AU - Prescott, Edward

PY - 2002

Y1 - 2002

N2 - The papers in this issue study nine depressions-both from the interwar period in Europe and North America and from more recent times in Japan 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 changes 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 20th century. Journal of Economic Literature Classification Numbers: E32, N10, O40.

AB - The papers in this issue study nine depressions-both from the interwar period in Europe and North America and from more recent times in Japan 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 changes 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 20th century. Journal of Economic Literature Classification Numbers: E32, N10, O40.

KW - Depression

KW - Dynamic general equilibrium

KW - Growth accounting

KW - Total factor productivity

UR - http://www.scopus.com/inward/record.url?scp=0036153949&partnerID=8YFLogxK

UR - http://www.scopus.com/inward/citedby.url?scp=0036153949&partnerID=8YFLogxK

U2 - 10.1006/redy.2001.0151

DO - 10.1006/redy.2001.0151

M3 - Article

AN - SCOPUS:0036153949

VL - 5

SP - 1

EP - 18

JO - Review of Economic Dynamics

JF - Review of Economic Dynamics

SN - 1094-2025

IS - 1

ER -