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Article: Some observations on the Great Depression.(response to article by Harold L. Cole and Lee E. Ohanian in this issue, p. 2)
- Article from:
- Federal Reserve Bank of Minneapolis Quarterly Review
- Article date:
- January 1, 1999
- Author:
CopyrightCOPYRIGHT 1999 Federal Reserve Bank of Minneapolis. This material is published under license from the publisher through the Gale Group, Farmington Hills, Michigan. All inquiries regarding rights should be directed to the Gale Group. (Hide copyright information)
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The prosperity of the 1920s in the United States was followed by the Great Depression in the 1930s. Will the prosperity of the 1980s and 1990s be followed by another great depression in the coming decade? This question is not that far-fetched. Depressions are not a thing of the past. The Japanese economy, for example, has been depressed for nearly a decade and is currently operating at a level far below trend. Argentina experienced a depression in the 1980s every bit as severe as the one experienced by the United States in the 1930s. The Brazilian economy is currently operating at a level well below trend and could fall even farther. Empirically, depressions are not a ...
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... ... been revitalised by models of |new' growth theory. These focus on the determinants of ... Two major dimensions of this new growth theory emphasise the role of increasing returns ... stable and significant. If the new growth theory has anything important to say about ...
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