Recession Research Paper

The Great Recession and the Great Depression

Peter Temin

NBER Working Paper No. 15645
Issued in January 2010, Revised in December 2011
NBER Program(s):Development of the American Economy, Economic Fluctuations and Growth, Monetary Economics

This paper discusses parallels between our current recession and the Great Depression for the intelligent general public. It stresses the role of economic models and ideas in public policy and argues that gold-standard mentality still holds sway today. The parallels are greatest in the generation of the crises, and they also illuminate the policy choices being made today. We have escaped a repeat of the Depression, but we appear to have lost the opportunity for significant financial reform.


Machine-readable bibliographic record - MARC, RIS, BibTeX

Document Object Identifier (DOI): 10.3386/w15645

Published: Peter Temin, 2010. "The Great Recession & the Great Depression," Daedalus, vol 139(4), pages 115-124.

Users who downloaded this paper also downloaded* these:

South Africa's recently announced economic recovery plan failed to break away from the cumbersome neo-liberal line.

South Africa has recorded two consecutive GDP contractions. What does it mean?

We shouldn’t be in the business of awarding ourselves prizes to which we’re not entitled.

The current US economic expansion is nearly the third-longest since the 1850s, making a recession likely in 2017. It's time to get ready.

Markets have been on a rocky ride all year on concerns another recession looms. Here are a few lessons we can learn from the last one.

Stock markets have been falling all year on concern the world risks slipping into a recession, which begs the question: how would we know if we were in one?

South Africa's government should urgently announce a moratorium on civil service employment growth. The country has reached its upper limit in the number of civil servants that can be sustained.

Research shows baby booms are generally bad news for the economy – at least for the boom's babies.

An expert spent seven years studying the interactions between locals and immigrants: this is what he found.

Observers may be quick to declare social trends “good” or “bad” for families, but such conclusions are rarely justified. What’s good for one family – or group of families – may be bad for another. And…

Readers of the Financial Times would have recently encountered a story that encompasses the paper’s version of bad/good news when it comes to the oil business. According to the author Daniel Yergin, the…

What are the risks in the economic outlook for Australia? Typically, prognosticators take a scenario-based (aka “story-telling”) approach to answering this sort of question. And usually these scenarios…

Graduating in a recession could be good for you (if you’re a man)

Philipp Hessel, London School of Economics and Political Science and Mauricio Avendano, London School of Economics and Political Science

Men who leave school or university during a recession experience better health in later life than those who graduate during a boom, while women experience worse health if leaving school or university during…


Leave a Reply

Your email address will not be published. Required fields are marked *