Great Depressions of the Twentieth Century

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)