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Author: K. Brunner Publisher: Springer Science & Business Media ISBN: 940098135X Category : Business & Economics Languages : en Pages : 367
Book Description
The fateful days of the great stock market crash entered modem history almost 50 years ago to this day. The cyclic turning point of the U. S. economy oc curred, however, around June 1929, and economic activity receded substantial ly over the subsequent months. The onset of an economic downswing thus became clearly visible before the famous crash. But the October event stays in the public's mind as the symbol of the Great Depression. For nearly four years, until the spring of 1933, the U. S. economy plunged into a deep reces sion. Activity declined, prices fell, and there emerged a massive unemploy ment problem. The economy ultimately overcame this shock in 1933. Prices rose rapidly in spite of substantial margins of unusual resources. Activity ex panded, but occasionally at a somewhat hesitant rate. The expansion, however, was interrupted by another recession of major proportions during 1937-38. The tragic sequence of events shaped public consciousness and influenced new approaches and views in economic policymaking. The activist approach to "stabilization policy" and a wide range of regulatory policies were essentially justified in terms of this experience. These policies were crucially influenced by our understanding and interpretation of the Great Depression. The view of a radically unstable economic process perennially on the edge of serious collapse gained wide popularity and became a central element of the Keynesian tradi- 2 INTRODUCTION tion. It encouraged, with supplementary interpretations, an interventionist and expanding role of the government in our economic affairs.
Author: K. Brunner Publisher: Springer Science & Business Media ISBN: 940098135X Category : Business & Economics Languages : en Pages : 367
Book Description
The fateful days of the great stock market crash entered modem history almost 50 years ago to this day. The cyclic turning point of the U. S. economy oc curred, however, around June 1929, and economic activity receded substantial ly over the subsequent months. The onset of an economic downswing thus became clearly visible before the famous crash. But the October event stays in the public's mind as the symbol of the Great Depression. For nearly four years, until the spring of 1933, the U. S. economy plunged into a deep reces sion. Activity declined, prices fell, and there emerged a massive unemploy ment problem. The economy ultimately overcame this shock in 1933. Prices rose rapidly in spite of substantial margins of unusual resources. Activity ex panded, but occasionally at a somewhat hesitant rate. The expansion, however, was interrupted by another recession of major proportions during 1937-38. The tragic sequence of events shaped public consciousness and influenced new approaches and views in economic policymaking. The activist approach to "stabilization policy" and a wide range of regulatory policies were essentially justified in terms of this experience. These policies were crucially influenced by our understanding and interpretation of the Great Depression. The view of a radically unstable economic process perennially on the edge of serious collapse gained wide popularity and became a central element of the Keynesian tradi- 2 INTRODUCTION tion. It encouraged, with supplementary interpretations, an interventionist and expanding role of the government in our economic affairs.
Author: H. van der Wee Publisher: Springer Science & Business Media ISBN: 9401098492 Category : Business & Economics Languages : en Pages : 293
Book Description
For a quarter of a century the industrial Western world has been living in the euphoria of continuous improvements in welfare, based on economic programming, increasing integration and terms of trade which favor indus trial countries and discriminate against agricultural regions. It is true that recessions have periodically recurred during these years : time and again, however, government intervention succeeded in reducing them to mere "in ventory cycles". In contrast with the twenties and thirties, when economic policy in the West focused on fighting unemployment and stimulating investment, the postwar period has been characterized by a permanent concern to curb inflationary pressure, which was partly due to full-employ ment. The present welfare economy has given rise to a growth of the pro pensity to consume such that public policy has often been constrained to limit consumption and stimulate saving. In this new framework it has perhaps been forgotten that today's welfare owes much to the lessons from the past. The bitter world crisis experience of the thirties in particular has exerted a fruitful and decisive influence upon the search for means to prevent, eliminate or soften the cyclical fluctuations which the process of economic growth involves. Forty years after the out break of the greatest economic crisis ever, it seems useful to draw up the balancesheet of the lessons learned from it. There exists a large literature about the depression of the thirties.
Author: Gabriel Patrick Mathy Publisher: ISBN: 9781303443329 Category : Languages : en Pages :
Book Description
The United States of the 1930s experienced unprecedented uncertainty including the stock market crash of October 1929, a severe banking crises, major political changes, the breakdown of the gold standard, uncertain monetary policies, and the uncertainties surrounding the brewing World War. This dissertation constructs and analyzes four uncertainty measures: stock volatility, a newspaper index of uncertainty mentions, credit spreads, and a high volatility indicator of uncertainty shock events. These four uncertainty measures are then used to analyze the effect of uncertainty shocks on the American economy of the 1930s. I begin with an introduction of the issue of the Great Depression in macroeconomics and where this dissertations fits in the existing literature. The first chapter, entitled "Identifying Uncertainty Shocks in the American Great Depression," uses a financial econometric test of volatile returns to identify periods of high uncertainty, which are then matched with plausible uncertainty shock events by a careful study of the historical record. In the second chapter, entitled "Modelling Uncertainty Shocks in the U.S. Great Depression," a dynamic stochastic general equilibrium (DSGE) model is calibrated to conditions of the 1930s. This model is then simulated for an uncertainty shocks, and the simulations show that nominal rigidites and passive monetary policies help explain why uncertainty shocks would matter more in the Great Depression. The third chapter, entitled "The Empirics of Uncertainty Shocks in the U.S. Great Depression," discusses previous empirical results regarding uncertainty in the Great Depression, and then derives empirical results using vector autoregressions to quantify the effect of uncertainty on the broader macroeconomy in the data. Based on these multifaceted sources of evidence, I find that uncertainty shocks played a significant role in the U.S. Great Depression.
Author: Angus Burgin Publisher: Harvard University Press ISBN: 0674067436 Category : History Languages : en Pages : 314
Book Description
Just as economists struggle today to justify the free market after the global economic crisis, an earlier generation revisited their worldview after the Great Depression. In this intellectual history of that project, Burgin traces the evolution of postwar economic thought in order to reconsider the most basic assumptions of a market-centered world.
Author: K. Brunner
Author: K. Brunner
Author: H. van der Wee
Author: K Brunner
Author: Herman Van der Wee
Author: Gabriel Patrick Mathy
Author: David Potts
Author: Herman Van Der Wee![The great depression revisited. Essays [by different authors] on the economics of the thirties. Edited by Herman van der Wee PDF](https://books.google.com/books/content/images/frontcover/8w_8MgEACAAJ?fife=w80-h100)
Author: Herman van der WEE
Author: 
Author: Angus Burgin