Accounting for the Great Depression *.

From: Federal Reserve Bank of Minneapolis Quarterly Review | Date: March 22, 2003| Author: Chari, V.V.; Frenzel, Paul W.; Kehoe, Patrick J.; McGrattan, Ellen R. | Copyright information

The Great Depression is not yet well understood. Economists have offered many theories for both the massive decline and the slow recovery of output during 1929-39, but no consensus has formed on the main forces behind this major economic event. Here we describe and demonstrate a simple methodology for determining which types of theories are the most promising.

Several prominent theories blame the Great Depression on frictions in labor and capital markets. The sticky wage...

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