Modeling Great Depressions: the depression in Finland in the 1990s *.

From: Federal Reserve Bank of Minneapolis Quarterly Review | Date: November 1, 2007| Author: | Copyright information

The general equilibrium growth model is the workhorse of modern economics. It is the accepted paradigm for studying most macroeconomic phenomena, including business cycles, tax policy, monetary policy, and growth. The collection of papers edited by Kehoe and Prescott (2002, 2007) and earlier work by Cole and Ohanian (1999) break the taboo against using the general equilibrium growth model to study great depressions like that in the United States in the 1930s. This article is intended as a primer on the great depressions methodology.

If output is significantly above trend, the ...

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