5 1

CEA

2008

CEA
2008

Obamas Depression

depression

FiveBooks InterviewsChristina Romer on Learning from the Great DepressionThe

Browser, interviewed by Eve Gerber, February 17, 2012

http://thebrowser.com/interviews/christina-romer-on-learning-great-depression?page=f
ull
1

recession

expansion

depression

NBER

a really bad and exceptionally prolonged recession

1930
1930
2009 101930
25

3
2

Milton Friedman
Anna SchwartzA Monetary History of the United States, 1867-1960

monetary events

Fed
Fed
bad economic ideas

50

Fed

1930 FRB

Everything reminds Milton

of the money supply. Well, everything reminds me of sex, but I keep it out of the paper.

1960
monetary forces

Barry EichengreenGolden Fetters

1800 1900

confidence

IMF

Ron
Paul

FRB

Ben BernankeEssays on the Great Depression

Nonmonetary Effects of the Financial Crisis in the Propagation of the Great

Depression

2008

Fed
2008 Fed

Fed

CP
CP CP
Fed CP

Fed

Fed
Fed FF
Fed
Fed FF
FF

Fed

Great Recession

2007 2008 Fed

Fed
proactive 2008
Fed
Fed
Fed

Fed
Fed 2009

10

Fed
Fed

Lester ChandlerAmericas
Greatest Depression

1970 the New Deal economic

9

programmes
1930

1930

1932

WPA
/
the Civilian Conservation Corps

E Cary Brown4

2009 the American

Recovery and Reinvestment Act1930

E Cary Brown (1956), Fiscal Policy in the 'Thirties: A Reappraisal, American

Economic Review, vol.46(5), pp.857-879.

10


1930

Fiscal policy, then, seems to have been an

unsuccessful recovery device in the thirtiesnot because it did not work, but because
it was not tried.

Great Recession
2000

2009

2009
2009
GDP

2008
2
2

1930

1937 1937

depression
within a depression

11

2009

1937

1937

Peter TeminBarry Wigmore The End of One

Big Deflation

Explorations in Economic History

1934

Fed
2008

big question

12

What Ended Great Depression?

Fed
1930

30

1934
51934

What Ended the Great Depression? pp.772

774 1930

13

1934

1990 1990

1934

Richard G. Anderson2010, The First U.S. Quantitative Easing: The 1930s

Economic SYNOPSES, FRB of St. Louis, Number 17
http://research.stlouisfed.org/publications/es/10/ES1017.pdf
1934
Proppin

14

regime shift

this is a new day

2009
Fed

Fed
Fed GDP
Fed
GDP
GDP GDP

GDP
GDP Fed

composition

15

1930
1930

CEA

That
good policy absolutely

matters2008
2008
1929 1930

2
2
1930

16