Lessons from the Great Depression for Economic Recovery in 2009

By Christina D. Romer
Council of Economic Advisers
To be presented at the Brookings Institution,Washington, D.C.,
March 9, 2009

In the last few months, I have found myself uttering the words “worst since the Great Depression” far too often: the worst twelve month job loss since the Great Depression; the worst financial crisis since the Great Depression; the worst rise in home foreclosures since the Great Depression. In my previous life, as an economic historian at Berkeley, one of the things I studied was the Great Depression. I thought it would be useful to reflect on that episode and what lessons it holds for policymakers today. In particular, what can we learn from the 1930s that will help us to end the worst recession since the Great Depression?

To read the whole presentation at:
Lessons from the Great Depression for Economic Recovery in 2009