During the Eurozone crisis, an analogy was made between the events in Europe between 2007 and 2012 and the collapse of the Bretton Woods System between 1968 and 1971. There has been a build-up of TARGET liabilities since 2007 by some central banks (notably Greece, Ireland, Portugal, and Spain, or the ‘GIPS’), and of TARGET assets by Germany and others.
TARGET balances, Bretton Woods, and the Great Depression
Michael Bordo, 21 March 2014
Monetary alchemy, fiscal science
Jeffrey Frankel, 29 January 2013
The year 2013 marks the 100th anniversary of two major institutional innovations in US economic policy:
Jobless recoveries and the disappearance of routine occupations
Henry Siu, Nir Jaimovich, 6 November 2012
Economic recoveries aren’t what they used to be. Since the end of the Great Recession in June 2009:
New preface to Charles Kindleberger, The World in Depression 1929-1939
J. Bradford DeLong, Barry Eichengreen, 12 June 2012
The parallels between Europe in the 1930s and Europe today are stark, striking, and increasingly frightening. We see unemployment, youth unemployment especially, soaring to unprecedented heights. Financial instability and distress are widespread. There is growing political support for extremist parties of the far left and right.
How did US and EU trade policy withstand the Great Recession?
Chad P Bown, Meredith Crowley, 28 April 2012
During the Great Recession, import protection increased around the world (Evenett, 2011). Popular policies included antidumping tariffs, safeguards, and other temporary trade barriers (Bown 2011a,b). Despite this, for high-income economies such as the US and EU, such trade barriers increased much less than initially feared. In this column, we ask how and why.
A tale of two depressions redux
Barry Eichengreen, Kevin Hjortshøj O’Rourke, 6 March 2012
Right-wing political extremism in the Great Depression
Alan de Bromhead, Barry Eichengreen, Kevin Hjortshøj O’Rourke, 27 February 2012
The impact of the global crisis has been more than just economic.
When markets freeze: Tobin’s q and QE
Marcus Miller, John Driffill, 27 September 2011
The economies of the North Atlantic look in poor shape. But it could be worse. Central banks have been doing their best to save capitalism from its own self-fulfilling fears, using the policy of quantitative easing to take frozen assets onto their balance sheets until confidence returns. Why they are doing this – and why it matters – can best be seen in the light of history.
What caused the recession of 1937-38?
Douglas Irwin, 11 September 2011
The recession of 1937-38 is sometimes called “the recession within the Depression.” It came at a time when the recovery from the Great Depression was far from complete and the unemployment rate was still very high. In fact, it was a disastrous setback to the recovery.
An historical perspective on the Great Recession
Nicholas Crafts, 24 February 2011
The Great Recession of 2008/9 came as a big shock to economists as well as the general public. They had become accustomed to the serene conditions of the so-called Great Moderation – low inflation, smooth growth, and low unemployment. This led to triumphalist claims that “boom and bust” had been abolished. A complacent belief arose:
- Internationalisation, innovation, and productivity of firmsAltomonte, Aquilante, Békés, Ottaviano
- Predicting economic turning pointsAhir, Loungani
- How rich nations benefit from EU membershipCampos, Coricelli, Moretti
- The chartbook of economic inequalityAtkinson, Morelli
- The ECB should do QE via forex interventionFrankel
- A tale of two depressions: What do the new data tell us? February 2010 updateEichengreen, O’Rourke
- The ECB’s stealth bailoutSinn
- Educated in America: College graduates and high school dropoutsHeckman, LaFontaine
- Eurozone breakup would trigger the mother of all financial crisesEichengreen
- Panic-driven austerity in the Eurozone and its implicationsDe Grauwe, Ji
Claessens, 18 April 2014
Campos, Coricelli, Moretti
Ostry, Berg, Tsangarides
CEPR Policy Research
- The buyer margins of firms' exportsCarballo, Ottaviano, Volpe
- Commodity and Equity Markets: Some Stylized Facts from a Copula ApproachDelatte, Lopez
- Ethnic Unemployment Rates and Frictional MarketsGobillon, Rupert, Wasmer
- Finance and Poverty: Evidence from IndiaAyyagari, Beck, Hoseini
- The Manipulation of Basel Risk-WeightsMariathasan, Merrouche