Comparing Unemployment During the Great Depression and the Great Recession
Black, William Βarry Eichengreen’s and Tim Hatton’s January 1988 paper entitled “Interwar Unemployment in International Perspective” is a useful starting point for any effort to compare unemployment during the Great Depression and the Great Recession. It is useful to begin by recognizing three related cautions that the authors make in that paper. First, the modern […]
The Promise of Abenomics
Stiglitz, Joseph. Japanese Prime Minister Shinzo Abe’s program for his country’s economic recovery has led to a surge in domestic confidence. But to what extent can “Abenomics” claim credit? Interestingly, a closer look at Japan’s performance over the past decade suggests little reason for persistent bearish sentiment. Indeed, in terms of growth of output […]