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The Great Recession in the Shadow of the Great Depression: A Review Essay on "Hall of Mirrors: The Great Depression, The Great Recession and the Uses and Misuses Of History"
This essay reviews Barry Eichengreen's recent book that compares the Great Depression and the Great Recession. Eichengreen focuses on deficient aggregate demand as the key reason for why both downturns were so deep and why they lasted so long. I assess the book's arguments regarding the causes and consequences of these episodes from a neoclassical perspective. I provide an alternative framework for analyzing these episodes, and argue that a key difference between the 1930s and today reflectsdoi:10.3386/w22239 fatcat:4odigal2indepcjgbtepotnyqu