Economic Incubator

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The Chairman

The 1937-1938 Recession

With the economy wobbling around along a slow recovery path, a lot of commentators (Paul Krugman here and here, John Taylor here and Christina Romer here) have made connections to 1937/38 – the so-called “recession within the depression.” Economic historians have written a fair amount about that recession for some time and I thought it…

November 2024
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1890s Recession 1937-1938 Recession Recovery

  • The 1937-1938 Recession

    With the economy wobbling around along a slow recovery path, a lot of commentators (Paul Krugman here and here, John Taylor here and Christina Romer here) have made connections to 1937/38 – the so-called “recession within the depression.” Economic historians have written a fair amount about that recession for some time and I thought it […]

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  • On The State of Macroeconomics

    Kevin Drum has an interesting take on why macroeconomists can’t seem to agree on even the basics: Sadly, macroeconomics combines the worst aspects of just about everything. It’s wildly complex. Its fundamental precepts change over time as the basis of the economy changes. Reliable experimental evidence is practically impossible to come by. Even the effect […]

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  • The Slow Recovery from the 1890s Recession

    As the tepid economic recovery continues, there has been a fair amount of discussion about the uniqueness of the duration of above-normal unemployment following financial crises.  Reinhart and Rogoff were clear on this in This Time is Different and in this article, where they write: “After the Fall,” a 2010 paper written by one of […]

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