Friday, December 25, 2020

A Tale of Three Depressions

Great Depression, Great Recession and Covid-19 Pandemic.

Excerpt:

"Today we face great uncertainty about the sustainability of the revivals in industrial production observed in Figures 2 and 3. Will these strong revivals be maintained? There is a risk of second and third waves of the pandemic, and so there is still a risk of new economic downturns. Much will depend on the willingness of the monetary and fiscal authorities to continue to support the economy by monetary and fiscal expansions if these second and third waves occur. All this is still very uncertain. It is not to be excluded that the recovery will turn out to be W-shaped (or some other letter) rather than V-shaped."

https://voxeu.org/article/tale-three-depressions



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Oppenheimer and Oscar Economics

This  article  is quite long, but has important modern implications.  Source: Michael Ramirez, The Gazette.

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