The Great Depression and the 2007-2009 Recession: The First Two Years Compared

International Research Journal of Finance and Economics, No. 59, p. 15, December 2010

8 Pages Posted: 11 Dec 2011 Last revised: 22 Jan 2012

See all articles by Hamid Shomali

Hamid Shomali

Golden Gate University - Ageno School of Business

Gwendolyn Giblin

Golden Gate University - Ageno School of Business

Date Written: December 1, 2010

Abstract

The 2007-2009 recession was the most severe economic downturn since the Great Depression. However, most research regarding the Great Depression focuses on the entire decade of the 1930s. This paper compares the first two years of the Great Depression and 2007-2009 recession, including the: (1) causes; (2) severity; and (3) policy reactions. When viewed in this manner, it appears that the more recent financial downturn is not “another Great Depression.” While in some respects it was more severe than the Great Depression in year one, the two year data indicates that direct comparisons are not warranted.

Keywords: Great Depression, financial crisis, recession, 2007-2009 recession, fiscal policy, monetary policy

JEL Classification: B22, E60

Suggested Citation

Shomali, Hamid and Giblin, Gwendolyn, The Great Depression and the 2007-2009 Recession: The First Two Years Compared (December 1, 2010). International Research Journal of Finance and Economics, No. 59, p. 15, December 2010, Available at SSRN: https://ssrn.com/abstract=1970641

Hamid Shomali

Golden Gate University - Ageno School of Business ( email )

536 Mission Street
San Francisco, CA 94105
United States

HOME PAGE: http://www.ggu.edu/about/faculty/faculty_directory/hamid_shomali

Gwendolyn Giblin (Contact Author)

Golden Gate University - Ageno School of Business ( email )

536 Mission Street
San Francisco, CA 94105
United States

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