Here - it's free access too! I wrote this up quite quickly. I like it because I was able to make a couple points I did not make in the RAE article. I do wish I took more time to discuss the details of Romer's analysis - something I realized would have been valuable after the RAE article. But there was a deadline for the special issue so I really had to get down a brief note rather than a full article. I ain't done with 1920-1921 yet, so hopefully I'll discuss it in more detail in the future.
This is the issue - it's a special issue on austerity. I haven't read any of the articles yet, but they're all free too. Some names you might recognize among the authors are James Galbraith, Robert Pollin (of Political Economy Research Institute), and Stephen Kinsella (a guy Krugman cites a lot when discussing Ireland).
Tuesday, January 17, 2012
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Congratulations, Daniel P. Kuehn! I'll be looking forward to more articles that you have coming for your audience!
ReplyDeletePrivate debt--
ReplyDeleteWhat were the levels of US consumer private debt from 1910 to 1925? Of business debt? What conclusions do you draw from these levels v. Great Depression and Lesser Depression?
Keen's chart is very rough and shows a private ratio of less than 150%, so little can be inferred and I can find no discussion, anywhere.
Brad Delong just linked to Robert Hall's •Robert E. Hall (2010), “Why Does the Economy Fall to Pieces after a Financial Crisis?” Journal of Economic Perspectives 24, pp. 3-20
http://delong.typepad.com/sdj/2012/01/econ-210a-readings-and-topics.html
Hall has an informative discussion about why the decline in business asset values, post the Internet Bubble, was different than the decline in real estate values post 2005.
http://www.aeaweb.org/articles.php?doi=10.1257/jep.24.4.3 (free)
Congratulations! I'll try to give it a read sometime over the next week or so. I am sure that some disagreements will arise, but hey, that is to be expected.
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ReplyDeleteStephen Kinsella, as in the Austrian?
ReplyDeletewhy did you remove comment asking for information about level of private debt in 1920-21?
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