Great depressions of the 20th century

Timothy J. Kehoe, Edward C. Prescott

Research output: Contribution to journalEditorialpeer-review

104 Scopus citations


The papers in this issue study nine depressions-both from the interwar period in Europe and North America and from more recent times in Japan and Latin America-using a common framework. All of the papers rely on growth accounting to decompose changes in output into the portions due to changes in factor inputs and the portion due to the changes in efficiency with which these factors are used. All of the papers employ simple applied dynamic general equilibrium models. Collectively, these papers indicate that government policies that affect productivity and hours per working-age person are the crucial determinants of the great depressions of the 20th century. Journal of Economic Literature Classification Numbers: E32, N10, O40.

Original languageEnglish (US)
Pages (from-to)1-18
Number of pages18
JournalReview of Economic Dynamics
Issue number1
StatePublished - 2002
Externally publishedYes


  • Depression
  • Dynamic general equilibrium
  • Growth accounting
  • Total factor productivity

ASJC Scopus subject areas

  • Economics and Econometrics


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