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Great Depression

Policy & Depression

April 4, 2009

UCLA Economist Lee Ohanian, who recently published a paper on the role of the New Deal in prolonging the Great Depression (I covered it here), wrote to Professor Mankiw with a preview of his follow-up implicating Hoover's policies as well: I conclude that the Depression is the consequence of government programs and policies, including those […]

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Thoughts on Obama's first primetime press conference

February 9, 2009

Remember this, the controversial "3am phone call" ad? How about this response? Last Thursday, President Obama wrote an opinion for the Washington Post which contained the following paragraph: And if nothing is done, this recession might linger for years. Our economy will lose 5 million more jobs. Unemployment will approach double digits. Our nation will […]

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The New Deal or: How I Learned To Stop Worrying and Love The Bomb

February 2, 2009

Would Americans trade a short severe recession for a long and grueling (but not as extreme) depression? Harold Cole, a professor of economics at the University of Pennsylvania, and Lee Ohanian, a professor of economics and director of the Ettinger Family Program in Macroeconomic Research at UCLA, argue in new research summarized in today's WSJ […]

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