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Keynesian Models of Recession and Depression
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This article is published in The American Economic Review.The article was published on 1975-01-01 and is currently open access. It has received 364 citations till now. The article focuses on the topics: Depression (economics) & Recession.read more
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Debt, Deleveraging, and the Liquidity Trap: A Fisher-Minsky-Koo Approach*
Gauti B. Eggertsson,Paul Krugman +1 more
TL;DR: In this article, a simple New Keynesian-style model of debt-driven slumps is presented, situations in which an overhang of debt on the part of some agents, who are forced into rapid deleveraging, is depressing aggregate demand.
ReportDOI
Financial Structure and Aggregate Economic Activity: An Overview
TL;DR: A survey of the literature that explores the possible links between the financial system and aggregate economic behavior can be found in this article, where a survey is presented in two parts: the first reviews the traditional work and the second discusses new research.
Journal ArticleDOI
Fiscal Policy in a Depressed Economy
TL;DR: In a depressed economy, with short-term nominal interest rates at their zero lower bound, ample cyclical unemployment, and excess capacity, increased government purchases would be neither offset by the monetary authority raising interest rates nor neutralized by supply-side bottlenecks.
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Why not cut pay
TL;DR: In this paper, the authors interviewed over 300 business people, labor leaders, business consultants, and counselors of unemployed people, all in the Northeast of the United States, during the recession of the early 1990's in order to learn why wages and salaries declined in only a few firms.
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Financial Factors in Business Fluctuations
TL;DR: In this paper, the authors present a theoretical model that explicitly motivates how financial factors may affect investment and show that the effects of capital market frictions on investment should be asymmetric, having more impact in recessions than booms.