The Great Recession versus the Great Depression: Stylized Facts on Siblings That Were Given Different Foster Parents
Karl Aiginger/May 2010/Economics-ejournal.org
The aim of this paper is to investigate whether the drop in economic activity in the recent crisis1 has been as large as in the Great Depression of the nineteen thirties…The data show that the drop in activity has definitely been smaller in the recent crisis. The crisis had however the potential to become as severe as the Great Depression…In the recent crisis economic policy reacted expeditiously, prudently, and to a surprising extent coordinated at an international level.