November 8, 2018


More than 10 years after the fall, we remain perplexed by the failure to answer basic questions such as “why was the crash so deep” and “why we are still haunted by it”. Recently, Bernanke has tried to answer the first question, while Jason Furman/Martin Sandbu take a stab at the second. Now, Brad DeLong “goes for broke”, asking, “Was the Great Recession more Damaging than the Great Depression?” Your parents’ — more likely your grandparents’ — Great Depression opened with the then-biggest-ever stock market crash, continued with the largest-ever sustained decline in GDP, and ended with a near-decade of… Read More