Modeling great depressions
Subtitle: the depression in finland in the 1990s
By: Juan Carlos Conesa, Timothy J. Kehoe, Kim J. Ruhl
Contributors: Kehoe, Timothy Jerome, 1953-; Ruhl, Kim J.; National Bureau of Economic Research
Series: NBER working paper series -- working paper 13591; Working paper series (National Bureau of Economic Research : Online) -- working paper no. 13591.
Publisher: National Bureau of Economic Research
Published: 2007
Place of publication: Cambridge, MA
Language: eng
Format: [electronic resource] :
Description: "This paper is a primer on the great depressions methodology developed by Cole and Ohanian (1999, 2007) and Kehoe and Prescott (2002, 2007).  We use growth accounting and simple dynamic general equilibrium models to study the depression that occurred in Finland in the early 1990s.  We find that the sharp drop in real GDP over the period 1990-93 was driven by a combination of a drop in total factor productivity (TFP) during 1990-92 and of increases in taxes on labor and consumption and increases in government consumption during 1989-94, which drove down hours worked in Finland.  We attempt to endogenize the drop in TFP in variants of the model with an investment sector and with terms-of-trade shocks but are unsuccessful"--National Bureau of Economic Research web site.
Notes: Title from PDF file as viewed on 11/30/2007.

Includes bibliographical references.

Also available in print.

System requirements: Adobe Acrobat Reader.

Mode of access: World Wide Web.