economy is depressed because some agents are deleveraging, fiscal policy is more powerful and the multiplier can be quite big …

In this paper we reassess the cyclical performance of the French economy in the 1920s, focusing in particular on the … exports as a share of GDP turned down as early as 1928, the economy continued to expand for several subsequent years …. Investment, not exports, emerges as the proximate source of the French economy's resistance to the Great Depression. And fiscal …

We propose an integrated treatment of the problems of optimal monetary and fiscal policy, for an economy in which …