Quantitative characteristics of epic recession -- Qualitative characteristics of epic recession -- The dynamics of epic recession -- U.S. depressions in the nineteenth century -- 'Type I' epic recession : 1907-1914 -- 'Type II' epic recession : 1929-1931 -- The epic recession of 2007-2010 -- The...

In this paper we trace the evolution of the lender of last resort doctrine - and its implementation - from the nineteenth century through the panic of 2008. We find that typically the most influential economists "fight the last war" formulating policy guidelines that would have dealt effectively...