To the extent that policymakers have learned anything at all from the Great Depression and the policy responses of the 1930s, the lessons appear to have been the wrong ones. In this public policy brief, Director of Research Jan Kregel explains why there is still a great deal we have to learn...

Traditionally, economic growth and business cycles have been treated independently. However, the dependence of GDP levels on its history of shocks, what economists refer to as 'hysteresis,' argues for unifying the analysis of growth and cycles. In this paper, we review the recent empirical and...

The Long Depression -- Introduction: Getting Depressed -- Chapter 1: The Cause of Depressions -- Chapter 2: The Long Depression of the Late Nineteenth Century -- Chapter 3: The Great Depression of the Mid-Twentieth Century -- Chapter 4: The Profitability Crisis and the Neoliberal Response --...