Crisis Issue: The papers during this identify were written in line with the worldwide monetary and fiscal difficulty that has been ongoing considering summer time 2007.
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1), are reported. So although I really praise the authors for conducting an extensive sensitivity in estimating the multiplier during their depression, it is exactly their carefulness in the analysis that conﬁrm to the reader that the substantial uncertainty around the size of the multiplier remains a serious issue even during the Great Depression. Certainly the authors make the case that the multiplier could have been large during the great recession but they do not make the conclusive case the multiplier was not small.
2003). Panel Data Econometrics, Oxford University Press, Oxford. Amiti, M. E. Weinstein (2009). ‘Exports and ﬁnancial shocks’, mimeo. Auboin, M. (2009a). q=node/2905 —— (2009b). q=node/3635 Bairoch, P. (1982). ‘International industrialization levels from 1750 to 1980’, Journal of European Economic History, 11, 269–331. J. J. Redlick (2009). ‘Macroeconomic effects from government purchases and taxes’, NBER Working Paper No. 15369. , M. Giuliodori and F. Klaassen (2006). ‘Trade spill-overs of ﬁscal policy in the European Union: A panel analysis’, Economic Policy, 21(48), 639–87.
Department of Economic Affairs. 1948. Public debt, 1914–1946. Lake Success, and New Zealand, for which the source is Rankin (1992). Appendix 2 EXCH_CONTROL, GER GOLD, BEL GOLD, CHE GOLD, FRA GOLD_TO_EXCH, ITA GOLD_TO_OTHER, USA OTHER, ARG OTHER, BRA OTHER, ESP OTHER, JPN STERLING, AUS STERLING, CAN STERLING, GBR STERLING, NOR STERLING, PRT −20 −10 0 10 −20 −10 0 10 −20 −10 0 10 −20 −10 0 10 EXCH_CONTROL, AUT 1925 1930 1935 1940 1925 1930 1935 1940 1925 1930 1935 1940 1925 1930 1935 1940 year Graphs by exch and ccode Figure A1.
Economic Policy 62