2020•Cambridge University Press eBooksRequires access

Recession and Depression

Andrés Solimano

Abstract

Chapter 2 provides an overview of theories and empirics of recession and depression, reviewing Austrian, Keynesian, and monetarist financial theories, and secular stagnation approaches to economic slumps. It looks at international , national, and regional recessions and the different shapes of business cycles (V, U, L and W). The chapter also discusses international dimensions of slumps and the scope and limits for undertaking countercyclical policies.

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Key concepts: Recession, Keynesian economics, Economics, Business cycle, Scope (computer science), Great Depression, Depression (economics), Monetarism