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Erscheinungsjahr: 
2002
Schriftenreihe/Nr.: 
SFB 373 Discussion Paper No. 2002,35
Verlag: 
Humboldt University of Berlin, Interdisciplinary Research Project 373: Quantification and Simulation of Economic Processes, Berlin
Zusammenfassung: 
We apply a dynamic general equilibrium model to the period of the Great Depression. In particular, we examine a modification of the real business cycle model in which the possibility of indeterminacy of equilibria arises. In other words, agents' self-fulfilling expectations can serve as a primary impulse behind fluctuations. We find that the model, driven only by these measured sunspot shocks, can explain well the entire Depression era. That is, the decline from 1929-1932, the subsequent slow recovery, and the recession that occurred in 1937-1938.
Schlagwörter: 
Great Depression
Sunspots
Dynamic General Equilibrium
JEL: 
E32
N12
Persistent Identifier der Erstveröffentlichung: 
Dokumentart: 
Working Paper

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