The Great Depression in Belgium from a neoclassic perspective

Pensieroso, Luca
(2011) Review of Economic Dynamics — Vol. 14, n° 2, p. 389-402 (2011)

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Abstract
This article casts the Belgian Great Depression of the 1930s within a dynamic stochastic general equilibrium (DSGE) framework. The results show that a DSGE model with total factor productivity and monetary shocks, coupled with sticky nominal wages a la Taylor is able to account reasonably well for most of the data on the Depression, but it overestimates real wages.
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Pensieroso, L. (2011). The Great Depression in Belgium from a neoclassic perspective. Review of Economic Dynamics, 14(2), 389-402. https://doi.org/10.1016/j.red.2010.10.004 (Original work published 2011)