Publication
21 Jan 2010
The Great Depression taught us a number of lessons. The first is that central banks must be ready to provide ample liquidity to save the banking system. The second lesson is that governments should not try to balance the budget when economic activity collapses.
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English (PDF, 2 pages, 153 KB) |
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Author | Paul De Grauwe |
Series | CEPS Commentaries |
Publisher | Centre for European Policy Studies (CEPS) |
Copyright | © 2010 Centre for European Policy Studies (CEPS) |