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Essays on the Great Depression
 
 

Essays on the Great Depression (Paperback)

by Ben S. Bernanke (Author)
4.0 out of 5 stars  See all reviews (2 customer reviews)
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Product details

  • Paperback: 320 pages
  • Publisher: Princeton University Press; New edition edition (5 Jan 2004)
  • Language English
  • ISBN-10: 0691118205
  • ISBN-13: 978-0691118208
  • Product Dimensions: 22.9 x 15.2 x 2.3 cm
  • Average Customer Review: 4.0 out of 5 stars  See all reviews (2 customer reviews)
  • Amazon.co.uk Sales Rank: 102,943 in Books (See Bestsellers in Books)

    Popular in this category:

    #71 in  Books > Business, Finance & Law > Economics > Microeconomics
  • See Complete Table of Contents

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Review

[H]aving devoted much of his career to studying the causes of the Great Depression, Bernanke was the academic expert on how to prevent financial crises from spinning out of control and threatening the general economy. One line from his Essays on the Great Depression sounds especially prescient today: 'To the extent that bank panics interfere with normal flows of credit, they may affect the performance of the real economy.'
(Roger Lowenstein New York Times Magazine )

Bernanke is the master of applied microeconomics. Not only is he technically proficient but his ability to place his results in a larger macroeconomic context is unparalleled.
(Mark Toma Financial History Review )

Mr. Bernanke certainly knows the importance of well-functioning markets. In Essays on the Great Depression he wrote persuasively that runs on the banks and extensive defaults on loans reduced the efficiency of the financial sector, prevented it from doing its normal job in allocating resources, and contributed to the Depression severity. The Depression-era problems he studied are mirrored by similar issues today, and they need urgent attention.
(Robert J. Shiller New York Times )

Fortunately, before he became entangled in these restrictions [Bernanke] did edit and help write a book, Essays on the Great Depression. . . . Mr. Bernanke's motive was that understanding the depression would provide important clues to what can go wrong with capitalist market systems.
(Samuel Brittan Financial Times )

The financial crisis has made Federal Reserve Chairman Ben Bernanke's book Essays on the Great Depression a hot seller. . . . Bernanke, a former Princeton University economist, is considered the pre-eminent living scholar of the Great Depression. He is practicing today what he preached in his book: Flood the system with money to avoid a depression.
(Dennis Cauchon USA Today )

When Ben Bernanke arrived at the Federal Reserve in February 2006 as the new chairman of the central bank, he had a copy of his 2001 book, Inflation Targeting: Lessons from the International Experience, tucked under his arm. Not literally, of course. He was hoping to convince his colleagues on the Federal Open Market Committee of the value of an explicit inflation target. Little did he know that less than two years later he'd be shelving Inflation Targeting and turning to Essays on the Great Depression, another of his books, for guidance. In his book of essays, Bernanke calls the Great Depression the 'Holy Grail of macroeconomics.' He writes that 'the experience of the 1930s continues to influence macroeconomists' beliefs, policy recommendations, and research agendas.'
(Caroline Baum Bloomberg.com )

With some observers saying that the ongoing financial crisis could be the worst since the Great Depression, the greatest living expert on that period is getting the chance to apply its economic lessons. . . . In Essays on the Great Depression . . . [Bernanke] notes that understanding that period is the 'holy grail of macroeconomics.'
(Spencer Jakab Dow Jones Newswires )


Review

This influential body of work is a significant contribution to our understanding the depth and persistence of the Great Depression.... This book will become a standard reference in the field of business cycle research.
(Randall Kroszner, University of Chicago )

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2 Reviews
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Average Customer Review
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9 of 10 people found the following review helpful:
5.0 out of 5 stars What can I say?, 30 Aug 2008
By Ulrik Jungersen Walther "Ulle" (London) - See all my reviews
(REAL NAME)   
There is no way that I can criticize this book. Bernanke is the Governor of the Federal Reserve and I am not, which there are good reasons for.

However, this book is his PhD thesis on the Great Depression of 1929 - 1934. Hence it is written as such and is relatively theoretical. Personally, unless you have a university background in economics, I would skip this book.

If you are interested in economics, by all means do give it a go. The book is extremely interesting in as much as it attempts to explain the causes of the Great Depression. Most economists are taught, teach and write about equilibia. Bernanke has chosen to write about a disequilibrium, which is much more challenging and even more interesting.
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3.0 out of 5 stars Not for the layman, 21 April 2009
By D. P. Jacob "Old Jake" (Bridlington) - See all my reviews
(REAL NAME)   
I bought this book in an attempt to balance up the various conspiracy theories currently surrounding the Federal Reserve. The reviewer above is quite right and although I'm fairly well read I found this to be extremely hard work. Unless you understand banker jargon you have to spend ages decoding each paragraph, sometimes each sentence, and in the end you aren't much wiser.
It's very hard for me to rate this book but I have only given it three stars because of sentences like the following one. 'Absent implausibly large differences in marginal spending propensities among the groups, it was suggested, pure redistributions should have no significant macro-economic effects.'
It took me about an hour to get that and I still don't think it is a correct sentence. There is no virtue in obscurity, unless of course you are a banker, as we now all realise.
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