A depression is a deep and long-lasting recession. While no specific criteria exist to declare a depression, unique features of the last . depression, the Great Depression of the 1930s, included a GDP decline in excess of 10% and an unemployment rate that briefly touched 25%.
Eventually, the prices of these valuable assets gets low enough that people with actual money like you and me perk up and start scooping them up at a discount. A pristine apartment building here, some shares of a few thousand established, profitable companies there via an index fund. This puts a floor under the dropping prices.
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And a number of statistics fared worse during the Great Depression no matter what time frame you look at.
Christiano, L J, M Eichenbaum and S Rebelo (2011), “When is the government spending multiplier large?”, Journal of Political Economy 119(1): 78–121.
Neither you, nor the coeditors you shared it with will be able to recover it again.
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