文章基本信息

标题：Modeling Great Depressions: The Depression in Finland in the 1990s
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作者：Juan Carlos Conesa ; Timothy J. Kehoe ; Kim J. Ruhl 等
期刊名称：Quarterly Review: Federal Reserve Bank of Minneapolis
印刷版ISSN：0271-5287
电子版ISSN：2163-4378
出版年度：2007
卷号：31
页码：16-44
出版社：Federal Reserve Bank of Minneapolis
摘要：This article is a primer on the great depressions methodology developed by Cole and Ohanian (1999, 2007) and Kehoe and Prescott (2002, 2007). We use growth accounting and simple dynamic general equilibrium models to study the depression that occurred in Finland in the early 1990s. We fi nd that the sharp drop in real GDP over the period 1990–93 was driven by a combination of a drop in total factor productivity (TFP) during 1990–92 and of increases in taxes on labor and consumption and increases in government consumption during 1989–94, which drove down hours worked in Finland. We attempt to endogenize the drop in TFP in variants of the model with an investment sector and with terms-of-trade shocks but are unsuccessful.
关键词：The views expressed herein are those of the authors and not necessarily those of the Federal