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Author: Albrecht Ritschl
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The severity of the Great Depression in Germany has sometimes been blamed on reparations in simplistic fashion. Alternative interpretations relied on American capital exports, the demise of the Gold Standard, or on malfu...Read more...
Albrecht Ritschl
11 July 2012
Germany?s Great Depression of the early 1930s started in 1929 with a sudden stop in the current account. It ended after a foreign debt default that unfolded in several stages from 1931 to 1933. This chapter reviews Germa...Read more...
14 June 2012
Communal responsibility, a medieval institution studied by Greif (2006), supported the use of credit among European merchants in the absence of modern enforcement technologies. This paper shows how this mechanism helps t...Read more...
Lars Boerner and Albrecht Ritschl
December 2010
This paper examines the role of currency and banking in the German financial crisis of 1931 for both Germany and the U.S. We specify a structural dynamic factor model to identify financial and monetary factors separately...Read more...
Albrecht Ritschl and Samad Salferaz
May 2010
The prominent role of monetary policy in the U.S. interwar depression has been conventional wisdom since Friedman and Schwartz (1963). This paper presents evidence on both the surprise and the systematic components of mo...Read more...
Pooyan Amir Ahmadi and Albrecht Ritschl
January 2010
We attempt to explain the severe 1920-21 recession, the roaring 1920s boom, and the slide into the Great Depression after 1929 in a unified framework. The model combines monopolistic product market competition with searc...Read more...
Monique Ebell and Albrecht Ritschl
June 2008