What makes a Great Depression a Depression and not a recession?

You've heard me throw the 'D' word around on a couple of occasions - sometimes to signal policy makers are trying to avoid that outcome, but other times to signal this is looking like one. So, which is it? We don't know yet. But let me use this post to explain how I'm looking at it - and where policy choices matter as a result.

Length and severity

When we…

This post is for paying subscribers