A Macroeconomic History of the U.S., Japan, and Germany
UCLA - Econ 221 - Advanced Macro
François Geerolf
December 7, 2020
United States
U.S. Real GDP
Shaded areas: NBER recessions.
World War II: large government purchases, loans to Europe (external demand).
1929: The Big Crash
End October 1929: The Big Crash
Vietnam War
Vietnam War
1973 Oil Shock
Effect on Oil Exporting Countries’ CA
Petrodollar recycling (Wikipedia entry)
Petrodollar problem (IMF)
Go-go banking - Borrowers’ market (IMF)
Japan
Italy
Interesting Example: Devaluations, etc.
Germany
Austerity according to Blanchard
Germany’s view
Hoover.
If you behave then things will get better.
Sweden
1990-1991 Banking Crisis
House Prices (1980-2000)
Credit
Banking Crisis
A lot like Iceland in 2008-2009.