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This paper compares the depth of the Recent Crisis and the Great Depression. The authors use a new data set to compare the drop in activity in the industrialized countries for seven activity indicators. This is done under the assumption that the Recent Crisis levelled off in mid 2009 for production and will do so for unemployment in 2010. Their data indicate that the Recent Crisis indeed had the potential to be another Great Depression, as shown by the speed and simultaneity of the decline in the first nine months. However, if they assume that a large second dip can be avoided, the drop in all indicators overall will have been smaller than during the Great Depression.
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