Lessons from the Great Depression for 2009: A Discussion with Christina Romer

During its first weeks in office, the Obama Administration has put forth the largest and most comprehensive economic recovery package since the New Deal. It is a multi-pronged approach that includes the recently-enacted American Recovery and Reinvestment Act, a far-reaching financial stabilization plan, and a housing plan.

The economic crisis has clearly been the focus of the new president’s attention during his first 100 days in office and the global community will be watching to see the effects of this recovery effort.

On Monday, March 9, the Brookings Institution hosted Christina Romer, Chair of the Council of Economic Advisers, for a discussion of the current economic situation and the comprehensive recovery plan. Dr. Romer shared her views on our nation’s economic future, drawing contrasts and comparisons to the nation’s recovery following the Great Depression.

Before joining the White House, Dr. Romer was a professor of economics at the University of California Berkeley. She was also the co-director of the Program in Monetary Economics at the National Bureau of Economic Research and served as Vice President of the American Economic Association. She is an economic historian and a well-known expert on the Great Depression.

Brookings Senior Fellow Martin Neil Baily provided introductory remarks. After the program, Dr. Romer took audience questions.