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Working Paper
Working Paper
Towards a General Theory of Deep Downturns

By Joe Stiglitz

Aug 2015

This paper, an extension of the Presidential Address to the International Economic Association, evaluates alternative strands of macro-economics in terms of the three basic questions posed by deep downturns: What is the source of large perturbations? How can we explain the magnitude of volatility? How do we explain persistence?
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Heske van Doornen

Director of Operations (People & Platform)
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Jay Pelosky

Founder & Principal, Pelosky Global Strategies Steering Committee, World Economic Roundtable Jay Pelosky is Founder & Principal of Pelosky Global Strategies (formerly J2Z Advisory, LLC), a global investment advisory boutique based in New York City.
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John Bogle

Founder, The Vanguard Group, Inc.
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James Balsillie

Co-Founder Founder, Centre for International Governance Innovation (CIGI)
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James Boughton
JB

Senior Fellow , Centre for International Governance Innovation
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Juliane Begenau

Assistant Professor of Finance, Stanford Graduate School of Business
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Jan Behringer

Head of Unit (Macroeconomics of Income Distribution), Macroeconomic Policy Institute (IMK)
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Jared Bernstein
JB
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Jennifer Eberhardt

Associate Professor, Psychology, Stanford University
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Jennifer Pahlka

Founder, Code for America
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John Eric Humphries

Ph.D. Student, The University of Chicago
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Jed Kolko

Chief Economist, Indeed
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Jean Lacroix

Assistant Professor, Université Paris-Saclay Member, INET Young Scholars Initiative
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Jens Lerche

Professor, Department of Development Studies, SOAS, University of London