... Front this is No Great Depression,” The Curious Capitalist (16 March 2009), http://curiouscapitalist.blogs.time.com/2009/03/16/on-the-job-front-this-is-no -great- depression-not-even-close/. More ... Krugman, “The Great Recession versus the Great Depression,” Conscience of a Liberal (20 March 2009), http://krugman.blogs.nytimes.com/2009/03/20/the -great- recession-versus-the -great- depression/ ... contemporaneously to shocks to Y, T or R, that Y does not react to shocks to T and R, and that T does not react to shocks to R. As noted above, the assumption of G not responding contemporaneously to output...