In contrast to the Great Depression, however, the policy response and its impact so far allows for some cautious optimism. Experience with crises since the Great Depression suggests that this crisis, and its subsequent resolution, require measures taken both at the national and international levels.
Those measures include a prudent monetary policy and diverse economic policies that target a range of issues, from trend growth to the labour market. This time, interest rates have been cut more rapidly and to a lower level than during the Great Depression.