Here’s my latest. [Update: The first line of paragraph 3 should read “A more sophisticated argument for fiscal stimulus . . .”
PS. Jim Glass, (who sent me the household depression data) has his own blog. This post has much more data, graphs, and is far superior to mine.
PPS. When you wish Mankiw had a comment section. (Read the final two paragraphs of the attached paper, the definitive refutation of the hypothesis that a large private sector promotes economic development.)