Panics galore

Wikipedia lists quite a few panics:

• Panic of 1792           Panic of 1796
• Panic of 1819           Panic of 1825
• Panic of 1837           Panic of 1847
• Panic of 1873           Panic of 1884

• Panic of 1890           Panic of 1893
• Panic of 1896           Panic of 1901
• Panic of 1907           Panic of 1910-1911
• Plus the “mother of all panics”:
• The Great Depression

I picked a few and charted NGDP and RGDP for the periods. Some panics were founded on the bursting of a “railway bubble” (1847, 1873, 1893) while others were the result of financial crises or market corrections (1837, 1907). Some did no harm to real output. Others were “merciless”. The different outcomes of the panics rest with what happened to NGDP: If NGDP crashed output suffered commensurately. The Great Depression is on a league – or dimension – by itself.