The Great Depression in Sweden as a wage coordination failure
AbstractRecent research on the Great Depression has concluded that a worldwide decline in aggregate demand, emanating from the United States, was propagated into a fall in real activity through sticky nominal wages. The question remains: Why were nominal wages so sticky? Based on a wide range of evidence for Sweden, I argue that the 1930s depression is compatible with a coordination failure in wage setting, as first suggested by Keynes.
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Bibliographic InfoArticle provided by Cambridge University Press in its journal European Review of Economic History.
Volume (Year): 4 (2000)
Issue (Month): 03 (December)
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- Holmlund, Bertil, 2012.
"Wage and Employment Determination in Volatile Times: Sweden 1913–1939,"
Working Paper Series, Center for Labor Studies
2012:7, Uppsala University, Department of Economics.
- Bertil Holmlund, 2013. "Wage and employment determination in volatile times: Sweden 1913-1939," Cliometrica, Journal of Historical Economics and Econometric History, Association Française de Cliométrie (AFC), vol. 7(2), pages 131-159, May.
- Holmlund, Bertil, 2012. "Wage and Employment Determination in Volatile Times: Sweden 1913-1939," IZA Discussion Papers 6509, Institute for the Study of Labor (IZA).
- Holmlund, Bertil, 2012. "Wage and Employment Determination in Volatile Times: Sweden 1913–1939," Working Paper Series 2012:9, Uppsala University, Department of Economics.
- Bertil Holmlund, 2012. "Wage and Employment Determination in Volatile Times: Sweden 1913-1939," CESifo Working Paper Series 3799, CESifo Group Munich.
- Steinar Holden, 2004.
"Wage formation under low inflation,"
2004/14, Norges Bank.
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