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The Great Depression in Sweden as a wage coordination failure

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  • FREGERT, KLAS

Abstract

Recent 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 Info

Article provided by Cambridge University Press in its journal European Review of Economic History.

Volume (Year): 4 (2000)
Issue (Month): 03 (December)
Pages: 341-360

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Handle: RePEc:cup:ereveh:v:4:y:2000:i:03:p:341-360_00

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Cited by:
  1. Steinar Holden, 2004. "Wage formation under low inflation," Working Paper 2004/14, Norges Bank.
  2. Bertil Holmlund, 2012. "Wage and Employment Determination in Volatile Times: Sweden 1913-1939," CESifo Working Paper Series 3799, CESifo Group Munich.

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