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Price and wage stickiness during the Great Depression

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  • MADSEN, JAKOB B.

Abstract

This article examines the relative importance of sticky wages and sticky prices in explaining the length and the depth of the Great Depression. Econometric evidence shows that the supply failure was an outcome of widespread price stickiness and that wage stickiness only played a minor role as a propagating factor during the first years of the Depression. Microeconomic evidence suggests that there was widespread and increasing industrial concentration during the interwar period.

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Bibliographic Info

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

Volume (Year): 8 (2004)
Issue (Month): 03 (December)
Pages: 263-295

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Handle: RePEc:cup:ereveh:v:8:y:2004:i:03:p:263-295_00

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Cited by:
  1. Alex Klein & Keisuke Otsu, 2013. "Efficiency, Distortions and Factor Utilization during the Interwar Period," Studies in Economics 1317, Department of Economics, University of Kent.
  2. Klein, Alexander & Otsuy, Keisuke, 2013. "Efficiency, Distortions and Factor Utilization during the Interwar Period," CAGE Online Working Paper Series 147, Competitive Advantage in the Global Economy (CAGE).
  3. Jakob B. Madsen, 2009. "Growth And Capital Deepening Since 1870: Is It All Technological Progress?," Development Research Unit Working Paper Series 10-09, Monash University, Department of Economics.
  4. repec:cge:warwcg:146 is not listed on IDEAS

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