What - or who - started the great depression?
AbstractHerbert Hoover. I develop a theory of labor market failure for the Depression based on Hoover's industrial labor program that provided industry with protection from unions in return for keeping nominal wages fixed. I find that the theory accounts for much of the depth of the Depression and for the asymmetry of the depression across sectors. The theory also can reconcile why deflation/low nominal spending apparently had such large real effects during the 1930s, but not during other periods of significant deflation.
Download InfoIf you experience problems downloading a file, check if you have the proper application to view it first. In case of further problems read the IDEAS help page. Note that these files are not on the IDEAS site. Please be patient as the files may be large.
As the access to this document is restricted, you may want to look for a different version under "Related research" (further below) or search for a different version of it.
Bibliographic InfoArticle provided by Elsevier in its journal Journal of Economic Theory.
Volume (Year): 144 (2009)
Issue (Month): 6 (November)
Contact details of provider:
Web page: http://www.elsevier.com/locate/inca/622869
Great Depression Herbert Hoover Unionization Deflation;
Other versions of this item:
- E3 - Macroeconomics and Monetary Economics - - Prices, Business Fluctuations, and Cycles
- N1 - Economic History - - Macroeconomics and Monetary Economics; Industrial Structure; Growth; Fluctuations
Please report citation or reference errors to , or , if you are the registered author of the cited work, log in to your RePEc Author Service profile, click on "citations" and make appropriate adjustments.:
- Jacoby, Sanford M. & Sharma, Sunil, 1992.
"Employment Duration and Industrial Labor Mobility in the United States, 1880–1980,"
The Journal of Economic History,
Cambridge University Press, vol. 52(01), pages 161-179, March.
- Sanford M. Jacoby & Sunil Sharma, 1991. "Employment Duration and Industrial Labor Mobility in the United States, 1880-1980," UCLA Economics Working Papers 618, UCLA Department of Economics.
Blog mentionsAs found by EconAcademics.org, the blog aggregator for Economics research:
by Jia-Yuh in 普通人的自由主義 on 2011-05-26 15:53:00
- Did Keynes get it wrong?
by paragwaknis in Musings of the Sorts on 2010-04-01 20:47:28
- Klein, Alexander & Otsuy, Keisuke, 2013. "Efficiency, Distortions and Factor Utilization during the Interwar Period," CAGE Online Working Paper Series 146, Competitive Advantage in the Global Economy (CAGE).
- Alfonso Arpaia & Nicola Curci, 2010.
"EU labour market behaviour during the Great Recession,"
European Economy - Economic Papers
405, Directorate General Economic and Monetary Affairs (DG ECFIN), European Commission.
- Arpaia, Alfonso & Curci, Nicola, 2010. "EU labour market behaviour during the Great Recession," MPRA Paper 22393, University Library of Munich, Germany.
- Alfonso ARPAIA & Nicola CURCI, . "EU labour market behaviour during the Great Recession," Working Papers wp2010-6, Department of the Treasury, Ministry of the Economy and of Finance.
- Emin Dinlersoz & Jeremy Greenwood, 2012.
"The Rise And Fall Of Unions In The U.S,"
12-12r, Center for Economic Studies, U.S. Census Bureau, revised Jun 2013.
- Emin Dinlersoz & Jeremy Greenwood, 2012. "The Rise and Fall of Unions in the U.S," Economie d'Avant Garde Research Reports 19, Economie d'Avant Garde.
- Emin M. Dinlersoz & Jeremy Greenwood, 2012. "The Rise and Fall of Unions in the U.S," NBER Working Papers 18079, National Bureau of Economic Research, Inc.
- Lee E. Ohanian, 2010. "The Economic Crisis from a Neoclassical Perspective," Journal of Economic Perspectives, American Economic Association, vol. 24(4), pages 45-66, Fall.
- Crafts, Nicholas & Fearon, Peter, 2010.
"Lessons from the 1930s' Great Depression,"
CEPR Discussion Papers
8057, C.E.P.R. Discussion Papers.
- Guillermo A. Calvo & Fabrizio Coricelli & Pablo Ottonello, 2012.
"The Labor Market Consequences of Financial Crises With or Without Inflation: Jobless and Wageless Recoveries,"
NBER Working Papers
18480, National Bureau of Economic Research, Inc.
- Calvo, Guillermo & Coricelli, Fabrizio & Ottonello, Pablo, 2012. "The Labor Market Consequences of Financial Crises With or Without Inflation: Jobless and Wageless Recoveries," CEPR Discussion Papers 9218, C.E.P.R. Discussion Papers.
- Jon D. Wisman, 2013. "Labor Busted, Rising Inequality and the Financial Crisis of 1929: An Unlearned Lesson," Working Papers 2013-07, American University, Department of Economics.
- Alex Klein & Keisuke Otsu, 2013. "Efficiency, Distortions and Factor Utilization during the Interwar Period," Studies in Economics 1317, Department of Economics, University of Kent.
For technical questions regarding this item, or to correct its authors, title, abstract, bibliographic or download information, contact: (Wendy Shamier).
If you have authored this item and are not yet registered with RePEc, we encourage you to do it here. This allows to link your profile to this item. It also allows you to accept potential citations to this item that we are uncertain about.
If references are entirely missing, you can add them using this form.
If the full references list an item that is present in RePEc, but the system did not link to it, you can help with this form.
If you know of missing items citing this one, you can help us creating those links by adding the relevant references in the same way as above, for each refering item. If you are a registered author of this item, you may also want to check the "citations" tab in your profile, as there may be some citations waiting for confirmation.
Please note that corrections may take a couple of weeks to filter through the various RePEc services.