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What - or who - started the great depression?

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  • Ohanian, Lee E.

Abstract

Herbert 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.

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File URL: http://www.sciencedirect.com/science/article/B6WJ3-4XFGJK2-3/2/f37815ff107daa534b0cbb7c08e5b15b
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Bibliographic Info

Article provided by Elsevier in its journal Journal of Economic Theory.

Volume (Year): 144 (2009)
Issue (Month): 6 (November)
Pages: 2310-2335

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Handle: RePEc:eee:jetheo:v:144:y:2009:i:6:p:2310-2335

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Web page: http://www.elsevier.com/locate/inca/622869

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Keywords: Great Depression Herbert Hoover Unionization Deflation;

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  1. 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.
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Citations

Blog mentions

As found by EconAcademics.org, the blog aggregator for Economics research:
  1. 笨蛋,問題在政治
    by Jia-Yuh in 普通人的自由主義 on 2011-05-26 15:53:00
  2. Did Keynes get it wrong?
    by paragwaknis in Musings of the Sorts on 2010-04-01 20:47:28
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Cited by:
  1. Hatton, Timothy J. & Thomas, Mark, 2010. "Labour Markets in the Interwar Period and Economic Recovery in the UK and the USA," CEPR Discussion Papers 7983, C.E.P.R. Discussion Papers.
  2. 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.
  3. 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.
  4. Arpaia, Alfonso & Curci, Nicola, 2010. "EU labour market behaviour during the Great Recession," MPRA Paper 22393, University Library of Munich, Germany.
  5. 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.
  6. Crafts, Nicholas & Fearon, Peter, 2010. "Lessons from the 1930s' Great Depression," CEPR Discussion Papers 8057, C.E.P.R. Discussion Papers.
  7. 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.
  8. Chicu, Mark & Vickers, Chris & Ziebarth, Nicolas L., 2013. "Cementing the case for collusion under the National Recovery Administration," Explorations in Economic History, Elsevier, vol. 50(4), pages 487-507.
  9. 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).
  10. Guillermo A. Calvo & Fabrizio Coricelli & Pablo Ottonello, 2012. "Labor Market, Financial Crises and Inflation: Jobless and Wageless Recoveries," NBER Working Papers 18480, National Bureau of Economic Research, Inc.
  11. repec:cge:warwcg:146 is not listed on IDEAS
  12. Alex Klein & Keisuke Otsu, 2013. "Efficiency, Distortions and Factor Utilization during the Interwar Period," Studies in Economics 1317, Department of Economics, University of Kent.

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