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Fiscal Policy and Employment in Interwar Britain: Some Evidence from a New Model

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  • Dimsdale, Nicholas H
  • Horsewood, Nicholas
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    Abstract

    This paper presents a new model of the British economy in the interwar period. The model is used for counterfactual simulations which are designed to shed light on major controversies over economic policy. In this way the claim made by Henderson and Keynes that expenditure on public works could have reduced unemployment can be tested against the opposing Treasury View which emphasized the importance of crowding-out effects. The effect of a change in the replacement ratio is examined, which is relevant to the controversy on the extent to which unemployment was induced by the benefit system and also the determinants of the natural rate of unemployment in the interwar period. Copyright 1995 by Royal Economic Society.

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    Bibliographic Info

    Article provided by Oxford University Press in its journal Oxford Economic Papers.

    Volume (Year): 47 (1995)
    Issue (Month): 3 (July)
    Pages: 369-96

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    Handle: RePEc:oup:oxecpp:v:47:y:1995:i:3:p:369-96

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    Postal: Oxford University Press, Great Clarendon Street, Oxford OX2 6DP, UK
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    Cited by:
    1. Michael D. Bordo & Tamim Bayoumi, 1996. "Getting Pegged: Comparing the 1879 and 1925 Gold Resumptions," NBER Working Papers 5497, National Bureau of Economic Research, Inc.
    2. Barry Eichengreen & Olivier Jeanne, 2000. "Currency Crisis and Unemployment: Sterling in 1931," NBER Chapters, in: Currency Crises, pages 7-43 National Bureau of Economic Research, Inc.
    3. Crafts, Nicholas & Mills, Terence C, 2012. "Rearmament to the Rescue? New Estimates of the Impact of ‘Keynesian’ Policies in 1930s’ Britain," CAGE Online Working Paper Series 103, Competitive Advantage in the Global Economy (CAGE).
    4. Crafts, Nicholas; Fearon, Peter, 2010. "Lessons from the 1930s' Great Depression," CAGE Online Working Paper Series 23, Competitive Advantage in the Global Economy (CAGE).
    5. repec:cge:warwcg:103 is not listed on IDEAS
    6. repec:cge:warwcg:102 is not listed on IDEAS
    7. Tony Syme, 2000. "Public Policy and Unemployment in Interwar France: An Empirical Approach," Economics Series Working Papers 55, University of Oxford, Department of Economics.

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