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What - or Who - Started the Great Depression?

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Author Info
Lee E. Ohanian

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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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Paper provided by National Bureau of Economic Research, Inc in its series NBER Working Papers with number 15258.

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Date of creation: Aug 2009
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Handle: RePEc:nbr:nberwo:15258

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Find related papers by JEL classification:
E3 - Macroeconomics and Monetary Economics - - Prices, Business Fluctuations, and Cycles
N1 - Economic History - - Macroeconomics and Monetary Economics; Growth and Fluctuations

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This page was last updated on 2009-12-3.

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