Accounting for the French Great Depression
AbstractTo understand the driving forces of the French Great Depression, we use the business cycle accounting methodology (Chari et al. (2006)) which decomposes macroeconomic fluctuations into several wedges linked to specific markets and economic behaviors. The wedges associated with the efficiency in the final good production and the investment behavior are the major contributors to the downturn, but with opposite effects. The strongly depressive efficiency wedge would have lead to a deeper depression without the expansive investment wedge. This conclusion contrasts with previous analyses focusing on labor market changes to explain great depressions in France and the United States.
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Bibliographic InfoPaper provided by Society for Economic Dynamics in its series 2007 Meeting Papers with number 461.
Date of creation: 2007
Date of revision:
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Postal: Society for Economic Dynamics Christian Zimmermann Economic Research Federal Reserve Bank of St. Louis PO Box 442 St. Louis MO 63166-0442 USA
Web page: http://www.EconomicDynamics.org/society.htm
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