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Accounting for the French Great Depression

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  • Slim BRIDJI

    (University of Paris X and EconomiX)

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    Abstract

    To 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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    File URL: http://www.economicdynamics.org/meetpapers/2007/paper_461.pdf
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    Bibliographic Info

    Paper provided by Society for Economic Dynamics in its series 2007 Meeting Papers with number 461.

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    Date of creation: 2007
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    Handle: RePEc:red:sed007:461

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    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.:
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    1. V. V. Chari & Patrick J. Kehoe & Ellen R. McGrattan, 2003. "Accounting for the Great Depression," Quarterly Review, Federal Reserve Bank of Minneapolis, issue Spr, pages 2-8.
    2. Harold L. Cole & Lee E. Ohanian, 2004. "New Deal Policies and the Persistence of the Great Depression: A General Equilibrium Analysis," Journal of Political Economy, University of Chicago Press, vol. 112(4), pages 779-816, August.
    3. Lawrence J. Christiano & Roberto Motto & Massimo Rostagno, 2004. "The Great Depression and the Friedman-Schwartz hypothesis," Working Paper 0318, Federal Reserve Bank of Cleveland.
    4. Lawrence J. Christiano & Joshua M. Davis, 2006. "Two Flaws In Business Cycle Accounting," NBER Working Papers 12647, National Bureau of Economic Research, Inc.
    5. Ben S. Bernanke, 1994. "The Macroeconomics of the Great Depression: A Comparative Approach," NBER Working Papers 4814, National Bureau of Economic Research, Inc.
    6. V. V. Chari & Patrick J. Kehoe & Ellen R. McGrattan, 2002. "Accounting for the Great Depression (technical appendix)," Working Papers 619, Federal Reserve Bank of Minneapolis.
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