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The Nation in Depression

  • Christina D. Romer

This paper examines the American Great Depression and the ways in which the U.S. experience during the 1930s resembled that of other countries in some regards and fundamentally differed in other aspects. I also evaluate the evidence on the causes of the Great Depression in the United States and the sources of the eventual recovery. The picture painted of the American Great Depression is one that stresses the importance of national, rather than international, aggregate demand shocks. The experience of the United States during the 1930s differed in important ways from that of other countries because the American experience had many uniquely American roots.

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File URL: http://www.aeaweb.org/articles.php?doi=10.1257/jep.7.2.19
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Article provided by American Economic Association in its journal Journal of Economic Perspectives.

Volume (Year): 7 (1993)
Issue (Month): 2 (Spring)
Pages: 19-39

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Handle: RePEc:aea:jecper:v:7:y:1993:i:2:p:19-39
Note: DOI: 10.1257/jep.7.2.19
Contact details of provider: Web page: https://www.aeaweb.org/jep/
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  1. De Long, James Bradford & Summers, Lawrence H, 1986. "Is Increased Price Flexibility Stabilizing?," American Economic Review, American Economic Association, vol. 76(5), pages 1031-44, December.
  2. Barry J. Eichengreen & Jeffrey Sachs, 1984. "Exchange Rates and Economic Recovery in the 1930s," NBER Working Papers 1498, National Bureau of Economic Research, Inc.
  3. Romer, Christina D, 1990. "The Great Crash and the Onset of the Great Depression," The Quarterly Journal of Economics, MIT Press, vol. 105(3), pages 597-624, August.
  4. John W. Kendrick, 1961. "Productivity Trends in the United States," NBER Books, National Bureau of Economic Research, Inc, number kend61-1, 07.
  5. Christina D. Romer, 1991. "What Ended the Great Depression?," NBER Working Papers 3829, National Bureau of Economic Research, Inc.
  6. White, Eugene N, 1990. "The Stock Market Boom and Crash of 1929 Revisited," Journal of Economic Perspectives, American Economic Association, vol. 4(2), pages 67-83, Spring.
  7. Mishkin, Frederic S., 1978. "The Household Balance Sheet and the Great Depression," The Journal of Economic History, Cambridge University Press, vol. 38(04), pages 918-937, December.
  8. Hamilton, James D., 1987. "Monetary factors in the great depression," Journal of Monetary Economics, Elsevier, vol. 19(2), pages 145-169, March.
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