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The Nation in Depression

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  • Christina D. Romer

Abstract

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.

Suggested Citation

  • Christina D. Romer, 1993. "The Nation in Depression," Journal of Economic Perspectives, American Economic Association, vol. 7(2), pages 19-39, Spring.
  • Handle: RePEc:aea:jecper:v:7:y:1993:i:2:p:19-39
    Note: DOI: 10.1257/jep.7.2.19
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    File URL: http://www.aeaweb.org/articles.php?doi=10.1257/jep.7.2.19
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    References listed on IDEAS

    as
    1. Eichengreen, Barry & Sachs, Jeffrey, 1985. "Exchange Rates and Economic Recovery in the 1930s," The Journal of Economic History, Cambridge University Press, vol. 45(04), pages 925-946, December.
    2. Romer, Christina D., 1992. "What Ended the Great Depression?," The Journal of Economic History, Cambridge University Press, vol. 52(04), pages 757-784, December.
    3. 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.
    4. Anthony Patrick O'Brien, 1989. "A Behavioral Explanation for Nominal Wage Rigidity During the Great Depression," The Quarterly Journal of Economics, Oxford University Press, vol. 104(4), pages 719-735.
    5. De Long, James Bradford & Summers, Lawrence H, 1986. "Is Increased Price Flexibility Stabilizing?," American Economic Review, American Economic Association, vol. 76(5), pages 1031-1044, December.
    6. Christina D. Romer, 1990. "The Great Crash and the Onset of the Great Depression," The Quarterly Journal of Economics, Oxford University Press, vol. 105(3), pages 597-624.
    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. John W. Kendrick, 1961. "Productivity Trends in the United States," NBER Books, National Bureau of Economic Research, Inc, number kend61-1, April.
    9. Hamilton, James D., 1987. "Monetary factors in the great depression," Journal of Monetary Economics, Elsevier, vol. 19(2), pages 145-169, March.
    Full references (including those not matched with items on IDEAS)

    More about this item

    JEL classification:

    • N12 - Economic History - - Macroeconomics and Monetary Economics; Industrial Structure; Growth; Fluctuations - - - U.S.; Canada: 1913-
    • A13 - General Economics and Teaching - - General Economics - - - Relation of Economics to Social Values
    • E32 - Macroeconomics and Monetary Economics - - Prices, Business Fluctuations, and Cycles - - - Business Fluctuations; Cycles
    • D63 - Microeconomics - - Welfare Economics - - - Equity, Justice, Inequality, and Other Normative Criteria and Measurement

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