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The Great Depression in Sweden as a wage coordination failure

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  • FREGERT, KLAS

Abstract

Recent research on the Great Depression has concluded that a worldwide decline in aggregate demand, emanating from the United States, was propagated into a fall in real activity through sticky nominal wages. The question remains: Why were nominal wages so sticky? Based on a wide range of evidence for Sweden, I argue that the 1930s depression is compatible with a coordination failure in wage setting, as first suggested by Keynes.

Suggested Citation

  • Fregert, Klas, 2000. "The Great Depression in Sweden as a wage coordination failure," European Review of Economic History, Cambridge University Press, vol. 4(3), pages 341-360, December.
    • Handle: RePEc:cup:ereveh:v:4:y:2000:i:03:p:341-360_00
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    Cited by:

    1. Bertil Holmlund, 2013. "Wage and employment determination in volatile times: Sweden 1913-1939," Cliometrica, Journal of Historical Economics and Econometric History, Association Française de Cliométrie (AFC), vol. 7(2), pages 131-159, May.
    2. Steinar Holden, 2005. "Wage Formation under Low Inflation," Springer Books, in: Hannu Piekkola & Kenneth Snellman (ed.), Collective Bargaining and Wage Formation, pages 39-57, Springer.
    3. Waldenström, Daniel, 2004. "Is Swedish Research in Economic History Internationally Integrated?," SSE/EFI Working Paper Series in Economics and Finance 566, Stockholm School of Economics, revised 12 Aug 2005.

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