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Political Shocks and Investment: Some Evidence from the 1930s

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  • Mayer, Thomas
  • Chatterji, Monojit

Abstract

There has been some dispute about the impact of New Deal policies on the business climate. Some historians have argued that the New Deal frightened business, and others that it encouraged business. This paper analyzes the impact of the New Deal on business investment by looking at the response of investment to the outcome of the 1934, 1936, and 1938 elections, as well as the passage of certain New Deal legislation. The data reject the hypothesis that the New Deal frightened off business investment.

Suggested Citation

  • Mayer, Thomas & Chatterji, Monojit, 1985. "Political Shocks and Investment: Some Evidence from the 1930s," The Journal of Economic History, Cambridge University Press, vol. 45(4), pages 913-924, December.
    • Handle: RePEc:cup:jechis:v:45:y:1985:i:04:p:913-924_03
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    Cited by:

    1. Barry Eichengreen, 2011. "Crisis and Growth in the Advanced Economies: What We Know, What We Do not, and What We Can Learn from the 1930s," Comparative Economic Studies, Palgrave Macmillan;Association for Comparative Economic Studies, vol. 53(3), pages 383-406, September.
    2. Eichengreen, Barry, 2013. "Currency war or international policy coordination?," Journal of Policy Modeling, Elsevier, vol. 35(3), pages 425-433.

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