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New Estimates of Prewar Gross National Product and Unemployment

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  • Romer, Christina

Abstract

The paper examines in detail revised estimates of unemployment and gross national product for the United States before 1929. It first discusses the nature of the revisions to each series and contrasts the assumptions underlying the new data with those underlying the Kuznets GNP series and the Lebergott unemployment rate series. It then examines the business cycle properties of the new prewar estimates. In analyzes the volatility and serial correlation properities of the new macroeconomic series and investigates the Okun's Law relationship between unemployment and GNP, concluding with an evaluation of the assumptions underlying the old and new data.

Suggested Citation

  • Romer, Christina, 1986. "New Estimates of Prewar Gross National Product and Unemployment," The Journal of Economic History, Cambridge University Press, vol. 46(2), pages 341-352, June.
  • Handle: RePEc:cup:jechis:v:46:y:1986:i:02:p:341-352_04
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    Cited by:

    1. Claudia Goldin, 1994. "Labor Markets in the Twentieth Century," NBER Historical Working Papers 0058, National Bureau of Economic Research, Inc.
    2. Casey B. Mulligan, 2002. "A Century of Labor-Leisure Distortions," NBER Working Papers 8774, National Bureau of Economic Research, Inc.
    3. Barry Eichengreen, 1987. "Trade deficits in the long run," Proceedings, Federal Reserve Bank of St. Louis, pages 239-285.
    4. Malpezzi, Stephen & Maclennan, Duncan, 2001. "The Long-Run Price Elasticity of Supply of New Residential Construction in the United States and the United Kingdom," Journal of Housing Economics, Elsevier, vol. 10(3), pages 278-306, September.
    5. Pooyan Amir‐Ahmadi & Christian Matthes & Mu‐Chun Wang, 2016. "Drifts and volatilities under measurement error: Assessing monetary policy shocks over the last century," Quantitative Economics, Econometric Society, vol. 7(2), pages 591-611, July.
    6. Matthias Morys & Martin Ivanov, 2013. "The emergence of a European region: Business cycles in South-East Europe from political independence to World War II," Centre for Historical Economics and Related Research at York (CHERRY) Discussion Papers 13/01, CHERRY, c/o Department of Economics, University of York.
    7. Gern, Klaus-Jürgen & Gottschalk, Jan & Kamps, Christophe & Sander, Birgit & Scheide, Joachim & Strauß, Hubert, 2001. "Deutliche Abkühlung der Weltkonjunktur," Open Access Publications from Kiel Institute for the World Economy 2572, Kiel Institute for the World Economy (IfW).
    8. William Martin & Robert Rowthorn, 2004. "Will Stability Last?," CESifo Working Paper Series 1324, CESifo.
    9. P.J.R. Delargy, 1999. "Financial Crises: Plus ça change, plus cest la même chose," FMG Special Papers sp108, Financial Markets Group.

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