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Did the National Industrial Recovery Act Foster Collusion? Evidence from the Macaroni Industry

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  • Vickers, Chris
  • Ziebarth, Nicolas L.

Abstract

We use plant-level data from the Census of Manufactures to study collusion in the United States macaroni industry during the Great Depression. The National Industrial Recovery Act was passed in 1933 to promote recovery through industry coordination of economic activity. While there is no change in the price-cost margin after the law is passed, a variety of markers of anti-competitive conduct suggest that collusion indeed increased. Prices became less responsive to changes in cost, the dispersion of prices decreased, and the persistence in prices increased.

Suggested Citation

  • Vickers, Chris & Ziebarth, Nicolas L., 2014. "Did the National Industrial Recovery Act Foster Collusion? Evidence from the Macaroni Industry," The Journal of Economic History, Cambridge University Press, vol. 74(3), pages 831-862, September.
    • Handle: RePEc:cup:jechis:v:74:y:2014:i:03:p:831-862_00
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    Cited by:

    1. Price Fishback, 2017. "How Successful Was the New Deal? The Microeconomic Impact of New Deal Spending and Lending Policies in the 1930s," Journal of Economic Literature, American Economic Association, vol. 55(4), pages 1435-1485, December.
    2. Alexandre Mas, 2016. "Does Disclosure affect CEO Pay Setting? Evidence from the Passage of the 1934 Securities and Exchange Act," Working Papers 2016-5, Princeton University. Economics Department..
    3. Yue Cai, 2021. "Measuring Market Power in the IPO Underwriter," Working Papers 2108, Waseda University, Faculty of Political Science and Economics.
    4. Nicolas L. Ziebarth, 2013. "Identifying the Effects of Bank Failures from a Natural Experiment in Mississippi during the Great Depression," American Economic Journal: Macroeconomics, American Economic Association, vol. 5(1), pages 81-101, January.
    5. Nikolaus Fink & Philipp Schmidt-Dengler & Konrad Stahl & Christine Zulehner, 2017. "Registered cartels in Austria: an overview," European Journal of Law and Economics, Springer, vol. 44(3), pages 385-422, December.

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