What - or who - started the great depression?
Herbert Hoover. I develop a theory of labor market failure for the Depression based on Hoover's industrial labor program that provided industry with protection from unions in return for keeping nominal wages fixed. I find that the theory accounts for much of the depth of the Depression and for the asymmetry of the depression across sectors. The theory also can reconcile why deflation/low nominal spending apparently had such large real effects during the 1930s, but not during other periods of significant deflation.
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- Jacoby, Sanford M. & Sharma, Sunil, 1992.
"Employment Duration and Industrial Labor Mobility in the United States, 1880–1980,"
The Journal of Economic History,
Cambridge University Press, vol. 52(01), pages 161-179, March.
- Sanford M. Jacoby & Sunil Sharma, 1991. "Employment Duration and Industrial Labor Mobility in the United States, 1880-1980," UCLA Economics Working Papers 618, UCLA Department of Economics.
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