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The recession of 1937 - a cautionary tale

  • François R. Velde

This article reviews the competing explanations offered for the recession of 1937, which interrupted the recovery from the Great Depression. One explanation, increases in labor costs due to the New Deal's industrial policies, fails to account for the full extent of the downturn and for the ensuing recovery. In contrast, monetary policy and fiscal policy seem to capture the downturn—although not its precise timing—and the recovery.

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Article provided by Federal Reserve Bank of Chicago in its journal Economic Perspectives.

Volume (Year): (2009)
Issue (Month): Q IV ()
Pages: 16-37

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Handle: RePEc:fip:fedhep:y:2009:i:qiv:p:16-37:n:v.33no.4
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