The recession of 1937 - a cautionary tale
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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Volume (Year): (2009)
Issue (Month): Q IV ()
Pages: 16-37
| Handle: | RePEc:fip:fedhep:y:2009:i:qiv:p:16-37:n:v.33no.4 |
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References listed on IDEAS
Please report citation or reference errors to , or , if you are the registered author of the cited work, log in to your RePEc Author Service profile, click on "citations" and make appropriate adjustments.:
- Miron, Jeffrey A. & Romer, Christina D., 1990.
"A New Monthly Index of Industrial Production, 1884–1940,"
The Journal of Economic History,
Cambridge University Press, vol. 50(02), pages 321-337, June.
- Christina Romer & Jeffrey A. Miron, 1989. "A New Monthly Index of Industrial Production, 1884-1940," NBER Working Papers 3172, National Bureau of Economic Research, Inc.