Risk and the National Industrial Recovery Act: An Empirical Evaluation
This paper examines the National Industrial Recovery Act of 1933 to see if the law helped “stabilize” the U.S. economy during the Great Depression. The test measures sample variances of the rates of return in stock price indices for six major U.S. industries as well as the overall stock market and compares those variances across five time periods. The statistics reveal that the NIRA did not reduce risks faced by these firms. Stocks for NIRA-regulated industries did not significantly decline in risk during the NIRA period, as compared with sample variance changes elsewhere during the Great Depression. The paper then interprets the results from a public choice point of view. Copyright Kluwer Academic Publishers 2000
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- Ackert, Lucy F., 1994. "Uncertainty and volatility in stock prices," Journal of Economics and Business, Elsevier, vol. 46(4), pages 239-253, October.
- Alexander, Barbara J., 1997. "Failed Cooperation in Heterogeneous Industries Under the National Recovery Administration," The Journal of Economic History, Cambridge University Press, vol. 57(02), pages 322-344, June.
- Brown, Stephen J. & Warner, Jerold B., 1980. "Measuring security price performance," Journal of Financial Economics, Elsevier, vol. 8(3), pages 205-258, September.
- Thomas W. Ross, 1983.
"Winners and Losers under the Robinson-Patman Act,"
University of Chicago - George G. Stigler Center for Study of Economy and State
30, Chicago - Center for Study of Economy and State.
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