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Fiscal Policy and Employment in Interwar Britain: Some Evidence from a New Model

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  • Dimsdale, Nicholas H
  • Horsewood, Nicholas

Abstract

This paper presents a new model of the British economy in the interwar period. The model is used for counterfactual simulations which are designed to shed light on major controversies over economic policy. In this way the claim made by Henderson and Keynes that expenditure on public works could have reduced unemployment can be tested against the opposing Treasury View which emphasized the importance of crowding-out effects. The effect of a change in the replacement ratio is examined, which is relevant to the controversy on the extent to which unemployment was induced by the benefit system and also the determinants of the natural rate of unemployment in the interwar period. Copyright 1995 by Royal Economic Society.

Suggested Citation

  • Dimsdale, Nicholas H & Horsewood, Nicholas, 1995. "Fiscal Policy and Employment in Interwar Britain: Some Evidence from a New Model," Oxford Economic Papers, Oxford University Press, vol. 47(3), pages 369-396, July.
  • Handle: RePEc:oup:oxecpp:v:47:y:1995:i:3:p:369-96
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    Cited by:

    1. Bayoumi, Tamim & Bordo, Michael D, 1998. "Getting Pegged: Comparing the 1879 and 1925 Gold Resumptions," Oxford Economic Papers, Oxford University Press, vol. 50(1), pages 122-149, January.
    2. Crafts, Nicholas & Mills, Terence C., 2013. "Rearmament to the Rescue? New Estimates of the Impact of “Keynesian” Policies in 1930s' Britain," The Journal of Economic History, Cambridge University Press, vol. 73(04), pages 1077-1104, December.
    3. Barry Eichengreen & Olivier Jeanne, 2000. "Currency Crisis and Unemployment: Sterling in 1931," NBER Chapters,in: Currency Crises, pages 7-43 National Bureau of Economic Research, Inc.
    4. Crafts, Nicholas & Mills, Terence C, 2012. "Fiscal Policy in a Depressed Economy: Was There a ‘Free Lunch’ in 1930s’ Britain?," CAGE Online Working Paper Series 106, Competitive Advantage in the Global Economy (CAGE).
    5. Tony Syme, 2000. "Public Policy and Unemployment in Interwar France: An Empirical Approach," Economics Series Working Papers 55, University of Oxford, Department of Economics.
    6. Nicholas Crafts & Peter Fearon, 2010. "Lessons from the 1930s Great Depression," Oxford Review of Economic Policy, Oxford University Press, vol. 26(3), pages 285-317, Autumn.
    7. Barry Eichengreen, 2016. "The Great Depression in a Modern Mirror," De Economist, Springer, vol. 164(1), pages 1-17, March.
    8. Kent Matthews, 2013. "No Plan B: But is There a ‘Third Way'?," Economic Affairs, Wiley Blackwell, vol. 33(2), pages 220-231, June.

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