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Weather forecast or rain-dance? On inter-war business barometers

Author

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  • Giovanni Favero

    () (Department of Economics, University Of Venice C� Foscari)

Abstract

In this paper, I use the materials of the debate on the reliability and the utility of �business barometers� of the Twenties in order to show that the theoretical reflexions of the time could be used by economic historians as a working hypothesis to analyze the influence exerted by circulating statistical data on the decisions of economic operators and institutions. I offer a short illustration of the origins and circulation of economic trends forecasting in the first decades of 20th century, paying particular attention to the critical attitude shown by Corrado Gini and Oskar Morgenstern and to the debate arisen inside the Harvard Committee for Economic Research on the inefficiency of its �index of economic conditions� during the 1929 crisis. I finally suggest that thorough research on the circulation and the influence exerted by the Harvard index on the business world, still after the slump in prices of New York Stock Exchange, could contribute to explain the behaviour of American businessmen and investors during the first Thirties, and the deepening of the crisis.

Suggested Citation

  • Giovanni Favero, 2007. "Weather forecast or rain-dance? On inter-war business barometers," Working Papers 2007_14, Department of Economics, University of Venice "Ca' Foscari".
  • Handle: RePEc:ven:wpaper:2007_14
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    References listed on IDEAS

    as
    1. Milton Friedman & Anna J. Schwartz, 1963. "A Monetary History of the United States, 1867–1960," NBER Books, National Bureau of Economic Research, Inc, number frie63-1, January.
    2. Dominguez, Kathryn M & Fair, Ray C & Shapiro, Matthew D, 1988. "Forecasting the Depression: Harvard versus Yale," American Economic Review, American Economic Association, vol. 78(4), pages 595-612, September.
    3. Eichengreen, Barry, 1996. "Golden Fetters: The Gold Standard and the Great Depression, 1919-1939," OUP Catalogue, Oxford University Press, number 9780195101133.
    Full references (including those not matched with items on IDEAS)

    More about this item

    Keywords

    Economic forecasts; 1930s crisis; US;

    JEL classification:

    • N22 - Economic History - - Financial Markets and Institutions - - - U.S.; Canada: 1913-
    • N42 - Economic History - - Government, War, Law, International Relations, and Regulation - - - U.S.; Canada: 1913-
    • N82 - Economic History - - Micro-Business History - - - U.S.; Canada: 1913-
    • B23 - Schools of Economic Thought and Methodology - - History of Economic Thought since 1925 - - - Econometrics; Quantitative and Mathematical Studies

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