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- W2891693489 abstract "Herbert Hoover. I develop a theory of labor market failure for the Depression based on Hoover's industrial labor program that provided industry with protection from unions in return for keeping nominal wages fixed. I find that the theory accounts for much of the depth of the Depression and for the asymmetry of the depression across sectors. The theory also can reconcile why deflation/low nominal spending apparently had such large real effects during the 1930s, but not during other periods of significant deflation." @default.
- W2891693489 created "2018-09-27" @default.
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- W2891693489 date "2009-08-01" @default.
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- W2891693489 title "What - or Who - Started the Great Depression?" @default.
- W2891693489 hasPublicationYear "2009" @default.
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