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来源类型Working Paper
规范类型工作论文
来源IDWorking Paper17-4
Supply-Side Policies in the Depression: Evidence from France
Jérémie Cohen-Setton; Joshua K. Hausman (University of Michigan); Johannes F. Wieland (University of California; San Diego)
发表日期2017-03-07
出版年2017
语种英语
摘要

The effects of supply-side policies in depressed economies are controversial. This Working Paper sheds light on this debate using evidence from France in the 1930s. In 1936, France departed from the gold standard and implemented mandatory wage increases and hours restrictions. Deflation ended but output stagnated. The authors present time-series and cross-sectional evidence that these supply-side policies, in particular the 40-hour law, contributed to French stagflation. These results are inconsistent both with the standard one-sector new Keynesian model and with a medium-scale, multi-sector model calibrated to match the authors’ cross-sectional estimates. They conclude that the new Keynesian model is a poor guide to the effects of supply-side shocks in depressed economies.

主题France ; Inflation ; Labor
URLhttps://www.piie.com/publications/working-papers/supply-side-policies-depression-evidence-france
来源智库Peterson Institute for International Economics (United States)
资源类型智库出版物
条目标识符http://119.78.100.153/handle/2XGU8XDN/454151
推荐引用方式
GB/T 7714
Jérémie Cohen-Setton,Joshua K. Hausman ,Johannes F. Wieland (University of California,et al. Supply-Side Policies in the Depression: Evidence from France. 2017.
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