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来源类型 | Working Paper |
规范类型 | 工作论文 |
来源ID | Working 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 |
URL | https://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. |
条目包含的文件 | ||||||
文件名称/大小 | 资源类型 | 版本类型 | 开放类型 | 使用许可 | ||
wp17-4.pdf(1760KB) | 智库出版物 | 限制开放 | CC BY-NC-SA | 浏览 |
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