| 来源类型 | Working Paper |
| 规范类型 | 报告 |
| DOI | 10.3386/w23172 |
| 来源ID | Working Paper 23172 |
| Recovery from the Great Depression: The Farm Channel in Spring 1933 | |
| Joshua K. Hausman; Paul W. Rhode; Johannes F. Wieland | |
| 发表日期 | 2017-02-20 |
| 出版年 | 2017 |
| 语种 | 英语 |
| 摘要 | From March to July 1933, industrial production rose 57 percent. We show that an important source of recovery was the effect of dollar devaluation on farm prices, incomes, and consumption. Devaluation immediately raised traded crop prices, and auto sales grew more rapidly in states and counties most exposed to these price increases. The response was amplified in counties with more severe farm debt burdens. For plausible assumptions about farmers’ relative MPC, the incidence of higher farm prices, and the aggregate multiplier, this redistribution to farmers accounted for a substantial portion of spring 1933 growth. This farm channel thus provides an example of how the distributional consequences of macroeconomic policies can have large aggregate effects. That recovery in 1933 benefited from redistribution to farmers suggests an important limitation to the use of 1933 as a guide to the effects of monetary regime changes in other circumstances. |
| 主题 | Macroeconomics ; Business Cycles ; Fiscal Policy ; History ; Macroeconomic History ; Other History |
| URL | https://www.nber.org/papers/w23172 |
| 来源智库 | National Bureau of Economic Research (United States) |
| 引用统计 | |
| 资源类型 | 智库出版物 |
| 条目标识符 | http://119.78.100.153/handle/2XGU8XDN/580845 |
| 推荐引用方式 GB/T 7714 | Joshua K. Hausman,Paul W. Rhode,Johannes F. Wieland. Recovery from the Great Depression: The Farm Channel in Spring 1933. 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 | ||
| w23172.pdf（1346KB） | 智库出版物 | 限制开放 | CC BY-NC-SA | 浏览 | ||
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