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| Author: | Bordo, M.D. Erceg, C.J. Evans, C.L. |
| Title: | Money, sticky wages, and the great depression |
| Journal: | American Economic Review
2000 : DEC, VOL. 90:5, p. 1447-1463 |
| Index terms: | ECONOMIC HISTORY ECONOMIC SHOCKS PAY USA |
| Freeterms: | DEPRESSION |
| Language: | eng |
| Abstract: | In this paper, the authors quantify the role of monetary shocks operating through a sticky wage channel during the Great Depression in the United States. The authors' model with Taylor wage contracts accounts for much of the joint decline in output, consumption, labor hours, investment, and the price level from 1929-1932. Their analysis indicates that contradictionary monetary shocks accounted for between 50 and 70 percent of the decline in real GNP at the Depression's trough in 1933:1. |
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