Replication data for: Was the New Deal Contractionary?
Principal Investigator(s): View help for Principal Investigator(s) Gauti B. Eggertsson
Version: View help for Version V1
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Project Citation:
Eggertsson, Gauti B. Replication data for: Was the New Deal Contractionary? Nashville, TN: American Economic Association [publisher], 2012. Ann Arbor, MI: Inter-university Consortium for Political and Social Research [distributor], 2019-10-11. https://doi.org/10.3886/E112501V1
Project Description
Summary:
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Can government policies that increase the monopoly power of firms and the militancy of unions increase output? This paper shows that the answer is yes under certain "emergency" conditions. These emergency conditions—zero interest rates and deflation—were satisfied during the Great Depression in the United States. The New Deal, which facilitated monopolies and union militancy, was therefore expansionary in
the model presented. This conclusion is contrary to a large previous literature. The main reason for this divergence is that this paper incorporates rigid prices and the zero bound on the short-term interest rate.
(JEL E23, E32, E52, E62, J51, N12, N42)
Scope of Project
JEL Classification:
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E23 Macroeconomics: Production
E32 Business Fluctuations; Cycles
E52 Monetary Policy
E62 Fiscal Policy
J51 Trade Unions: Objectives, Structure, and Effects
N12 Economic History: Macroeconomics and Monetary Economics; Industrial Structure; Growth; Fluctuations: U.S.; Canada: 1913-
N42 Economic History: Government, War, Law, International Relations, and Regulation: U.S.; Canada: 1913-
E23 Macroeconomics: Production
E32 Business Fluctuations; Cycles
E52 Monetary Policy
E62 Fiscal Policy
J51 Trade Unions: Objectives, Structure, and Effects
N12 Economic History: Macroeconomics and Monetary Economics; Industrial Structure; Growth; Fluctuations: U.S.; Canada: 1913-
N42 Economic History: Government, War, Law, International Relations, and Regulation: U.S.; Canada: 1913-
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