Replication data for: Great Expectations and the End of the Depression

Name	File Type	Size	Last Modified
CoefficientsY.mat	application/octet-stream	279 bytes	10/12/2019 04:27:AM
Coefficientsmod.mat	application/octet-stream	278 bytes	10/12/2019 04:27:AM
Documentation.doc	application/msword	24 KB	10/12/2019 04:27:AM
EquationFunctionNewY.m	text/plain	2.6 KB	10/12/2019 04:27:AM
EquationFunctionmod.m	text/plain	2.2 KB	10/12/2019 04:27:AM
FDRRegimerevised.m	text/plain	2.2 KB	10/12/2019 04:27:AM
FDRdataaer.xls	application/vnd.ms-excel	1.2 MB	10/12/2019 04:27:AM
Figure1.m	text/plain	5.8 KB	10/12/2019 04:27:AM
Figure2.m	text/plain	2.9 KB	10/12/2019 04:28:AM
Figure3_datavsmodel.asv	text/plain	4.5 KB	10/12/2019 04:27:AM

Project Citation:

Eggertsson, Gauti B. Replication data for: Great Expectations and the End of the Depression. Nashville, TN: American Economic Association [publisher], 2008. Ann Arbor, MI: Inter-university Consortium for Political and Social Research [distributor], 2019-10-12. https://doi.org/10.3886/E113257V1

Project Description

Summary: This paper suggests that the US recovery from the Great Depression was driven by a shift in expectations. This shift was caused by President Franklin Delano Roosevelt's policy actions. On the monetary policy side, Roosevelt abolished the gold standard and -- even more importantly -- announced the explicit objective of inflating the price level to pre-Depression levels. On the fiscal policy side, Roosevelt expanded real and deficit spending, which made his policy objective credible. These actions violated prevailing policy dogmas and initiated a policy regime change as in Sargent (1983) and Temin and Wigmore (1990). The economic consequences of Roosevelt are evaluated in a dynamic stochastic general equilibrium model with nominal frictions. (JEL D84, E52, E62, N12, N42)

Scope of Project

JEL Classification:
      D84 Expectations; Speculations
      E52 Monetary Policy
      E62 Fiscal Policy
      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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V1 [2019-10-12]

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