NATIONAL BUREAU OF ECONOMIC RESEARCH
NATIONAL BUREAU OF ECONOMIC RESEARCH
loading...

Joshua K. Hausman

Gerald R. Ford School of Public Policy
University of Michigan
735 South State Street, #3309
Ann Arbor, MI 48109
Tel: 734/763-3479

E-Mail: EmailAddress: hidden: you can email any NBER-related person as first underscore last at nber dot org
WWW:
NBER Program Affiliations: ME , DAE
NBER Affiliation: Faculty Research Fellow

NBER Working Papers and Publications

February 2017Recovery from the Great Depression: The Farm Channel in Spring 1933
with Paul W. Rhode, Johannes F. Wieland: w23172
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 ...
March 2016Supply-Side Policies in the Depression: Evidence from France
with Jérémie Cohen-Setton, Johannes F. Wieland: w22140
The effects of supply-side policies in depressed economies are controversial. We shed 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. We 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 our cross-sectional estimates. We conclude that the new Keynesian model is a poor guide to the effects of supply-side shocks in depressed economies.

Published: JÉRÉMIE COHEN-SETTON & JOSHUA K. HAUSMAN & JOHANNES F. WIELAND, 2017. "Supply-Side Policies in the Depression: Evidence from France," Journal of Money, Credit and Banking, vol 49(2-3), pages 273-317. citation courtesy of

 
Publications
Activities
Meetings
NBER Videos
Themes
Data
People
About

National Bureau of Economic Research, 1050 Massachusetts Ave., Cambridge, MA 02138; 617-868-3900; email: info@nber.org

Contact Us