NATIONAL BUREAU OF ECONOMIC RESEARCH
NATIONAL BUREAU OF ECONOMIC RESEARCH
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Recovery from the Great Depression: The Farm Channel in Spring 1933

Joshua K. Hausman, Paul W. Rhode, Johannes F. Wieland

NBER Working Paper No. 23172
Issued in February 2017, Revised in June 2018

---- Acknowledgments ----

This paper previously circulated with the title “Growth After a Financial Crisis: The U.S. in Spring 1933.” We are grateful for comments and encouragement from four anonymous referees, Alan Deardorff, Brad DeLong, Kathryn Dominguez, Barry Eichengreen, Price Fishback, Timothy Guinnane, James Hamilton, Walker Hanlon, Catherine Hausman, David Lagakos, John Leahy, Atif Mian (discussant), Naomi Lamoreaux, Maurice Obstfeld, Rodney Ramcharan (discussant), Valerie Ramey, Gary Richardson, Christina Romer, David Romer, Jonathan Rose, Matthew Shapiro, Jason Taylor, Peter Temin, and Noam Yuchtman as well as audiences at UC Irvine, Michigan State, Chicago Fed, Hitotsubashi University, CEBRA Workshop for Commodities and Macroeconomics, Yale, UC Berkeley, Queen’s University, NBER Macro Across Time and Space, NBER ME, University of Michigan, UC San Diego, Wharton, IMF, NBER DAE, UCLA, and Social Science History Association Meetings. Jon Denton-Schneider, Tejaswi Velayudhan, and Niccolo Beltramo provided superb research assistance. Rhode’s work was in part funded by NSF grant SES- 0921732 (“Dramatic Rise in Agricultural Productivity in the U.S During the Twentieth Century: Disentangling the Roles of Technological Change, Government Policy, and Climate”). The views expressed herein are those of the authors and do not necessarily reflect the views of the National Bureau of Economic Research.

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