NATIONAL BUREAU OF ECONOMIC RESEARCH
NATIONAL BUREAU OF ECONOMIC RESEARCH
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1930: First Modern Crisis

Gary Gorton, Toomas Laarits, Tyler Muir

NBER Working Paper No. 25452
Issued in January 2019

---- Acknowledgments ----

We thank Andy Law, Chase Ross, Alex Yang, and Arwin Zeissler for research assistance. We thank Joshua Rosenbloom and William Sundstrom for sharing their Census of Manufacturing data with us; see Rosenbloom and Sundstrom (1999). Also, thanks to Mrdjan Mladjan for sharing his data on the instruments used in Mladjan (2016). The views expressed herein are those of the authors and do not necessarily reflect the views of the National Bureau of Economic Research.

---- Disclosure of Financial Relationships for Gary Gorton ----

Gorton has nothing to currently disclose. He was a consultant to AIG Financial Products from 1996-2008.

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