Accounting for the French Great Depression

Slim Bridji
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Slim Bridji: University of Paris X and EconomiX

No 461, 2007 Meeting Papers from Society for Economic Dynamics

Abstract: To understand the driving forces of the French Great Depression, we use the business cycle accounting methodology (Chari et al. (2006)) which decomposes macroeconomic fluctuations into several wedges linked to specific markets and economic behaviors. The wedges associated with the efficiency in the final good production and the investment behavior are the major contributors to the downturn, but with opposite effects. The strongly depressive efficiency wedge would have lead to a deeper depression without the expansive investment wedge. This conclusion contrasts with previous analyses focusing on labor market changes to explain great depressions in France and the United States.

Date: 2007
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