The Great Depression in Sweden as a wage coordination failure

Klas Fregert

European Review of Economic History, 2000, vol. 4, issue 3, 341-360

Abstract: Recent research on the Great Depression has concluded that a worldwide decline in aggregate demand, emanating from the United States, was propagated into a fall in real activity through sticky nominal wages. The question remains: Why were nominal wages so sticky? Based on a wide range of evidence for Sweden, I argue that the 1930s depression is compatible with a coordination failure in wage setting, as first suggested by Keynes.

Date: 2000
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