THE LENGTH AND THE DEPTH OF THE GREAT DEPRESSION: AN INTERNATIONAL COMPARISON

Jakob Madsen

A chapter in Research in Economic History, 2004, pp 239-288 from Emerald Group Publishing Limited

Abstract: This paper examines the hypotheses that the length and the depth of the Great Depression were a result of sticky prices or sticky nominal wages using panel data for industrialized and semi-industrialized countries. The results show that price stickiness, particularly, and wage stickiness were key propagating factors during the first years of the Depression. It is found that prices adjusted slowly to wages, particularly in manufacturing. Manufacturing wages are also found to adjust relatively slowly to innovations in prices, but unemployment exerted strong downward pressure on wage growth.

Date: 2004
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Persistent link: https://EconPapers.repec.org/RePEc:eme:rehizz:s0363-3268(04)22005-5

DOI: 10.1016/S0363-3268(04)22005-5

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