Farm Prices, Redistribution, and the Severity of the Early Great Depression
Johannes Wieland () and
No 828, 2018 Meeting Papers from Society for Economic Dynamics
We investigate the extent to which the size and characteristics of the agriculture sector explain a large part of why initial, negative shocks resulted in a large downturn. Preliminary evidence suggests the following causal chain: As a recession began in the U.S. and abroad in summer 1929, farm prices plummeted; this, in turn, reduced farm incomes. As lower farm incomes interacted with fixed nominal debt burdens, farm consumption collapsed. And lower farm prices not only depressed the incomes of farmers, they also led to economy-wide deflation.
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Persistent link: https://EconPapers.repec.org/RePEc:red:sed018:828
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More papers in 2018 Meeting Papers from Society for Economic Dynamics Society for Economic Dynamics Marina Azzimonti Department of Economics Stonybrook University 10 Nicolls Road Stonybrook NY 11790 USA. Contact information at EDIRC.
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