Reviews the competing explanations offered for the

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Recession of 1937 -- A Cautionary Tale: A Reprint from “Economic Perspectives”

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By Francois R. Velde (au)
Year: 2009
Pages: 21
Binding Paperback

Product Code: 1437928005

Description

Reviews the competing explanations offered for the recession of 1937, which interrupted the recovery from the Great Depression. One explanation, increases in labor costs due to the New Deal’s industrial policies, fails to account for the full extent of the downturn and for the ensuing recovery. In contrast, monetary policy and fiscal policy seem to capture the downturn -- although not its precise timing -- and the recovery. Charts and tables.

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