The ends of 27 big depressions
By: Ellision, M., Lee, S.S. and O’Rourke, K.H
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Material type: 
BookPublisher: The American Economic Review Description: 114(1), Jan, 2024: p.134-168.Subject(s): Depression treatment , Health, Mental depression
In:
The American Economic ReviewSummary: How did countries recover from the Great Depression? In this paper, we explore the argument that leaving the gold standard helped by boosting inflationary expectations, lowering real interest rates, and stimulating interest-sensitive expenditures. We do so for a sample of 27 countries, using modern nowcasting methods and a new dataset containing more than 230,000 monthly and quarterly observations for over 1,500 variables. In those cases where the departure from gold happened on well-defined dates, inflationary expectations clearly rose in the wake of departure. Instrumental variable, difference-in-difference, and synthetic matching techniques suggest that the relationship is causal.- Reproduced
https://www.aeaweb.org/articles?id=10.1257/aer.20221479
| Item type | Current location | Call number | Vol info | Status | Date due | Barcode |
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Articles
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Indian Institute of Public Administration | 114(1), Jan, 2024: p.134-168 | Available | AR131331 |
How did countries recover from the Great Depression? In this paper, we explore the argument that leaving the gold standard helped by boosting inflationary expectations, lowering real interest rates, and stimulating interest-sensitive expenditures. We do so for a sample of 27 countries, using modern nowcasting methods and a new dataset containing more than 230,000 monthly and quarterly observations for over 1,500 variables. In those cases where the departure from gold happened on well-defined dates, inflationary expectations clearly rose in the wake of departure. Instrumental variable, difference-in-difference, and synthetic matching techniques suggest that the relationship is causal.- Reproduced
https://www.aeaweb.org/articles?id=10.1257/aer.20221479
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