Business cycle co-movement: Evidence from the Great Depression
成果类型：
Article
署名作者：
Mathy, Gabriel P.; Meissner, Christopher M.
署名单位：
University of California System; University of California Davis; National Bureau of Economic Research
刊物名称：
JOURNAL OF MONETARY ECONOMICS
ISSN/ISSBN：
0304-3932
DOI：
10.1016/j.jmoneco.2011.07.004
发表日期：
2011
页码：
362-372
关键词：
摘要：
Recent analysis focuses on the gold standard as a channel for the transmission of the Great Depression. Trade linkages, which loom large in the recent literature, play a smaller role. Both the gold standard and trade were associated with higher co-movement at the bilateral level during the entire interwar period. We document that fixed exchange rates and trade made a comeback after 1932, but co-movement declined. The fall after 1932 appears to be driven by the rise of smaller blocs based on monetary and trade cooperation and an accompanying fall in co-movement between blocs. (C) 2011 Elsevier BM. All rights reserved.
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