Why did income growth vary across states during the Great Depression?
成果类型：
Article
署名作者：
Federal Reserve System - USA; Federal Reserve Bank - St. Louis
刊物名称：
JOURNAL OF ECONOMIC HISTORY
ISSN/ISSBN：
0022-0507
DOI：
10.1017/S0022050706000192
发表日期：
2006
页码：
456-466
关键词：
摘要：
This note investigates the sources of variation in the growth of per capita personal incomes across U.S. states during the Great Depression.(1) States entering the economic contraction with relatively low per capita incomes tended to suffer larger percentage declines in per capita income than did high income states. By contrast, low-income states tended to experience larger percentage gains during the recovery. Hence, state per capita incomes diverged during the contraction phase and converged during the recovery phase.(2) Studies of state income growth rates since World War II have looked to differences in industrial composition, various public policies, cultural and ethnic differences, the influence of pressure groups, and banking conditions to explain differences in state income growth rates.(3) This literature provides a framework for our study of differences in per capita income growth during the 1930s. Our specific hypotheses, however, are motivated by prior research on the Great Depression.