作者:University of Michigan System; University of Michigan; University of Michigan System; University of Michigan
摘要:This article shows that there were timing, geographic, and sectoral anomalies in the 1937/38 recession, none of which are easily explained by aggregate shocks. I argue that an auto industry supply shock contributed both to the recession's anomalies and to its severity. Labor-strife-induced wage increases and an increase in raw material costs led auto manufacturers to raise prices in fall 1937. Expectations of these price increases brought auto sales forward. When auto prices finally rose, sale...
作者:Stellenbosch University; University of Barcelona
作者:University of California System; University of California Los Angeles
作者:Rutgers University System; Rutgers University New Brunswick; Davidson College
作者:United States Department of the Treasury; International Monetary Fund
作者:Leibniz Association; Ifo Institut; University of Mannheim
作者:European Central Bank; Bank of France; Aix-Marseille Universite; Leibniz Association; Ifo Institut